Thunder Bay, Ontario – November 2, 2011 – Family Memorials Inc. (TSX-V:FAM) is pleased to announce that it has completed the purchase of all the shares of Stratford Memorials Limited. The total purchase price of $1,450,000 plus $161,276 for inventory was paid in full on November 1, 2011.
Stratford Memorials Limited is a manufacturer and retailer of monuments headquartered in Stratford Ontario. The Company supplies monuments to the City of Stratford and surrounding area and has been in operation since 1955. Stratford Memorial’s gross sales for the year ended January 31, 2011 were $1,752,604.
Scott Kellaway, President and CEO stated; “We are very excited with this acquisition as it increases sales by 75% and provides Family Memorials Inc. with an established manufacturing facility and purchasing synergies that will have a positive impact on cost of goods sold and sales margins.”
About Family Memorials Inc.
Family Memorials carries on business through its wholly-owned subsidiaries Grajack Industries Ltd. in Belleville, Ontario; Verduyn Granite Ltd., in Peterborough, Ontario; Barber Monuments Ltd., in St. Catharines, Ontario; and Somerville Memorials Ltd. in Calgary Alberta; and through sales agreements with individual funeral homes under the Family Memorials banner.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (as that term is defined in the policies of the TSX Venture Exchange) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.
For further information, please contact:
Scott C. Kellaway
President & CEO
Family Memorials Inc.