Growth Strategy Execution Continues with Construction Launch of On-Site Funeral Visitation and Reception Centre at Westminster Cemetery
- New 32,100 square foot facility will be Park Lawn's first on-site funeral visitation and reception centre in Canada
TORONTO, March 2, 2020 /CNW/ - Park Lawn Corporation (TSX: PLC) ("PLC" or the "Company") is pleased to announce that construction of an on-site funeral visitation and reception centre at the Westminster Cemetery in Toronto, Ontario is now underway. The 32,100 square foot facility will be the Company's first on-site funeral visitation and reception centre in Canada. Park Lawn currently owns 18 on-site funeral homes as part of its PLC portfolio, which provide the highest margins of all business units.
The CAD$15 million construction project at Westminster Cemetery began in January 2020 with site plan approvals, initial road work and site services well underway. This project is an important plank of the Company's growth strategy, which includes margin expansion, acquisitions and the enhancement of its existing cemetery properties.
"We are excited to have launched the construction of our new on-site funeral visitation and reception centre at Westminster Cemetery. This is a key development for Park Lawn's, presence in the Toronto market and plays an important part of our overall organic growth strategy of unlocking new sources of revenue from existing properties with higher margin operations," said Jay Dodds, Chief Operating Officer of PLC. "On-site funeral visitation centres provide us with opportunities to grow sales for our interment and entombment services and provide families with more choices for our cremation product lines. Having the ability to operate these two business units through one cost structure significantly contributes to our margin expansion."
Highlights of the Westminster Cemetery enhancement project:
- Westminster Cemetery, Mausoleum & Cremation, consists of 36 acres of land located in the densely populated urban centre of Toronto, Ontario.
- Construction of the 32,100 square foot on-site funeral visitation and reception centre is the latest phase of the Westminster Cemetery enhancement project. In Q3 2019, Park Lawn added a third floor to the Westminster Cemetery's Mausoleum of Faith, adding an additional 1,080 crypt spaces.
- Park Lawn expects considerable demand as a result of the new construction from the existing approximate 8,000 pre-need interment/entombment arrangements.
- Construction is expected to be completed by the end of 2021.
Park Lawn Company Limited (CSE: PRL) Clarification
PLC has received numerous inquiries regarding a similarly named entity "Park Lawn Company Limited" (CSE: PRL) and its intention to seek a private company designation and delist from the Canadian Securities Exchange. PLC wishes to clarify for the market that Park Lawn Company Limited is in no way affiliated with Park Lawn Corporation and Park Lawn Corporation intends to continue to execute on its stated growth strategy as a public issuer.
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 fifteen U.S. States.
Cautionary Statement Regarding Forward‐Looking Information
This news release contains 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 Park Lawn's continued success, sales growth, margin expansion and the execution of its growth strategy.
The forward-looking statements in this news release are based on certain assumptions, including that the presence of the on-site funeral visitation and reception centre will generate revenue from existing pre-need interment/entombment arrangements, there will be no significant and unexpected delay or expense occurring in connection with the construction, as well as those regarding present and future business strategies, the environment in which the Company will operate in the future, expected revenues, expansion plans and the Company'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
Joseph Leeder, Chief Financial Officer & Director, (416) 231-1462; Lindsay Forrest, Corporate Secretary, (416) 231-1462 x235
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