TORONTO, Nov. 16, 2016 /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, today provided an update on the progress and status of its growth program.
The Company has experienced significant success, materially surpassing its pro forma occupancy expectations and typical industry metrics in the opening of two 247-space centres in Alberta in the past 12 months despite soft economic conditions in that province. The Company's Creekside facility, located in north-west Calgary which opened 12 months ago, as well as its West Henday facility that opened in west Edmonton just seven months ago, have both reached 95% enrollment of available spaces. In this context, it is important to note that standard industry metrics and the Company's development pro forma both anticipate that new centre openings require 24 months to build enrollment to stabilized occupancy.
BrightPath is currently on track to open newly-developed centres at Riocan Reit's Sage Hill shopping centre and at First Capital Realty's London Place centre in Calgary in the first half of 2017, providing an additional 130 and 247 new spaces, respectively. The Company also continues to make progress with development of its Windermere centre, which is located in Edmonton and will add a further 190 spaces. In addition, in response to strong demand, BrightPath recently expanded its Airdrie centre in Calgary for the third time in two years, having increased capacity from 51 to 146 spaces over that time.
The Company recently completed the $22 million acquisition of 20 Peekaboo child care centres and acquired The Lawrence Park School in Ontario as part of its growth strategy, adding a total of 2,566 spaces. The transformational Peekaboo transaction should not only significantly enhance Funds From Operations, but also improves the geographic balance of the Company's footprint by bringing Ontario's capacity to a level marginally greater than Alberta's at this time.
"We continue to make steady progress towards our goal of doubling capacity from 5,000 spaces in our stabilized centres at the end of 2015," said Mary Ann Curran, Chief Executive Officer of BrightPath Early Learning Inc. "Using a strategy that combines judicious acquisitions and successful greenfield developments with the continuous improvement and enhancement of curriculum programs, we are helping to address a significant need for premium education and child-care services across Canada. The success of these new centre openings has surpassed our most optimistic scenarios that were initiated in the context of a stronger economic environment than currently exists today in Alberta."
As a result of recent acquisition activities, development of new facilities and efforts to optimize its centres, BrightPath currently has definitive plans for 9,200 spaces, up from approximately 5,800 stabilized and non-stabilized spaces at the start of 2016, and 1,100 at its inception in 2010.
About BrightPath Early Learning Inc.
BrightPath Early Learning Inc. is a Canadian leader in child care and early education with 76 locations providing 8,580 licensed child care spaces 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]