Supporting local ownership to help grow established business for the future
TORONTO, Nov. 12, 2018 /CNW/ - Park Lawn Corporation (TSX: PLC)
("PLC" or the "Company") is pleased to announce it has made a $6.2 million secured
debt investment in Humphrey Funeral Home A. W. Miles - Newbigging Chapel Limited ("Humphrey Funeral Home" or "Humphrey") in
Toronto, Ontario. Humphrey Funeral Home is a prestigious operation that has been serving
Toronto families for over 135 years.
"We are excited to be partnering with the professional and caring team at Humphrey. Their roots in the community and quality
of service are unmatched," stated Andrew Clark, Chairman and CEO of PLC. "We believe that our
involvement with Kim Hunter and the Humphrey team will further enhance the positive and caring
experience provided to the families they serve."
"When Bruce Humphrey decided to retire, I turned to Andrew Clark
and his team at PLC to assist in financing my long-time aspiration to purchase the business where I have worked for over 26
years," stated Kim Hunter, President and Owner, Humphrey Funeral Home. "It was important to me to
find a company that understood the history of the firm and our commitment to excellence. I'm looking forward to this new
partnership with PLC as our profession changes and evolves."
Highlights of the transaction include:
- Humphrey Funeral Home was recently sold by Bruce Humphrey to Kim
Hunter, who will become the new President and Owner. Mr. Hunter is a licensed funeral director and has been with the
Humphrey organization since 1992.
- $6.2 million debenture bears interest at 5% and is convertible into equity of Humphrey
Funeral Home on maturity.
- Investment financed with cash from PLC's existing credit facility.
About Park Lawn Corporation:
PLC 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). PLC and its subsidiaries own and operate
businesses including cemeteries, crematoria, funeral homes, chapels, planning offices and a transfer service. PLC has a North
American wide platform with operations in five Canadian provinces and twelve US states.
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 PLC 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 PLC's expectations, estimates, forecasts and projections and include, without limitation, statements
regarding the expected impact of the investment on the future performance of Humphrey and PLC. The forward-looking statements in
this news release are based on certain assumptions, including those regarding present and future business strategies, the
environment in which the PLC will operate in the future, expected revenues, expansion plans and the PLC's ability to achieve its
goals. Forward-looking statements 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 PLC'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, PLC assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
SOURCE Park Lawn Corporation
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