CALGARY,
Oct. 29, 2013 /CNW/ - BrightPath
Early Learning Inc. ("BrightPath" or the "Company" (TSX-V: BPE), a
leading provider of quality early childhood education and care in
Canada announced the expansion of
its Airdrie Alberta centre from 50
licensed spaces to 145.
The Airdrie centre was acquired for $75,000 during 2012 with the intent to complete
an expansion into adjacent leased space. Anticipated capital
costs for expansion are approximately $580,000, which include fit up of the premises
and a playground not previously in place. Work is expected to begin
in April 2014 for completion in
August 2014.
"What began as an opportunistic transaction has
evolved as we had hoped," commented Mary
Ann Curran, Chief Executive Officer of BrightPath. "The
Calgary economy is thriving and
demand for BrightPath's services continues to be very strong. This
expansion together with several other new locations planned for the
Alberta market reflects the resumption of our growth program
utilizing our recently announced credit facility increase."
As this expansion will be funded with our
available cash resources it is anticipated to be immediately
accretive to the Company's profitability upon opening and initial
enrollments.
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 BrightPath'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 BrightPath 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, BrightPath 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 BrightPath 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 BrightPath Early Learning Inc.