StoneMor Inc. Announces Agreement to Acquire Four Cemeteries
March 24 2021 - 9:00AM
StoneMor Inc. (NYSE: STON) (“StoneMor” or the
“Company”), a leading owner and operator of cemeteries and
funeral homes, today announced it has signed a definitive agreement
to acquire four cemeteries located within its East Coast geographic
footprint for a total purchase price of $5,395,000, subject to
customary working capital adjustments.
Joe Redling, StoneMor’s President and Chief Executive Officer
said, “We are very excited to announce that we have entered into an
asset purchase agreement to acquire four cemeteries within our East
Coast geographic footprint. While this is a small first step, it
represents a very important shift in our strategy from focusing on
divesting assets to acquiring new locations that align with our
existing portfolio.”
The transaction is expected to close by July 2021, subject to
customary due diligence and regulatory approval.
About StoneMor Inc.StoneMor Inc., headquartered
in Bensalem, Pennsylvania, is an owner and operator of cemeteries
and funeral homes in the United States, with 313 cemeteries and 80
funeral homes in 26 states and Puerto Rico. StoneMor’s cemetery
products and services, which are sold on both a pre-need (before
death) and at-need (at death) basis, include: burial lots, lawn and
mausoleum crypts, burial vaults, caskets, memorials and all
services which provide for the installation of this merchandise.
For additional information about StoneMor Inc., please visit
StoneMor’s website, and the investors section, at
http://www.stonemor.com.
CONTACTInvestor RelationsStoneMor Inc.(215)
826-4438
Cautionary Note Regarding Forward-Looking
StatementsCertain statements contained in this press
release, including, but not limited to, information regarding the
anticipated closing date for the sale, are forward-looking
statements. Generally, the words “believe,” “may,” “will,”
“estimate,” “continue,” “anticipate,” “intend,” “project,”
“expect,” “predict” and similar expressions identify these
forward-looking statements. These statements are made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995.
Forward-looking statements are based on management’s current
expectations and estimates. These statements are neither promises
nor guarantees and are made subject to certain risks and
uncertainties that could cause actual results to differ materially
from the results stated or implied in this press release.
StoneMor’s major risks are related to uncertainties associated with
current business and economic disruptions resulting from the recent
coronavirus pandemic, including the effect of government
regulations issued in connection therewith, its ability to
identify, and negotiate acceptable agreements with, purchasers of
additional properties, uncertainties associated with the cash flow
from pre-need and at-need sales, trusts and
financings, which may impact StoneMor’s ability to meet its
financial projections and service its debt, as well as with
StoneMor’s ability to maintain an effective system of internal
control over financial reporting and disclosure controls and
procedures.
When considering forward-looking statements, you should keep in
mind the risk factors and other cautionary statements set forth in
StoneMor’s Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q and the other reports that StoneMor
files with the Securities and Exchange Commission, from time to
time. Except as required under applicable law, StoneMor assumes no
obligation to update or revise any forward-looking statements made
herein or any other forward-looking statements made by it, whether
as a result of new information, future events or otherwise.
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