CALGARY, Sept. 11, 2014 /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 its second new development in Edmonton, Alberta in the community of Windermere South.
Situated in the south west community of Windermere South in Edmonton, a rapidly growing and vibrant community, this centre is the fourth new Alberta location announced in 2014. The Windermere centre will consist of 13,500 square feet of leasehold area pursuant to a long-term lease, subject to certain final conditions expected to be waived shortly. Planned to be open in 2015, the Windermere centre will be comprised of approximately 190 licensed child care spaces in a new 160,000 square foot shopping centre anchored by a large grocery retailer and a major pharmacy. The primary trade area consists of more than 25,000 residents, with projected housing starts indicating that the population is expected to nearly triple by 2019. Current information on the supply of child care spaces indicates fewer than 300 licensed spaces are available to address existing market demand.
"The Windermere Centre will deliver much needed high quality child care in this high growth community and provide an attractive option for Edmonton parents who want the best opportunity for their child's development," noted BrightPath's CEO Mary Ann Curran.
The Windermere South Centre will be financed by BrightPath's available cash and credit facility. Similar to the operational and financial success of BrightPath's previous new development investments, this opportunity is expected to significantly enhance the Company's profitability and cash flow.
Earlier this year, the Corporation embarked on a program to enhance shareholder value by focusing and executing on value added internal corporate initiatives and reigniting its external growth program. As noted in the Company's news release dated July 31, 2014 for the second quarter of 2014, operating results improved by a significant margin generated primarily through fee increases, labour productivity improvements gained through its ERP installation, and reductions in corporate overheads through office and staff relocations to Toronto. In addition, the Company has identified specific opportunities to further increase its portfolio of approximately 5,000 child care spaces by 20% or 1,000 spaces. Finally, of significant importance to shareholders, on July 31, 2014 the board of directors of BrightPath announced it would begin to consider various options to enhance shareholder value and has initiated specific plans to deliver upon this commitment.
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 http://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