Edleun successfully transforms acquired Kelowna building into modern child care centre in underserved market
CALGARY, July 9, 2012 /CNW/ - Edleun Group, Inc. (TSX-V:EDU) ("Edleun" or the "Company"), the leading provider of quality early childhood education and care in Canada, announced today the opening of its new child care centre in Kelowna, British Columbia. Having acquired a strategically located former church, Edleun completely retrofitted and repurposed the building expressly for use as a child care facility with 140 licensed spaces.
"The opening of our first newly developed centre in British Columbia follows the successful opening of our new greenfield development in the Calgary area and places an early learning and care centre in a key location within an established community where additional capacity is needed most," said Dale Kearns, President of Edleun. "Today, Edleun's 46 operating centres, in addition to the three that are in various stages of development, represent approximately 5,200 licensed child care spaces. This accounts for less than one percent of the total Canadian market. Together with our multi-channel growth strategy that spans acquisition and co-location opportunities, our development initiatives allow us to address unsatisfied demand of more than 150,000 nationally licensed child care spaces. We view this as a significant opportunity to continue to grow our market share and provide quality child care to Canadian families."
The new Kelowna facility has received a favorable reception with 88 children in attendance during the first day of operation. Initial occupancy reflects the staging of occupancy during the summer season with September enrolment expected to increase as a result of strong community interest in this new, high quality child care centre.
Edleun expects development initiatives like this centre to make a strong contribution to the Company's future profitability and cash flow. In addition, as this centre was completed with the Company's available cash and credit facilities, it is anticipated to be accretive to the Company's near term cash flow.
About Edleun Group, Inc.
Edleun is the leading provider of high-quality, community-based Early Learning & Care child care centres in Canada offering early education and child care services to children ages six weeks to 13 years. Edleun is committed to preparing children for the next step in their education and life, offering families and employers access to and choice of quality early childhood education programs, as well as enhanced opportunities and career advancement for Early Childhood Educators.
Publicly traded on the Toronto Stock Exchange (TSX-V:EDU), the Company's objectives include the acquisition and subsequent improvement of existing child care centres and developing new state-of-the-art Early Learning and Care Centres in underserved Canadian communities.
The Company currently has a total of 46 operating centres in its portfolio and three in various stages of development or redevelopment representing approximately 5,200 licensed child care spaces.
Certain statements in this Release which are not historical facts may constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Any statements related to Edleun's projected revenues, earnings, growth rates, revenue mix, staffing and resources, and product plans are forward looking statements as are any statements relating to future events, conditions or circumstances. The use of terms such as "believes", "anticipated", "expected", "projected", "targeting", "estimate", "intend" and similar terms are intended to assist in identification of these forward-looking statements. Readers are cautioned not to place undue reliance upon any such forward-looking statements. Such forward-looking statements are not promises or guarantees of future performance and involve both known and unknown risks and uncertainties that may cause the actual results, performance, achievements or developments of Edleun to differ materially from the results, performance, achievements or developments expressed or implied by such forward-looking statements. Forward-looking statements are based on management's current plans, estimates, projections, beliefs and opinions. Except as required by law, Edleun does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change.
The Company undertakes no obligation, except as required by law, to update publicly or otherwise any forward-looking information, whether as a result of new information, future events or otherwise, or the above list of factors affecting this information. Many factors could cause the actual results of Edleun to differ materially from the results, performance, achievements or developments expressed or implied by such forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Dale Kearns, President, of Edleun Group, Inc. at (403) 705-0362, or Nick Hurst of the Equicom Group, Inc. at (403) 218-2835.