LEVITTOWN, Pa., July 29, 2010 (GLOBE NEWSWIRE) -- StoneMor Partners L.P. (Nasdaq:STON) today announced that it recently executed a Long-Term Operating Agreement with the Archdiocese of Detroit. Under this agreement, StoneMor will assist in managing and operating three cemeteries owned by the Archdiocese. These cemeteries perform approximately 2,200 interments annually and are located in Detroit, Southfield, and Southgate. Under StoneMor's management, the cemeteries will be able to offer additional products and services to its customers, and improve their service to the community. StoneMor currently owns and operates thirteen cemeteries in the state of Michigan, and these cemeteries will benefit from the company's existing operational management structure.
About StoneMor Partners L.P.
StoneMor Partners L.P., headquartered in Levittown, Pennsylvania, is an owner and operator of cemeteries and funeral homes in the United States, with 255 cemeteries and 63 funeral homes in 27 states and Puerto Rico. StoneMor is the only publicly traded death care company structured as a partnership. StoneMor's cemetery products and services, which are sold on both a pre-need (before death) and at-need (at death) basis, include: burial lots, lawn and mausoleum crypts, burial vaults, caskets, memorials, and all services which provide for the installation of this merchandise.
For additional information about StoneMor Partners L.P., please visit StoneMor's website, and the Investor Relations section, at http://stonemor.com.
Forward-Looking Statements
Certain statements contained in this press release, including, but not limited to, information regarding the status and progress of the StoneMor's operating activities, the plans and objectives of StoneMor's management, assumptions regarding StoneMor's future performance and plans, and any financial guidance provided, as well as certain information in other filings with the SEC and elsewhere, are forward-looking statements within the meaning of Section 27A(i) of the Securities Act of 1933 and Section 21E(i) of the Securities Exchange Act of 1934. The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "project," "expect," "predict," and similar expressions identify these forward-looking statements. These forward-looking statements are made subject to certain risks and uncertainties that could cause actual results to differ materially from those stated, including, but not limited to, the following: uncertainties associated with the integration or the anticipated benefits of StoneMor's recent acquisitions; uncertainties associated with future revenue and revenue growth; the effect of the current economic downturn; the impact of StoneMor's significant leverage on its operating plans; the ability of StoneMor to service its debt and pay distributions; the decline in the fair value of certain equity and debt securities held in StoneMor's trusts; StoneMor's ability to attract, train and retain an adequate number of sales people; uncertainties associated with the volume and timing of pre-need sales of cemetery services and products; increased use of cremation; changes in political or regulatory environments, including potential changes in tax accounting and trusting policies; StoneMor's ability to successfully implement a strategic plan relating to producing operating improvements, strong cash flows and further deleveraging; StoneMor's ability to complete and fund additional acquisitions; and various other uncertainties associated with the death care industry and StoneMor's operations in particular.
When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements set forth in StoneMor's Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q filed with the SEC. StoneMor assumes no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by it, whether as a result of new information, future events, or otherwise.