Leon's Furniture Limited - Company increases Pace of Expansion
WESTON, ON, Sept. 15 /CNW/ - The Board of Directors is pleased to
announce that in light of the continued success of its recent expansion the
Company will increase the pace of that expansion.
The new London, Ontario Superstore opened in May of this year and
continues to exceed expectations. The new Barrie, Ontario Superstore will open
in October. The newly renovated showroom in Scarborough will open in November
1999.
In addition to these new showrooms and warehouses, new superstores will
be opened in Red Deer, Alberta, Montreal East, Montreal West,
Niagara-On-The-Lake/St. Catharines, Kitchener, Ontario, South Edmonton and
Quebec City. As well, four completely newly renovated showrooms will open in
Weston, Ontario, Laval, Quebec, Edmonton, Alberta and Burlington, Ontario. We
expect these seven new buildings and four newly renovated showrooms to be
completed within the next two and one half years. Construction in Red Deer and
Montreal East is scheduled to begin this fall. This new expansion means a
commitment in capital expenditures in excess of $100,000,000.00.
The Company continues to maintain a very strong cash position. As a
result, all of its expansion will be financed from its internal cash flow.
The Directors also wish to announce that they have declared a quarterly
divided of 8 cents per common share payable on the 26th day of October, 1999
to shareholders of record at the close of business on the 24th day of
September 1999.
The Company looks forward to the release of its third quarter results in
the middle of November 1999.
LEON'S FURNITURE LIMITED
(signed)
Anthony T. Leon
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