CALGARY, July 29, 2015 /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 intention to develop its fifth purpose-built
early learning centre. The centre is to be located in the London
Place West shopping centre owned and managed by First Capital
Realty Inc. ("First Capital"). The centre will be modelled on
BrightPath's highly successful McKenzie
Towne centre, which is also adjacent to a premier First
Capital shopping centre. Earlier today, the Company announced it
has agreed to monetize its McKenzie
Towne building through a sale leaseback transaction on
favourable terms.
Located in southwest Calgary,
the Richmond Early Learning and Child Care Centre will be
strategically located adjacent to key arterial roads providing
convenience and visibility to residents in the surrounding areas
and commuters along its path. When completed, the centre will
comprise approximately 245 licensed spaces in a 20,000 square foot
facility on approximately one acre of land. The primary trade area
consists of more than 60,000 residents including more than 4,100
children up to five years of age. Management believes that this
segment of the Calgary market is
significantly under-served with fewer than 850 licensed spaces
available; moreover, many of these spaces do not match the standard
offered in BrightPath's new, state-of-the-art facilities.
The Company has secured this location by successfully
negotiating a long-term ground lease agreement with First Capital
subject to issuance of a development permit and other conditions in
favour of the landholder. Construction is expected to begin in
early 2016.
"As we accelerate the Company's growth, we are excited to add
yet another new premium development to our portfolio," said
Mary Ann Curran, Chief Executive
Officer of BrightPath. "Adding the Richmond Early Learning and Care
Centre to an already strong growth program of four new locations
that open this year and next results in an additional 1,055
licensed spaces representing a 19% increase in capacity. Previous
BrightPath greenfield developments have proven to deliver superior
early education, child care and ancillary services to their
respective communities while generating significant cash flow and
profitability for the Company. Management is focused on building
the Company's pipeline through new developments and select
acquisitions."
The Richmond Centre will be financed utilizing BrightPath's
available credit facility. Based on the success of the Company's
previous greenfield developments, and the non-dilutive funding
provided for its construction, this centre is expected to
significantly enhance the Company's profitability and cash
flow.
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 standards in curriculum,
nutrition, technology and recreational programing, BrightPath is
committed to providing families with the very best child
development programs and care Canada has to offer.
For more information, please visit
www.BrightPathKids.com/corporate or contact Dale Kearns, President and CFO of BrightPath
Early Learning Inc. at (403) 705-0362 Ext. 406.
Forward-Looking Statements
Certain statements contained herein constitute forward-looking
statements regarding the future growth, results of operations,
performance and opportunities of the Company. Forward-looking
statements can generally be identified by the use of, but not
limited to, the following words: "plans", "expects" or "does not
expect", "budget", "scheduled", "estimate", "forecast", "pro
forma", "anticipate" or "does not anticipate", "believe", "intend",
"inferred", "potential" and similar expressions or statements that
certain actions, events or results "may", "could", "would", "might"
or "will" be taken, occur or be achieved. Forward-looking
statements are not historical facts, but reflect the Company's
current expectations regarding future results or events based on
information currently available and what the Company believes to be
reasonable assumptions. All forward-looking statements are
qualified by these cautionary statements.
Forward-looking statements are subject to a number of risks,
assumptions and uncertainties that could cause actual results,
performance or events to differ materially from those expressed or
implied by such forward-looking statements. Factors that could
cause actual results or events to differ materially from those
expressed, implied or projected include, but are not limited to,
general economic conditions, the Company's ability to meet and
maintain forecasted occupancy levels, general government policies,
continued availability of government child care subsidies to
parents, unexpected costs or liabilities related to acquisitions,
construction, environmental matters, legal matters, changes in
interest rates, credit spreads and the availability of financing.
In addition, please refer to the Risks and Uncertainties section of
the Company's annual Management's Discussion and Analysis. As such,
the Company gives no assurance that actual results will be
consistent with these forward-looking statements.
Readers should not place undue reliance on any such
forward-looking statements. These forward-looking statements are
made as of the date hereof. The Company undertakes no obligation to
publicly update or revise any such statement, reflect new
information or reflect the occurrence of future events or
circumstances, except as required by securities laws.
SOURCE BrightPath Early Learning Inc.