CALGARY, Nov. 3, 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 the opening of its Creekside greenfield
development in the Symons Valley area of North West Calgary located in the Creekside
shopping centre owned by Canadian Real Estate Investment Trust.
The Creekside centre opened yesterday with a capacity of 247
licensed child care spaces and offers the latest in architectural
design, features and technology to support child development for
children in the care of BrightPath. Virtually all of the full-time
spaces are booked for enrollment over the next two months with
before and after school registrations programmed to follow.
Following on:
- the Company's initial successful greenfield developments at
Chestermere and McKenzie Towne
(the Company sold the building housing the McKenzie Towne child
care in the third quarter this year generating significant net cash
proceeds and a profit on its development cost);
- the recent enrollment success at Creekside which at centre
opening has significantly surpassed the Company's anticipated
development pro forma which included a 24-month period to achieve
stabilized enrollment (as is typical in the industry); and
- the strong market demand in the local market area
generally,
the Company also announced today that it has entered into an
agreement to open a second new centre in nearby Sage
Hill.
"The Creekside centre was developed based on significant demand
from the surrounding community and has opened with very strong
initial enrollment. This underscores the continuing need for
quality early learning and child care in many underserved markets,
thereby supporting our decision to add further BrightPath capacity
in the nearby Sage Hill community." said Mary Ann Curran, Chief Executive Officer of
BrightPath.
When completed, the Sage Hill centre will house approximately
130 licensed child care spaces in a 10,000 square foot leasehold
facility located in Riocan REIT's Sage Hill Crossing. The Sage Hill
centre will primarily cater to the residential communities of Sage
Hill and Nolan Hill that have
experienced rapid population growth with limited child care in
existence. The primary trade area consists of more than 5,000
children under the age of five and current information on the
supply of child care spaces indicates fewer than 600 licensed
spaces to meet existing market demand.
The Sage Hill centre will be financed utilizing BrightPath's
available cash resources and in-place credit facility.
About BrightPath Early Learning Inc.
BrightPath Early Learning Inc. is a Canadian leader in child
care and early education with 54 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.