CALGARY, Sept. 9, 2014 /CNW/ - BrightPath Early Learning Inc. ("BrightPath" or the "Corporation"), TSXV: BPE announces that the TSX Venture Exchange ("TSXV") has accepted the Corporation's notice of intention to make a normal course issuer bid ("NCIB") in the open market. BrightPath may purchase up to a maximum of 6,085,965 common shares, which represents five percent of the Corporation's current issued and outstanding common shares. BrightPath will commence open market purchases of its shares immediately upon the approval of the NCIB by the TSXV, on September 9, 2014, and terminate any such purchases on or before September 8, 2015. The Corporation 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. The Corporation will not purchase more than 11,610 common shares on the same trading day, which represents 25 percent of the average daily trading volume of the common shares during the last six months. The Corporation has 121,719,316 common shares outstanding.
Cormark Securities of Toronto, Ontario has been appointed by BrightPath as its 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 Corporation as traded on the TSXV.
As outlined in the Corporation's news release dated July 31, 2014, the board of directors of BrightPath is of the view that current market prices undervalue the Corporation's common shares. In this light, the board of directors has begun to consider various options to enhance shareholder value and liquidity including, as one option, the NCIB. BrightPath believes that the repurchase of the shares represents a sound business decision for the Corporation and, in addition to the foregoing, will foster a more orderly market for its shares. All common shares purchased under the NCIB will be cancelled. Shareholders of BrightPath will be advised of the NCIB in the next quarterly report of the Corporation 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 52 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