CALGARY, March 13, 2012 /CNW/ - Edleun Group, Inc. ("Edleun" or the "Company") (TSXV: EDU), the leading provider of quality early childhood education and care in Canada, announced today the acquisition of an eighth Ontario based child care centre, located in Burlington just west of the Greater Toronto Area, along the Lakeshore West commuter corridor.
Edleun is purchasing this centre, currently a successful operating child care centre, for $475,000. The centre is located in premises leased from a third party under a long term lease. The Company intends to increase the number of licensed spaces from the 49 spaces currently in operation to 75.
"Through this acquisition we continue to build awareness of Edleun in southern Ontario and provide an example of how we intend to bring new supply of child care spaces to underserved markets," said Mr. Ty Durekas, President and CEO of Edleun.
The centre is located in a vibrant community at a major intersection, in close proximity to the Appleby station on the GO regional commuter train line.
The timing of the completion of the transaction is subject to normal closing and approval conditions, will be acquired utilizing the Company's available capital, and hence is anticipated to be immediately accretive to the Company's profitability.
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 (TSXV: 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 43 centres in its portfolio including: 38 centres in operation and five in various stages of development or redevelopment representing 4,463 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.
For further information:
Ty Durekas, President and CEO or Dale Kearns, Chief Financial Officer of Edleun Group, Inc. at (403) 705-0362, or Nick Hurst of the Equicom Group, Inc. at (403) 218-2835.