Edleun Updates Details of Acquisition of Seventh Ontario Centre
February 03 2012 - 7:00AM
PR Newswire (Canada)
CALGARY, Feb. 3, 2012 /CNW/ - Edleun Group, Inc. ("Edleun" or the
"Company") , 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
, 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. FORWARD-LOOKING STATEMENTS: 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. Edleun Group, Inc.
CONTACT: Ty Durekas, President & CEO of Edleun Group, Inc., or
DaleKearns,Chief Financial Officer of Edleun Group, Inc. at (403)
705-0362, orNick Hurst of the Equicom Group, Inc. at (403) 218-2835
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