- COMPANY ON TRACK TO DOUBLE CAPACITY BY YEAR END -
TORONTO, Feb. 14, 2017 /CNW/ - BrightPath Early Learning Inc. ("BrightPath" or the "Company") (TSX-V: BPE), a leading Canadian provider of high-quality, comprehensive early childhood education and care services, announced the opening of its latest centre, Sage Hill, in northwest Calgary, Alberta. The new centre, which is located in the Sage Hill Crossing complex, adds 130 licensed spaces to the Company's capacity.
"The opening of Sage Hill represents another milestone met in delivering on our commitment to growth and progress towards exceeding our target of 10,000 spaces by the end of 2017. This will effectively double our capacity since the end of 2015," said Mary Ann Curran, CEO of BrightPath Early Learning. "We're particularly encouraged by Sage Hill's initial enrollment level, especially with respect to our infant program, which already has a waitlist for future start dates. This high early enrollment level suggests that our premium curriculum, programs and care services are addressing a key need across the country, that the Company is proficient in identifying communities where demand exceeds supply and that the Alberta market, in particular, is showing signs of economic recovery."
Sage Hill is the third new centre that BrightPath has opened in the past 15 months which, on a combined basis, have added a total of 624 new licensed spaces. Sage Hill is a long-term leased facility and was built to BrightPath's specifications in coordination with RioCan Real Estate Income Trust, the developer of the balance of the Sage Hill Crossing Centre. The Sage Hill Centre opened at the beginning of this month, and has committed enrollments of almost 75% of capacity, with enrollments continuing to build.
Looking forward, BrightPath expects to open its Richmond location, which is being developed and will be owned by BrightPath on lands adjacent to a First Capital centre in southwest Calgary, this summer. The Richmond Centre will add an additional 247 new licensed spaces in this underserved community.
As a result of the development of new facilities, recent acquisition activities and successful efforts to optimize its already existing base of centres, BrightPath currently has approximately 9,300 spaces, up from approximately 5,800 spaces at the start of 2016, and up from 1,100 licensed spaces at its inception in 2010.
BrightPath remains committed to a growth strategy that combines targeted acquisitions in select markets with the development of new centres where demand for premium childhood education and care services exceeds available supply.
About BrightPath Early Learning Inc.
BrightPath Early Learning Inc. is a Canadian leader in child care and early education with 77 locations in major markets across the country. Meeting the highest standards in curriculum, nutrition, technology and recreational programming, BrightPath is committed to providing families with the very best child development and care Canada has to offer.
For more information, please visit www.BrightPathKids.com/corporate or contact Dale Kearns, President & Chief Financial Officer of BrightPath Early Learning Inc. at (403) 705-0362 ext. 406.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
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", "should", "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 & Chief Financial Officer, BrightPath Early Learning Inc., Office: (403) 705-0362 ext. 406, Toll Free: (888) 808-2252, http://www.brightpathkids.com; Joe Racanelli, Investor Relations, NATIONAL Equicom, (416) 586-1943, [email protected]