TORONTO, Nov. 16, 2016 /CNW/ - BrightPath Early
Learning Inc. ("BrightPath" or the "Company") (TSX-V: BPE), a
leading Canadian provider of high-quality, comprehensive early
childhood education and care services, today provided an update on
the progress and status of its growth program.
The Company has experienced significant success, materially
surpassing its pro forma occupancy expectations and typical
industry metrics in the opening of two 247-space centres in
Alberta in the past 12 months
despite soft economic conditions in that province. The
Company's Creekside facility, located in north-west Calgary which opened 12 months ago, as well as
its West Henday facility that opened in west Edmonton just seven months ago, have both
reached 95% enrollment of available spaces. In this context, it is
important to note that standard industry metrics and the Company's
development pro forma both anticipate that new centre openings
require 24 months to build enrollment to stabilized occupancy.
BrightPath is currently on track to open newly-developed centres
at Riocan Reit's Sage Hill shopping
centre and at First Capital Realty's London Place centre in
Calgary in the first half of 2017,
providing an additional 130 and 247 new spaces, respectively.
The Company also continues to make progress with development
of its Windermere centre, which is
located in Edmonton and will add a
further 190 spaces. In addition, in response to strong
demand, BrightPath recently expanded its Airdrie centre in Calgary for the third time in two years,
having increased capacity from 51 to 146 spaces over that time.
The Company recently completed the $22
million acquisition of 20 Peekaboo child care centres and
acquired The Lawrence Park School in Ontario as part of its growth strategy, adding
a total of 2,566 spaces. The transformational Peekaboo transaction
should not only significantly enhance Funds From Operations, but
also improves the geographic balance of the Company's footprint by
bringing Ontario's capacity to a
level marginally greater than Alberta's at this time.
"We continue to make steady progress towards our goal of
doubling capacity from 5,000 spaces in our stabilized centres at
the end of 2015," said Mary Ann
Curran, Chief Executive Officer of BrightPath Early Learning
Inc. "Using a strategy that combines judicious acquisitions and
successful greenfield developments with the continuous improvement
and enhancement of curriculum programs, we are helping to address a
significant need for premium education and child-care services
across Canada. The success of
these new centre openings has surpassed our most optimistic
scenarios that were initiated in the context of a stronger economic
environment than currently exists today in Alberta."
As a result of recent acquisition activities, development of new
facilities and efforts to optimize its centres, BrightPath
currently has definitive plans for 9,200 spaces, up from
approximately 5,800 stabilized and non-stabilized spaces at the
start of 2016, and 1,100 at its inception in 2010.
About BrightPath Early Learning Inc.
BrightPath Early
Learning Inc. is a Canadian leader in child care and early
education with 76 locations providing 8,580 licensed child care
spaces in major markets across the country. Meeting the highest
standards in curriculum, nutrition, technology and recreational
programming, BrightPath is committed to providing families with the
very best child development and care Canada has to offer.
For more information, please visit
www.BrightPathKids.com/corporate or contact Dale Kearns, President & Chief Financial
Officer of BrightPath Early Learning Inc. at (403) 705-0362 ext.
406.
Neither the TSXV nor its Regulation Services Provider (as that
term is defined in policies of the TSXV) accepts responsibility for
the adequacy or accuracy of this release.
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", "should", "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.