- 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