Edleun announces a new child care centre development in a rapidly-growing Vancouver suburb and Calgary Centre expansion
CALGARY, July 31, 2013 /CNW/ - Edleun Group, Inc. ("Edleun" or the "Company" and BrightPath Early Learning, Inc. beginning August 7, 2013) (TSX-V: EDU), the leading provider of quality early childhood education and care in Canada announced today a long term lease agreement for a newly-developed child care centre in the Clayton Hills community of Surrey, a rapidly growing area of metropolitan Vancouver, British Columbia.
Situated just west of the Langley Surrey border, this brand new facility will provide the community with 207 additional child care spaces in a 18,207 square foot child care centre to be built on a 1.04 acre parcel. This child care centre is strategically located at the intersection of two feeder routes with quick access to both the Fraser and Trans-Canada Highways. Based on market research, this growing market offers the Company a strategic presence with an appropriate scale of operations for the B.C. market.
The McKenzie Towne centre located in the rapid growth area of south east Calgary received approval for an amended development permit resulting in an increase of 39 licensed child care spaces bringing the total to 286. The McKenzie Towne centre currently has a wait list well in excess of the expansion spaces and anticipates no difficulty to fill these spaces in September 2013.
"Edleun is excited to have this opportunity to create new, quality spaces for children in Surrey," stated Mary Ann Curran, Chief Executive Officer of Edleun. "The Clayton Hills community has witnessed rapid growth and we are pleased to have an agreement for a centre custom built to our design and specification, meeting the needs of children without compromise."
Dale Kearns, President of Edleun noted, "the Surrey development is being leased by Edleun pursuant to a long term lease and development agreement on a "turn-key" basis. Edleun will receive a purpose-built facility on a guaranteed, predetermined and fixed rental rate basis requiring limited capital investment. Real estate developers experienced in the Surrey market currently own the land and will construct the facility under our supervision. The centre is anticipated to open in September 2014, subject to completion of permitting and an on schedule start date anticipated to be in August of 2013. This development allows us to build upon the Company's two well-received and highly successful Calgary-based child care centre developments located in the McKenzie Towne and Chestermere communities. Moreover, with our track record and experience gained from our new developments, we are able to implement increased efficiencies that we anticipate should enable us to deliver at least the same level of profitability as the Calgary-based centres for the Company.
For more information on Edleun Group, Inc. visit www.EdleunGroup.com. As stated in a news release on May 23rd, 2013 Edleun Group Inc. (EDU‐V) will transition to BrightPath Early Learning Inc. on August 7th, 2013. The Company's common shares will trade on the TSX Venture Exchange under a new symbol (TSX‐V: BPE). For further information regarding this release, please contact Dale Kearns, President of Edleun Group, Inc. at (403) 705-0362 ext.406.
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