TORONTO, March 7, 2016 /CNW/ - BrightPath Early Learning Inc. ("BrightPath" or the "Company") (TSX-V: BPE), the leading Canadian provider of quality early childhood education and care, is pleased to provide an update on the success of the recent openings of its two newest state-of-the-art child care centres located in the Greater Vancouver area and Calgary, as well as a newly-developed centre to be opened in Edmonton in April.
The 18,000 square foot Clayton Hills centre, located in the city of Surrey, British Columbia, opened in late 2014 and in just over a year has achieved enrollment in excess of 80 percent of licensed capacity. This enrollment was achieved well in advance of the Company's project pro forma timeframe to achieve stabilized operations and the 24-month period, which is typical in the industry for new schools of this scale.
BrightPath is particularly excited to announce that the Company's newest greenfield development, nestled in the growing community of Symons Valley, Calgary, which was completed late Fall 2015 and opened its doors on November 1 2015, has achieved 97% enrollment for its full day care, with increasing enrollment of the before-and-after school care spaces now occurring. This expedited full enrollment in just three months greatly surpassed the Company's most optimistic expectation for the performance of this school.
Please view the virtual tour of the latest greenfield centre, Creekside, which future developments are modelled after, by clicking here.
The Company's next scheduled greenfield project, West Henday, located on the west side of Edmonton, is projected to open in April 2016. This location mirrors the Creekside centre with respect to the physical attributes and licensed capacity, and is also achieving success in pre-opening enrollments. Like Creekside and other BrightPath centres, the West Henday centre will meet the highest standards with respect to curriculum, nutrition, technology and recreational programming.
"We continue to achieve success by focusing on market opportunities in Alberta and British Columbia communities that are critically underserved for child care," commented Mary Ann Curran, Chief Executive Officer of BrightPath. "Despite economic challenges both locally and globally, the need for and shortage of quality child care has delivered, and is anticipated to continue to deliver, strong operating and financial performance for BrightPath. BrightPath's success in new locations stems from careful and considered market selection coupled with the superior child care programming that parents want for their children."
Separately, the board of directors has approved, in connection with the Company's senior management team's 2015 compensation, the issuance of Deferred Stock Units ("DSU") to Mary Ann Curran, Chief Executive Officer, 244,320 DSU's; Dale Kearns, President and Chief Financial Officer, 212,451 DSU's and; Elizabeth Bradbeer, Senior Vice President and Chief Operating Officer, 125,281 DSU's.
About BrightPath Early Learning Inc.
BrightPath Early Learning Inc. is a Canadian leader in child care and early education with 54 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.
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 management's current expectations regarding future results or events based on information currently available and what management 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.
Video with caption: "BrightPath Virtual Tour". Video available at: https://www.youtube.com/tv#/watch?v=pdWTwZwe5zg
For further information: 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., Toll Free: (888) 808-2252, Suite 201, 200 Rivercrest Drive SE, Calgary, AB T2C 2X5, http://www.brightpathkids.com