CALGARY, Aug. 31 /CNW/ - Edleun Group, Inc. (TSX-V: EDU), a leading consolidator and developer of child care facilities across Canada, announced today that it has entered into definitive agreements to acquire three additional childcare centres in Calgary, Alberta. Edleun now owns or has agreements in place to acquire 20 centres in total. Edleun has identified a pipeline of potential acquisitions and opportunities to develop new centres as part of a sustainable growth strategy that will provide families with options and access to high quality educational childcare.
"We continue to execute on our growth strategy to consolidate independent centres under the Edleun operating brand in an effort to bring enhanced quality childcare options to parents across Canada," said Leslie Wulf, Chief Executive Officer of Edleun. "Upon acquisition, each centre is reviewed and a customized rejuvenation plan is put in place. The program is designed to ensure that each centre not only meets Edleun's high standards, but the specific needs of the families and communities they serve."
The three centres will be acquired for a total purchase price of $2,240,000. The Company is acquiring both the real estate and childcare operations at all three centres. This acquisition will add 283 licensed childcare spaces to the Company's portfolio increasing the total to 1,851 spaces across 20 centres. The closing of these acquisitions is scheduled to occur in the next 30 days, and is subject to certain conditions precedent. There can be no assurance that these acquisitions will be completed, or if completed, what the final terms will be.
Since May 2010, the Company has acquired 20 childcare centres located primarily in Calgary and Edmonton. The centres are presently undergoing a full remodelling and upgrading process as well as the implementation of an education curriculum and nutritious meal programs. The Company expects the remodelling of the all 20 centres to be completed in the third quarter of calendar 2010. All acquired centres will undergo this upgrading process to ensure they meet Edleun's high standards.
About the Company
Edleun is a leading provider of high-quality, educational childcare in Canada. The Company is committed to providing children, families and employers with access to, and choice of, quality early childhood education programs, helping Canadians balance their work and family lives.
Edleun's goal is to become the leading educational and childcare provider in Canada. The Company's objectives include the acquisition and improvement of existing childcare centres and development of new childcare centres across Canada. Edleun is pursuing the development of new "State of the Art" child care centres in a number of Calgary and Edmonton residential communities where there are no childcare facilities currently.
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 BrightPath Early Learning Inc.
For further information: For further information: Leslie Wulf, Chief Executive Officer of Edleun Group, Inc. at (403) 800-0890 or Nick Hurst of the Equicom Group, Inc. at (403) 218-2835