CALGARY, June 11, 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 the Greater Toronto Area (GTA), the most populous urban area in Canada. Both centres are located in the eastern region of the GTA.
Edleun is purchasing two Montessori centres with a combined 194 spaces for a total of $1 million. Both centres are located in leased premises under long term leases at market rental rates.
"These centres offer Edleun an opportunity to deliver high quality early learning and care to two important markets in the GTA," said Dale Kearns, President of Edleun. "The larger centre, representing 129 licensed spaces, is extremely well run at full occupancy, and is strategically located in an area where there is strong demand from the surrounding residential community and suburban office market, which encompasses several Fortune 1000 corporations. These acquisitions reflect Edleun's growth strategy of acquiring and developing high quality centres focused on early learning and care in markets with attractive demographics and supply-demand fundamentals. These centres will continue to enhance our brand and positioning in Canada's largest urban area. Moreover, we like the fact that these centres are established with Montessori programming and curriculam and further complement our product offering to parents and their children."
The completion of the transactions is subject to normal closing, final due diligence and approval conditions and will be acquired utilizing the Company's available capital resources.
About Edleun Group, Inc.
Edleun is the leading provider of high-quality, community-based Early Learning and 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.
Including the above noted centres, the Company currently has a total of 49 operating centres in its portfolio and five 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.
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.