CALGARY, Sept. 15, 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 that the TSX Venture Exchange ("TSXV") has accepted the renewal of the Company's normal course issuer bid ("NCIB"). BrightPath may purchase, from September 15, 2015 to September 14, 2016, up to a maximum of 6,062,008 common shares, which represents five percent of the Company's 121,240,169 issued and outstanding common shares as of August 19, 2015. The Company 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.
Under its previous NCIB, which expired September 8, 2015, BrightPath repurchased 837,700 common shares at an average purchase price of approximately $0.36 per share, all of which have been cancelled.
Cormark Securities of Toronto, Ontario will continue as the Company's 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 Company as traded on the TSXV. All common shares purchased under the NCIB will be cancelled.
In the opinion of BrightPath's management and board of directors, current market prices significantly undervalue the Company's common shares. In this light, the board of directors have considered various options to enhance shareholder value and liquidity, including its NCIB. BrightPath believes that the repurchase of shares represents a sound business decision for the Company and, in addition to the foregoing, will foster a more orderly market for its shares.
Shareholders of BrightPath will be advised of the NCIB in the next quarterly report of the Company 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 53 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.
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.
For further information: Dale Kearns, President & CFO, 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, http://www.brightpathkids.com