To All: LWNG to be listed on NYSE tomorrow: 10/2/96:
Loewen Announces NYSE Listing to be Effective Tomorrow
VANCOUVER, British Columbia, Oct. 1 /PRNewswire/ -- The Loewen Group Inc.
(Nasdaq: LWNG) announced that effective tomorrow its common shares will trade
on the New York Stock Exchange under the stock symbol LWN. Loewen will be one
of only 52 Canadian companies listed on the New York Stock Exchange. Loewen
common shares also trade on The Toronto Stock Exchange and the Montreal
Exchange in Canada.
"Trading on the New York Stock Exchange should provide greater visibility,
liquidity and market efficiency to the institutions and individuals who have
invested in Loewen's future," said Ray Loewen, Chairman and Chief Executive
Officer. "We believe that The Loewen Group has a reputation for excellence
and fair dealing in our industry -- qualities we share with the New York Stock
Exchange -- we are pleased to be associated with one of the great names in the
U.S. financial community."
The Loewen Group Inc. listed on The Toronto Stock Exchange in 1987 and
began expanding into the U.S. that same year and listed on The Nasdaq National
Market in 1990. During the past 10 years, revenues increased from
approximately $14 million in 1986 to $600 million in 1995. For the past five
years, Loewen has generated a compounded annual revenue growth rate in excess
of 40 percent per annum. More than 90 percent of the Company's revenue is
generated in the United States.
The Company is continuing its aggressive acquisition program with the
recent announcement of US$100 million of activity in the last three weeks,
including the agreement to acquire of CMS West, a western Pennsylvania-based
provider of funeral and cemetery services. Year-to-date, Loewen has signed or
completed approximately 196 acquisitions aggregating over approximately
US$715 million in transaction value, excluding its innovative investments with
Blackstone Capital Partners in Prime Succession Inc. and in Rose Hills
Memorial Park, which have transaction values of approximately US$295 million
and US$240 million, respectively.
With offices in Vancouver, Cincinnati, and Philadelphia, The Loewen
Group employs over 13,000 people.
CONTACT: David A. Laundy of The Loewen Group, 604-293-7857; or Thomas C. Franco or James O'Brien of
Broadgate Consultants, Inc., 212-229-2222 |
