THUNDER BAY – Business – 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. Scott Kellaway, President and CEO states,”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”.
Family Memorial’s growth strategy is to acquire established monument companies and open new retail monument businesses in favourable markets across Canada. Although management reviews new acquisition opportunities on a weekly basis, only those opportunities that represent superior investment value based on stringent criteria are given serious consideration.
Family Memorials Inc. (TSX VENTURE:FAM) (“Family Memorials” or the “Corporation”) announced this week, 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.
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.
The proposed transaction is subject to the parties entering into a definitive agreement and obtaining all required regulatory approvals.
About Family Memorials
The Corporation is a Canadian public company operating in the death care industry retailing monuments and memorials through wholly owned subsidiaries and with agency and sales agreements with funeral homes. The Corporation currently trades on the TSX venture exchange under the symbol “FAM”.