CALGARY, Sept. 9, 2014 /CNW/ - BrightPath Early Learning
Inc. ("BrightPath" or the "Corporation"), TSXV: BPE announces that
the TSX Venture Exchange ("TSXV") has accepted the Corporation's
notice of intention to make a normal course issuer bid ("NCIB") in
the open market. BrightPath may purchase up to a maximum of
6,085,965 common shares, which represents five percent of the
Corporation's current issued and outstanding common shares.
BrightPath will commence open market purchases of its shares
immediately upon the approval of the NCIB by the TSXV, on
September 9, 2014, and terminate any
such purchases on or before September 8,
2015. The Corporation may purchase up to, but not more than,
two percent of its issued and outstanding common shares in any 30
day period during the term of the NCIB. The Corporation will
not purchase more than 11,610 common shares on the same trading
day, which represents 25 percent of the average daily trading
volume of the common shares during the last six months. The
Corporation has 121,719,316 common shares outstanding.
Cormark Securities of Toronto,
Ontario has been appointed by BrightPath as its broker to
facilitate the open market purchases of its shares pursuant to the
NCIB. All purchases of shares under the NCIB will be undertaken
through the facilities of the TSXV at the prevailing current market
price of the shares of the Corporation as traded on the TSXV.
As outlined in the Corporation's news release dated July 31, 2014, the board of directors of
BrightPath is of the view that current market prices undervalue the
Corporation's common shares. In this light, the board of
directors has begun to consider various options to enhance
shareholder value and liquidity including, as one option, the NCIB.
BrightPath believes that the repurchase of the shares
represents a sound business decision for the Corporation and, in
addition to the foregoing, will foster a more orderly market for
its shares. All common shares purchased under the NCIB will
be cancelled. Shareholders of BrightPath will be advised of the
NCIB in the next quarterly report of the Corporation to be mailed,
as applicable, to shareholders and filed on SEDAR. Shareholders may
obtain a copy of the Notice of Intention to Make a Normal Course
Issuer Bid from BrightPath without charge.
About BrightPath Early Learning Inc.
BrightPath Early Learning Inc. is a Canadian leader in child
care and early education with 52 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 Statement
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.