CST: 08/12/2016 14:17:26   

Park Lawn Corporation Expands Operations With the Acquisition of Korban Funeral Chapel

268 Days ago

TORONTO, ONTARIO--(Marketwired - Mar 14, 2016) - Park Lawn Corporation (TSX VENTURE:PLC) ("Park Lawn Corp.") today announced that it has acquired Korban Funeral Chapel, a funeral service provider in Winnipeg, Manitoba as part of a series of acquisitions by the Corporation over the last several months.

The acquisition will bring the total number of holdings in Manitoba and Saskatchewan to 8 and will be operated locally by Joe Coffey, President of Parkland Funeral Holdings, Inc. ("Parkland") which is a partially-owned subsidiary of Park Lawn Corp.

"The acquisition of Korban Funeral Chapel will expand our presence in the Manitoba market. We expect the business to immediately add to our bottom line and were pleased to secure an attractive purchase price. We are confident our partner Joe Coffey will manage this new business as efficiently as he has Parkland's seven existing funeral service locations." stated Andrew Clark, CEO of Park Lawn Corp.

Highlights of the acquisition include:

  • Park Lawn Corp. acquired Korban Funeral Chapel for $1.4 million, financed through available credit facilities
  • Korban Funeral Chapel performs 120 funerals per year; this number is expected to grow in the following 12-18 months

"Korban Funeral Chapel is a natural addition to our existing operations. This expansion will result in synergies and efficiencies, allowing us to better serve client families across Manitoba and Saskatchewan." added President of Parkland Joe Coffey.

About Park Lawn Corporation

Park Lawn Corp. provides goods and services associated with the disposition and memorialization of human remains. Products and services are sold on a pre-planned basis (pre-need) or at the time of a death (at-need). The Company and its subsidiaries own and operate 34 cemeteries in Ontario and Michigan and 17 funeral homes in Quebec, Ontario, Manitoba and Saskatchewan. The Company's Harmonia business currently operates under license in the province of Quebec.

Cautionary Statement Regarding Forward-Looking Information

This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of the Company and the environment in which it operates. Forward-looking statements are identified by words such as "believe", "anticipate", "project", "expect", "intend", "plan", "will", "may", "estimate", "pro-forma" and other similar expressions. These statements are based on the Company's expectations, estimates, forecasts and projections and include, without limitation, statements regarding anticipated synergies, efficiencies and the anticipated effect of the acquisition on the performance of the Company. The forward-looking statements in this news release are based on certain assumptions, including without limitation that Korban Funeral Chapel's business will continue to perform in a manner consistent with past practice and grow in the following 12-18 months, there will be no unexpected expenses occurring as a result of the acquisition and that synergies and efficiencies will be achieved. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the heading "Risk Factors" in the Company's annual information form available at www.sedar.com.

There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange (the "TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Park Lawn Corporation
Andrew Clark
Chief Executive Officer
416-231-1462
Park Lawn Corporation
Suzanne Cowan
VP Business Development & Corporate Affairs
416-231-1462
scowan@parklawncorp.com