Edleun's Growth Continues with the Completion of the Acquisition of Three Centres in Ontario and Alberta
Jul 05, 2012, 07:00 ET
CALGARY, July 5, 2012 /CNW/ - Edleun Group, Inc. (TSXV:EDU) ("Edleun" or the "Company"), the leading provider of quality early childhood education and care in Canada, announced today that it has completed the acquisition of two Montessori centres located in Ajax and Markham, Ontario and a centre in Airdrie, Alberta previously referenced in the press releases dated June 11 and May 30, 2012, respectively. The Company has also successfully negotiated long term leases for all three locations. Purchased for $1.1 million, these acquisitions will add a total of 245 licensed childcare spaces in prime locations, with 194 in the Greater Toronto Area and 51 in the Calgary Region.
"We continue to add to our presence in Alberta and Ontario due their respective strong attributes," said Dale Kearns, President of Edleun. "Airdrie, located just north of Calgary, is a good example of an underserved market with market indicators for immigration, birth rates and incomes in Alberta generally, and the Calgary region specifically, exceptionally strong. In Ontario, theses new acquisitions are in locations that are in close proximity to Fortune ranked corporations and have strong local demographics."
As these acquisitions have been fully funded from the Company's in-place capital resources, these centres will be highly accretive to Edleun's cash flow commencing in the current third quarter of 2012.
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 44 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.
Share this article