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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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