Brightpath completes arrangement with Busy Bees
TORONTO — BrightPath Early Learning Inc. (TSX-V: BPE) ("BrightPath" or the "Company") is pleased to announce that BrightPath has completed its previously announced Arrangement with an affiliate of Busy Bees Holdings Limited ("Busy Bees", a company owned by Ontario Teachers' Pension Plan ("Ontario Teachers"). Pursuant to the Arrangement, each common share of BrightPath has been acquired for $0.80 in cash.
In connection with the completion of the Arrangement, the common shares of BrightPath are expected to be delisted from the TSX Venture Exchange at the close of business on July 28, 2017.
Jeffrey Olin, Chairman of BrightPath, commented, "Over the past seven years, BrightPath has grown from a start-up to a Canadian leader with more than 8,950 licensed child care spaces in Ontario, British Columbia and Alberta. At the same time, we created a new and unique opportunity for passionate caregivers to pursue a progressive career path in their field of interest, now employing more than 2,130 people. We continue to believe that the Arrangement will serve Canadian families well by ensuring the continuation of high-quality child care services."
Mary Ann Curran, Chief Executive Officer of BrightPath, added, "With a passion for the care of children, we look forward to continuing to expand and fill the need for high quality early learning and child care. We will continue to raise the bar on quality in centres that are already, and will in the future become, part of the BrightPath family."
About BrightPath Early Learning Inc.
BrightPath Early Learning Inc. is a Canadian leader in early learning and child care with 78 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 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.
About Busy Bees
Busy Bees, majority owned by Ontario Teachers Pension Plan is the UK's leading provider of quality child care, caring for over 40,000 children across the country, in 335 nurseries. Founded in 1984, Busy Bees are committed to delivering high quality care and early years learning designed to give every child the best start in life for and to provide essential support to parents. In addition to its UK presence, Busy Bees also operates 70 nurseries across Singapore and Malaysia, including the Asian International College.
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.
For further information, please contact:
President & CFO, BrightPath Early Learning Inc.
Office: (403) 705-0362 Ext. 406
Toll Free: (888) 808-2252
200 Rivercrest Drive SE, Suite 201
Calgary, AB T2C 2X5