THUNDER BAY, ONTARIO--(Marketwired - May 29, 2013) - Family Memorials Inc. (TSX VENTURE:FAM) ("Family Memorials" or the "Corporation"), is pleased to announce that it has signed a Letter of Intent to purchase Remco Memorials Ltd. ("Remco Memorials"), which management of the Corporation understands to be the largest monument retailer in western Canada, with sales in 2012 of $9,724,000.
Family Memorials has signed a Letter of Intent to purchase 100% the shares of Remco Memorials at a purchase price to be finalized by the parties based upon parameters set forth in the Letter of Intent.
Remco Memorials provides monuments and memorials to families and funeral homes in Alberta, Saskatchewan, Manitoba and British Columbia. Remco currently operates nine (9) retail locations and has well established sales agreements with funeral homes in western Canada.
Scott Kellaway, President and CEO said "this is a perfect fit for our company as Remco has a well established reputation for quality and workmanship that is consistent with our philosophy and values. This acquisition will be in keeping with our vision to establish Family Memorials as the largest monument and memorials retailer in Canada".
The proposed transaction is subject to the parties entering into a definitive agreement and obtaining all required regulatory approvals.