CALGARY, May 12, 2014 /CNW/ - BrightPath Early Learning
Inc. ("BrightPath" or the "Company") (TSX-V: BPE), the leading
Canadian provider of quality early childhood education and care,
announced today that it has entered into an agreement to develop a
purpose-built child care centre in Edmonton, Alberta.
Situated in the West Henday Promenade, the Company's first new
development in the Edmonton market
will be located at the access point to Lewis Estates and central to
several other high-growth master-planned communities. Across from a
major public transit hub and adjacent to Anthony Henday Drive
(Edmonton's major ring road), the
primary trade area consists of more than 25,000 residents, with
projected housing starts indicating more than twice the population
by 2018. Current information on the supply of child care spaces
indicates fewer than 700 licensed spaces available to address
existing market demand. West Henday centre will comprise
approximately 250 licensed child care spaces in a 20,000 square
foot facility constructed on a 0.8 acre parcel of land.
The Company is securing the land site through a long-term ground
lease agreement with Melcor Developments Ltd. ("Melcor").
BrightPath will commence construction upon satisfaction of
conditions and receipt of a development permit from municipal
authorities.
The West Henday Promenade is a 111,000 square foot newly
developed community shopping centre developed by Melcor to serve
this rapidly growing Edmonton
suburb and is anchored by Sobeys, Shoppers Drug Mart, RBC and
CIBC.
The West Henday centre will be financed by BrightPath's
available credit facility. Similar to the operational and
financial success of previous greenfield investments, this
opportunity is expected to significantly enhance the Company's
profitability and cash flow.
"We are excited to once again work with BrightPath by
introducing a quality child care facility in our West Henday
Promenade project," said Mr. Brian
Baker, President and CEO of Melcor Developments Ltd.
"BrightPath provides a service that aligns with our objective of
creating fully integrated communities for surrounding residents and
clients of our business campuses. BrightPath's child care facility
will be a valuable component to this vision in West Henday. This is
our second project with BrightPath and we look forward to the
prospect of additional partnerships."
"The Edmonton site is our third
new location announced in as many weeks," said Mary Ann Curran, Chief Executive Officer of
BrightPath. "We recently announced a leasehold location in the
Calgary suburb of Cochrane and a greenfield location in the
rapidly growing Symons Valley area in northwest Calgary. These actions contribute
significantly to the fulfillment of our previously stated and
published plans to realize higher levels of EBITDA in 2014 from our
existing portfolio through optimization of return on capital,
coupled with expansion into a number of new locations that when
built and stabilized will further add a substantial amount of
incremental recurring cash flow for BrightPath."
"We plan to report the Company's first quarter financial results
on May 22, 2014 and anticipate
reporting Adjusted EBITDA well in excess of both the prior year and
prior quarter, reflecting the market-based pricing strategy,
increasing occupancies and cost savings initiatives which we have
previously outlined and discussed. Accordingly, the material growth
in the Company's base level of cash flow augmented by the
re-ignition of the Company's growth program is anticipated to both
significantly increase the Company's profitability and enhance
BrightPath's commitment to deliver shareholder value," Ms.
Curran added.
About BrightPath Early Learning Inc.
BrightPath Early Learning Inc. is a Canadian leader in child
care and early education with 51 locations in major markets across
the country. Meeting the highest standard in curriculum,
nutrition, technology and recreational programming, BrightPath is
committed to providing families with the very best care and child
development programs Canada has to
offer.
For more information, please visit
www.BrightPathKids.com/corporate or contact Dale Kearns, President of BrightPath Early
Learning Inc. at (403) 705-0362 Ext. 406.
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",
"anticipates", "expects", "projects", "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 and/or developments of BrightPath to differ materially
from the results, performance, achievements and/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 and/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.