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.
Forward-Looking Statements
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.