Press release from CNW Group
Growth in Ontario continues with acquisition of Ottawa Montessori centres
Monday, November 05, 2012
CALGARY, Nov. 5, 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 closed the acquisition of three of four child care centres in Ottawa, Ontario announced in the news release dated August 17, 2012. The fourth centre will close April 30, 2013. Edleun is purchasing the four Montessori centres consisting of 195 licensed child care spaces for $2.3 million. All of the centres are located in leased premises under long term leases at market rates. With this acquisition Edleun now has 13 centres in the province of Ontario.
"We continue to make strides in the Ontario market through the select acquisition of centres that share Edleun's commitment to quality early learning and care," said Mary Ann Curran, CEO of Edleun. "These Montessori centres are well run and emphasize low student to teacher ratios, particularly relative to the Ontario public and separate school systems."
"Parents of children enrolled in Montessori centres recognize the value that this program provides and consider it a premium childcare alternative," said Dale Kearns President of Edleun. "Located in the fast growing community of Barrhaven, in the south west section of Ottawa, these centres operate at a high occupancy due, in part, to their close proximity to the urban public transit hub."
This acquisition has been fully funded from the Company's in-place capital resources and will begin contributing to Edleun's cash flow commencing in the fourth 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 50 operating centres in its portfolio and three in various stages of acquisition, development or redevelopment representing a total of approximately 5,400 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.
SOURCE: Edleun Group, Inc.
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.