Edleun continues its growth with agreements to acquire centres in Edmonton and Ottawa
CALGARY, Nov. 18, 2012 /CNW/ - Edleun Group, Inc. ("Edleun" or the "Company") (TSX-V: EDU), the leading provider of quality early childhood education and care in Canada, announced today that it has entered into agreements to acquire two child care centres in Edmonton and a Montessori centre in Ottawa. Aggregate consideration is $1.8 million for 354 licensed child care spaces. All of the centres are located in leased premises under long term leases at market rental rates.
The Edmonton centres are both situated in markets enjoying rapid population growth with high percentages of those populations being young children. The Ottawa community in which we are purchasing the Montessori centre is a higher income area and is growing at almost double the rate of the Ontario provincial average. The centre itself provides room for future expansion as the population and demand for quality child care continues to grow.
"We continue to view both Edmonton and Ottawa as strong and desirable markets. The Edmonton locations were recently opened with new tenant improvements, equipment and child materials and have experienced rapid enrollment. The Ottawa centre is well-established in the community and complements our recent acquisition in this important, growing market," said Mary Ann Curran, Chief Executive Officer of Edleun.
The completion of these transactions is subject to typical closing, final due diligence and approval of conditions, and will be completed utilizing the Company's currently available capital resources and hence are anticipated to be immediately accretive to the company's earnings and 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 50 operating centres in its portfolio representing approximately 5,010 licensed child care spaces and seven in various stages of acquisition, development or redevelopment representing an additional 918 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.
SOURCE: Edleun Group, Inc.For further information:
Dale Kearns, President of Edleun Group, Inc. at (403) 705-0362 ext. 406, or Nick Hurst of the Equicom Group, Inc. at (403) 218-2835.