CALGARY, Sept. 11, 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 its second new development in Edmonton, Alberta in the community of
Windermere South.
Situated in the south west community of Windermere South in Edmonton, a rapidly growing and vibrant
community, this centre is the fourth new Alberta location announced in 2014. The
Windermere centre will consist of 13,500 square feet of leasehold
area pursuant to a long-term lease, subject to certain final
conditions expected to be waived shortly. Planned to be open in
2015, the Windermere centre will be comprised of approximately 190
licensed child care spaces in a new 160,000 square foot shopping
centre anchored by a large grocery retailer and a major pharmacy.
The primary trade area consists of more than 25,000 residents, with
projected housing starts indicating that the population is expected
to nearly triple by 2019. Current information on the supply of
child care spaces indicates fewer than 300 licensed spaces are
available to address existing market demand.
"The Windermere Centre will deliver much needed high quality
child care in this high growth community and provide an attractive
option for Edmonton parents who
want the best opportunity for their child's development," noted
BrightPath's CEO Mary Ann
Curran.
The Windermere South Centre will be financed by BrightPath's
available cash and credit facility. Similar to the operational and
financial success of BrightPath's previous new development
investments, this opportunity is expected to significantly enhance
the Company's profitability and cash flow.
Earlier this year, the Corporation embarked on a program to
enhance shareholder value by focusing and executing on value added
internal corporate initiatives and reigniting its external growth
program. As noted in the Company's news release dated
July 31, 2014 for the second quarter
of 2014, operating results improved by a significant margin
generated primarily through fee increases, labour productivity
improvements gained through its ERP installation, and reductions in
corporate overheads through office and staff relocations to
Toronto. In addition, the Company
has identified specific opportunities to further increase its
portfolio of approximately 5,000 child care spaces by 20% or 1,000
spaces. Finally, of significant importance to shareholders, on
July 31, 2014 the board of directors
of BrightPath announced it would begin to consider various options
to enhance shareholder value and has initiated specific plans to
deliver upon this commitment.
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
http://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.