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TREVOSE, Pa., April 02, 2020 (GLOBE NEWSWIRE) — StoneMor Inc. (STON), a arch buyer and abettor of cemeteries and burying homes, today appear it has entered into a multi-year Master Casework Acceding (“MSA”) with Moon Agriculture (“Moon”) to develop, apparatus and accommodate all address of acreage administration and operational casework at best of the burying homes, cemeteries and added backdrop endemic or managed by StoneMor.

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Under the acceding of the MSA, Moon will appoint all of StoneMor’s area and aliment advisers at the serviced locations and will accomplish all functions currently handled by those employees, including, but not bound to, landscaping, openings and closings, burials, installations, accepted aliment and janitorial services.  The accomplishing of the MSA will booty abode on a amassed base over the abutting three to four months, with abounding accomplishing accepted no after than July 31, 2020.

The absolute amount of the contract, which runs through December 31, 2024, is about $241 million, based aloft an antecedent anniversary amount of $49 actor and anniversary increases of 2%.  The aboriginal year amount will be prorated based aloft exact accomplishing and roll-out agenda for anniversary location.  As allotment of the MSA, Moon is leasing StoneMor’s agriculture and aliment accessories for the continuance of the agreement.  StoneMor expects to accomplish anniversary accumulation of 10-15% compared to accepted acreage administration costs.

The MSA additionally includes accepted apprehension accoutrement for abortion by either party.

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“After the success of pilot programs launched during the aboriginal division of 2020 at 57 backdrop in Virginia, North Carolina and South Carolina, we are aflame to barrage this affairs on a beyond scale,” said Joe Redling, StoneMor’s President and Chief Executive Officer.  “This is an avant-garde access for the industry and we accept it is transformational on abounding levels:  Our barter will adore bigger maintained locations; our above aliment advisers will account from new career opportunities at a large, nationally accustomed agriculture company; and the Company will apprehend cogent amount accumulation while convalescent able blank and accountability for our properties.”

Bill Hutchins, President of Moon Agriculture said, “on account of Moon Landscaping, we are aflame about the befalling to accomplice with StoneMor through this transformational process. We attending advanced to affable StoneMor’s admired and accomplished aliment advisers into the Moon family.  The acquaintance and believability of these advisers accompanying with Moon’s acreage administration acquaintance will acquiesce us to accompany new levels of account and ability to StoneMor.” 

About StoneMor Inc.

StoneMor Inc., headquartered in Trevose, Pennsylvania, is an buyer and abettor of cemeteries and burying homes in the United States, with 320 cemeteries and 88 burying homes in 27 states and Puerto Rico.

StoneMor’s cemetery articles and services, which are awash on both a pre-need (before death) and at-need (at death) basis, include: burying lots, backyard and catacomb crypts, burying vaults, caskets, memorials, and all casework which accommodate for the accession of this merchandise. For added advice about StoneMor Inc., amuse appointment StoneMor’s website, and the investors section, at http://www.stonemor.com.

CONTACTInvestor RelationsStoneMor Inc.(215) 826-4438 

Cautionary Note Apropos Forward-Looking Statements

Certain statements independent in this columnist release, including, but not bound to, advice apropos the advancing accomplishing timing and the abeyant savings; and added advancing allowances of the new arrangements, are advanced statements. Generally, the words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “project,” “expect,” “predict” and agnate expressions analyze these advanced statements. These statements are fabricated pursuant to the safe anchorage accoutrement of the Private Securities Litigation Reform Act of 1995.

Forward-looking statements are based on management’s accepted expectations and estimates. These statements are neither promises nor guarantees and are fabricated accountable to assertive risks and uncertainties that could account the absolute timing of accomplishing to alter from those declared or adumbrated in this columnist release. StoneMor’s above risks that may appulse such timing are accompanying to uncertainties associated with accepted business and bread-and-butter disruptions consistent from the contempo coronavirus pandemic.

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When because advanced statements, you should accumulate in apperception the accident factors and added cautionary statements set alternating in StoneMor’s Anniversary Report on Form 10-K and Quarterly Letters on Form 10-Q and the added letters that StoneMor files with the Securities and Exchange Commission, from time to time. Except as appropriate beneath applicative law, StoneMor assumes no obligation to amend or alter any advanced statements fabricated herein or any added advanced statements fabricated by it, whether as a aftereffect of new information, approaching contest or otherwise.

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