BrightPath continues its Alberta-focused expansion with the development of a new centre modelled on its highly successful McKenzie Towne Project
CALGARY, May 7, 2014 /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 a purpose-built child care centre modelled on its highly successful, larger scale McKenzie Towne centre in Calgary, Alberta.
Located in the Symons Valley area of northwest Calgary, this location is central to five master planned residential communities and adjacent to Evanston, the fastest growing residential community in Calgary. The primary trade area consists of more than 50,000 residents, with projected housing starts indicating almost twice the population by 2017. Current information on the supply of child care spaces indicates fewer than 300 licensed spaces to meet existing market demand. When completed, the Symons Valley centre will house approximately 245 licensed child care spaces in a 20,000 square foot facility on a 0.9 acre parcel of land.
The Company has secured the land site through a long-term ground lease agreement that is subject to permitting, approvals and other conditions precedent. BrightPath will commence construction upon receipt of a development permit from municipal authorities.
"BrightPath's purpose-built centres allow us to introduce much-needed child care spaces in the heart of underserved communities," said Mary Ann Curran, CEO of BrightPath. "These facilities provide children and families with a warm and inviting environment conducive to quality early learning and care. They feature secure single point access, indoor and outdoor fitness and recreational spaces, large care rooms providing greater learning and play space per child and more natural light than required by regulation, and ample parking. As with all BrightPath centres, they are staffed by well-trained, experienced, caring teachers and caregivers and offer the Company's professional curriculum, technology-integrated classrooms, and a nutritionist-certified meal plan. We are confident and proud that the Company's developments increase our capacity to make a significant contribution to the well-being of Canadian children."
"At the same time, this project is expected to make a meaningful contribution to the Company's profitability upon completion and child enrollment. As noted, this development is modelled on BrightPath's highly successful McKenzie Towne Centre. While it is typical in the child care industry for new child care centre developments to anticipate a 24 month ramp up period for enrollment, our McKenzie Towne Centre achieved full enrollment within three months of opening. Subsequently, in 2013 the McKenzie Towne centre licensed occupancy level was expanded by 39 spaces, increasing from 247 to 286, with minimal capital outlay. With a capacity of three times the average size of the Company's other centres these new developments provide greater economies of scale and higher operating margins, and enable industry-leading child development in state of the art facilities for our BrightPath families," said Ms. Curran.
The Symons Valley centre will be financed utilizing BrightPath's available credit facility. Based on the success of previous greenfield investments, 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 51 locations in major markets across the country. Meeting the highest standard in curriculum, nutrition, technology and recreational programming, BrightPath is committed to providing families with the very best care and child development programs Canada has to offer.
For more information, please visit www.BrightPathKids.com/corporate or contact Dale Kearns, President of BrightPath Early Learning Inc. at (403) 705-0362 Ext. 406.
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", "anticipates", "expects", "projects", "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 and/or developments of BrightPath to differ materially from the results, performance, achievements and/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 and/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.
SOURCE BrightPath Early Learning Inc.For further information: Dale Kearns, President, BrightPath Early Learning Inc.; Office: (403) 705-0362 Ext. 406, Toll Free: (888) 808-2252, Suite 200, 30 Glendeer Circle SE, Calgary, AB, T2H 2Z7, www.brightpathkids.com