CALGARY, Feb. 3, 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 the details of the additional Greater Toronto Area child care centre referenced in the press release dated December 12, 2011. The centre which comprises 195 licensed spaces is in a prime location in the centre of Oakville, Ontario one of the most attractive residential communities in Canada.
Edleun is purchasing the assets of this operating child care centre for $800,000. The centre is located in premises leased from a third party under a long term lease. The centre is located on the western edge of the Greater Toronto Area and within easy commute to a number of key employment zones.
"This centre is being acquired on very favourable financial terms," said Dale Kearns, Edleun's Chief Financial Officer. "The vendors were extremely passionate about creating and delivering a high-quality child care environment and experience, however had no prior experience in the child care industry, and were unfortunately underfunded to accomplish their goals. We estimate that $2 million was spent on improvements to create this centre, making it one of the most attractive and high quality "as-built" centres Edleun has seen in Canada. Moreover, with the implementation of Edleun's operational systems and programming, we are confident that we can improve the occupancy of this well-located and attractive centre."
"With this acquisition we have a prime example of the tangible benefits we can deliver for the communities we serve and the broader child care sector," said Mr. Ty Durekas, President and CEO of Edleun. "In this instance, we were not only able to preserve needed spaces that potentially could have been lost completely due to the Vendor's shortage of capital, but are ensuring that the families utilizing the centre have a high quality child care option that they know will remain viable for the long term."
The timing of the completion of the transaction is subject only to finalization of the child care license. The centre is being acquired utilizing the Company's available capital and hence is anticipated to be highly accretive to the company's profitability.
Edleun currently has a total of 4,641 licensed spaces in 44 Early Learning & Care centres, including centres owned and transactions previously announced to acquire, redevelop or build.
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.
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 & CEO of Edleun Group, Inc., 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