CALGARY, June 3, 2013 /CNW/ - Edleun Group, Inc. ("Edleun" or the "Company") (TSX-V: EDU), a leading provider of quality early childhood education and care in Canada, announces today the acquisition of Brite Studios, a child care centre in Southwest Calgary, Alberta with 129 licensed child care spaces.
This centre is located in one of Calgary's most affluent and fastest growing communities and is in close proximity to the city's newest extension of the C-Train light rail transit line. Situated in a high traffic commercial plaza, this centre is a destination for many families as a result of its high quality child care that includes Montessori programming in both Spanish and French. In addition, the centre boasts over 1,400 registrations for ancillary programs that include dance, karate and summer camps. These programs support Edleun's strategy of offering expanded programming to its existing enrollment base as well as the broader community.
"We are excited to be able to serve families in a new market and in a new way," said Mary Ann Curran, Chief Executive Officer of Edleun. "This particular centre is in an underserved market that has experienced significant population growth over that last few years. Furthermore, the acquisition of this centre in particular is consistent with the Company's initiative to expand its product offering with ancillary services and programs to the communities in which we operate, and increase the value we provide to the families we serve. As such, we consider this acquisition to be of significant strategic value as it enables the Company to accelerate its plans to roll out ancillary services and programming throughout the portfolio by leveraging the experience and expertise of the staff of Brite Studios and the programs that they have excelled at delivering. These services and programs have been successfully enjoyed by the children enrolled, highly regarded by their parents and quite profitable for the centre."
The transaction closed on May 31, 2013 and was acquired using the Company's available capital resources. At the request of the vendor the specific transaction price has not been disclosed, however, the Company notes that the price is consistent with the operating cash flow multiples the company has paid on previous acquisitions of stabilized child care centres. The Company now owns and operates 22 child care centres in Calgary and the surrounding area.
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 52 operating centres in its portfolio representing approximately 5,119 licensed child care spaces.
Edleun Inc. will transition to a new name, BrightPath Early Learning Inc. over the course of the summer, as indicated in a May 23, 2013 news release.
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
For further information:
Please contact Dale Kearns, President of Edleun Group, Inc. at (403) 705-0362 ext.406