BrightPath announces the opening of its Calgary Creekside centre with significant initial enrollment and a new centre planned for nearby Sage Hill
Nov 03, 2015, 16:00 ET
CALGARY, Nov. 3, 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 the opening of its Creekside greenfield development in the Symons Valley area of North West Calgary located in the Creekside shopping centre owned by Canadian Real Estate Investment Trust.
The Creekside centre opened yesterday with a capacity of 247 licensed child care spaces and offers the latest in architectural design, features and technology to support child development for children in the care of BrightPath. Virtually all of the full-time spaces are booked for enrollment over the next two months with before and after school registrations programmed to follow.
- the Company's initial successful greenfield developments at Chestermere and McKenzie Towne (the Company sold the building housing the McKenzie Towne child care in the third quarter this year generating significant net cash proceeds and a profit on its development cost);
- the recent enrollment success at Creekside which at centre opening has significantly surpassed the Company's anticipated development pro forma which included a 24-month period to achieve stabilized enrollment (as is typical in the industry); and
- the strong market demand in the local market area generally,
the Company also announced today that it has entered into an agreement to open a second new centre in nearby Sage Hill.
"The Creekside centre was developed based on significant demand from the surrounding community and has opened with very strong initial enrollment. This underscores the continuing need for quality early learning and child care in many underserved markets, thereby supporting our decision to add further BrightPath capacity in the nearby Sage Hill community." said Mary Ann Curran, Chief Executive Officer of BrightPath.
When completed, the Sage Hill centre will house approximately 130 licensed child care spaces in a 10,000 square foot leasehold facility located in Riocan REIT's Sage Hill Crossing. The Sage Hill centre will primarily cater to the residential communities of Sage Hill and Nolan Hill that have experienced rapid population growth with limited child care in existence. The primary trade area consists of more than 5,000 children under the age of five and current information on the supply of child care spaces indicates fewer than 600 licensed spaces to meet existing market demand.
The Sage Hill centre will be financed utilizing BrightPath's available cash resources and in-place credit facility.
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.
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
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