Another acquisitionEDLEUN TO EXPAND BC PRESENCE BY ACQUIRINGVANCOUVER AREA CENTRE Edleun Group, Inc. (TSX-V:EDU) ("Edleun" or the "Company"), a leadingCanadian operator, consolidator and developer of child care facilities,announced today that it has entered into a definitive agreement to acquire anadditional centre in the Greater Vancouver, British Columbia area. Edleuncurrently owns and operates 20 centres and has agreements in principle toacquire or build an additional 10 child care centres located in Alberta and BC.
"We continue to make inroads into the BC market and this Vancouver areacenter will be our seventh BC acquisition," said Leslie Wulf, Chief ExecutiveOfficer of Edleun. "These acquisitions will help raise the profile of our brandin the Vancouver market while adding child care spaces to our portfolio."
This centre is located in an eastern Vancouver suburb, and Edleun isacquiring the operating childcare business for $300,000 and will lease thebuilding from the owner with a right of first refusal to purchase the underlyingreal estate. The acquisition will add 90 licensed childcare spaces to theCompany's portfolio.
As with all centres built or acquired by the Company, the Edleun operatingprocedures, systems of quality control, education curriculum and a nutritionallycertified meal program will be implemented subsequent to closing.
The company will complete this acquisition utilizing its available cashresources.
The acquisition will add 90 licensed child care spaces to the Company'sportfolio. This brings the total, including centres owned and transactionspreviously announced to acquire or build new centres, to 2,867 spaces across 30centres.
The closing of the acquisition is scheduled to occur in the near future, andis subject to certain conditions precedent. There can be no assurance that theacquisitions will be completed, or if completed, what the final terms will be.
About Edleun Group, Inc.
Edleun is the leading provider of high-quality, educational child care inCanada. The Company is committed to providing children, families and employerswith access to, and choice of, quality early childhood education programs,helping Canadians balance their work and family lives.
The Company's objectives include the acquisition and improvement of existingchild care centres and development of new child care centres across Canada.ÂEdleun is also pursuing the development of new "state of the art" child carecentres in a number of Calgary and Edmonton residential communities which arecurrently underserved.