CALGARY, Aug. 17, 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 that it has entered into an agreement with a single vendor to acquire four child care centres in Ottawa, Ontario, the second largest metropolitan area in the province. Edleun is purchasing four Montessori centres consisting of 195 licensed child care spaces for $2.3 million. All of the centres are located in leased premises under long term leases at market rental rates.
"These are our first acquisitions in Ottawa and provide us with a strong initial presence in the National Capital Region," said Mary Ann Curran, CEO of Edleun. "This transaction will allow us to continue providing parents with a high quality child care option in the region. The centres are well run child care facilities and operate consistent with our focus on quality early learning and care."
"The Ottawa market has been of interest to Edleun since we entered Ontario last year," said Dale Kearns President of Edleun. "The specific area of the region that these centres are located in comprise high growth communities that have demonstrated their attraction to young and growing families for their residential setting and amenities. The area has generated an average 10% per annum population growth rate over a ten year period."
Ottawa and the National Capital Region have been recognized for a high standard of living. Moreover, there is increasing evidence of higher birth rates and parents seeking quality child care options. Growth in this market is a strong fit to Edleun's strategic goals and the Company looks forward to success in this market.
The completion of the transaction is subject to normal closing, final due diligence and approval conditions and will be completed utilizing the Company's currently available capital resources.
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 and three in various stages of development or redevelopment representing a total of approximately 5,400 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.
SOURCE: Edleun Group, Inc.
For further information:
Dale Kearns, President of Edleun Group, Inc. at (403) 705-0362, or Nick Hurst of the Equicom Group, Inc. at (403) 218-2835.