Liquidity of the purchased crypt
Additionally, we are in the process of launching a new procurement program that will improve internal controls and drive additional savings opportunities. During this challenging time, the health and safety of our team members, our families and our guests remain our top priority.
We implemented safe work practices and work from home policies consistent with CDC guidance to reduce the risks of exposure to the virus while supporting the families that we serve.
We earn real reviews on binary options and gatherings are being limited in compliance with local, state and federal guidelines, but we are working with our locations to ensure that they have video streaming capabilities for the benefit of friends and family that cannot physically attend a service.
We will also work with our families to ensure that additional services and memorials can be held after this pandemic has subsided. As recently as early March, we were on-pace to deliver double-digit sales growth for the first quarteras compared to the first quarter Over the last two weeks we have seen our Pre-Need sales activity decline as Americans practice social distancing.
We have already taken steps to provide virtual meeting options using a variety of web-based tools to our entire salesforce and we are seeing encouraging early results.
While we expect our Pre-Need sales business to be challenged during this period, we are doing everything possible to mitigate the disruption. Additionally, we expect this disruption will not have a material liquidity of the purchased crypt on our operating cash flow in Our cemeteries and funeral homes remain open and fully available to serve our families.
StoneMor today announced it has entered into an amendment to the indenture with respect to its 9. The amendment will provide StoneMor with additional cushion with regards to multiple covenants as it implements its reorganization plan and deals with the impact of the COVID pandemic.
StoneMor is not paying Axar any commitment, backstop or other fees in connection with this agreement. The rights offering period, during which the rights will be transferable, will be no less than 20 calendar days and no more than 45 calendar days. StoneMor will use its best efforts to complete the rights offering with an expiration date no later than July 24, We have a strong cash position and with this added flexibility provided by our equity and debt partners, will be in a strong position for the remainder of and beyond.
We will continue to target divestitures that produce similar opportunities and expect to finalize additional transactions during the 2nd and 3rd quarters of Eastern Time. The conference call can be accessed by calling No reservation number is necessary.
StoneMor will also host a live webcast of this conference call. Investors may access the live webcast via the Investors page of the StoneMor website www.
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What is Market Liquidity?
These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of These statements are neither promises nor guarantees and are made subject to certain risks and uncertainties that could cause actual results to differ materially from the results stated or implied in this press release.
Except as liquidity of the purchased crypt under applicable law, StoneMor assumes no obligation to 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.