TORONTO, Sept. 19, 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, announced today that the TSX Venture Exchange
("TSXV") has accepted the renewal of the Company's normal course
issuer bid ("NCIB"). BrightPath may purchase, from September 15, 2016 to September 14, 2017, up to a maximum of 5,991,483
common shares, representing five percent of the Company's
119,829,669 issued and outstanding common shares at the time of
application. The Company may purchase up to, but not more than, two
percent of its issued and outstanding common shares in any 30 day
period during the term of the NCIB.
Under its previous NCIB, which expired September 14, 2016, BrightPath purchased and
cancelled 1,098,000 common shares at an average price of
$0.30 per share.
Cormark Securities in Toronto,
Ontario will continue as the Company's broker to facilitate
the open market purchases of its common shares pursuant to the
NCIB. All purchases of common shares under the NCIB will be
undertaken through the facilities of the TSXV at the prevailing
current market price of the shares of the Company as traded on the
TSXV. All common shares purchased under the NCIB will be
cancelled.
In the opinion of BrightPath's management and board of
directors, current market price undervalues the Company's common
shares. As such, the Company has considered and executed various
strategies to enhance shareholder value and liquidity, including
its NCIB.
Shareholders of BrightPath will be advised of the NCIB in the
next quarterly report of the Company to be mailed, as applicable,
to shareholders and filed on SEDAR. Shareholders may obtain a copy
of the Notice of Intention to Make a Normal Course Issuer Bid from
BrightPath without charge.
BrightPath also announced that it has engaged National Equicom
to provide strategic investor relations and financial
communications services.
Under the terms of the agreement, BrightPath will pay National
Equicom a monthly fee of $7,500 for
select strategic communications services. The initial contract term
is 12 months, subject to renewal or earlier termination by either
party under the terms of the agreement, and commences
immediately.
Neither National Equicom, nor any of its principals, have an
ownership interest, directly or indirectly, in BrightPath or its
securities, and BrightPath has not granted National Equicom or its
principals any right to acquire any such interests.
About BrightPath Early Learning Inc.
BrightPath Early Learning Inc. is a Canadian leader in child
care and early education with 76 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.
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", "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.