CALGARY, Sept. 15, 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 that the TSX Venture Exchange ("TSXV") has accepted
the renewal of the Company's normal course issuer bid ("NCIB").
BrightPath may purchase, from September 15,
2015 to September 14, 2016, up
to a maximum of 6,062,008 common shares, which represents five
percent of the Company's 121,240,169 issued and outstanding common
shares as of August 19, 2015. The
Company 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.
Under its previous NCIB, which expired September 8, 2015, BrightPath repurchased 837,700
common shares at an average purchase price of approximately
$0.36 per share, all of which have
been cancelled.
Cormark Securities of Toronto,
Ontario will continue as the Company's 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 Company as traded on the TSXV. All common shares
purchased under the NCIB will be cancelled.
In the opinion of BrightPath's management and board of
directors, current market prices significantly undervalue the
Company's common shares. In this light, the board of directors have
considered various options to enhance shareholder value and
liquidity, including its NCIB. BrightPath believes that the
repurchase of shares represents a sound business decision for the
Company and, in addition to the foregoing, will foster a more
orderly market for its shares.
Shareholders of BrightPath will be advised of the NCIB in the
next quarterly report of the Company 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 53 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.