BrightPath announces expanded facility in rapidly growing Calgary suburb
CALGARY, Oct. 29, 2013 /CNW/ - BrightPath Early Learning Inc. ("BrightPath" or the "Company" (TSX-V: BPE), a leading provider of quality early childhood education and care in Canada announced the expansion of its Airdrie Alberta centre from 50 licensed spaces to 145.
The Airdrie centre was acquired for $75,000 during 2012 with the intent to complete an expansion into adjacent leased space. Anticipated capital costs for expansion are approximately $580,000, which include fit up of the premises and a playground not previously in place. Work is expected to begin in April 2014 for completion in August 2014.
"What began as an opportunistic transaction has evolved as we had hoped," commented Mary Ann Curran, Chief Executive Officer of BrightPath. "The Calgary economy is thriving and demand for BrightPath's services continues to be very strong. This expansion together with several other new locations planned for the Alberta market reflects the resumption of our growth program utilizing our recently announced credit facility increase."
As this expansion will be funded with our available cash resources it is anticipated to be immediately accretive to the Company's profitability upon opening and initial enrollments.
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", "anticipated", "expected", "projected", "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 or developments of BrightPath to differ materially from the results, performance, achievements 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 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.
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For more information on BrightPath Early Learning Inc. visit www.BrightPathKids.com. For further information regarding this release, please contact Dale Kearns, President of BrightPath at (403) 705-0362 ext.406.