BrightPath Early Learning Inc. - Deferred Share Unit issuances and insider purchase
CALGARY, Aug. 16, 2013 /CNW/ - BrightPath Early Learning Inc. ("BrightPath" or the "Company" (TSX-V: BPE), a leading provider of quality early childhood education and care in Canada announced today the issuance of Deferred Share Units ("DSU") under the Company's Employee and Director DSU Plans and Insider purchases of common shares.
Mary Ann Curran, Chief Executive Officer of the Company, elected to receive a cash award entitlement under the Company's annual incentive award plan paid in the form of 171,053 DSU's representing $65,000 in value at $0.38 per DSU. In addition, Ms. Curran acquired 80,000 common shares of the Company in open market transactions at $0.33 per share to hold that number of shares in her personal investment portfolio.
Mr. Dean Michaels, Senior Vice-President Acquisitions and Development, was awarded 46,053 DSU's under the Company's annual incentive award plan representing $17,500 of value at $0.38 per DSU.
For the three months ended June 30, 2013, five members of the board of directors of BrightPath elected to receive 228,764 DSU's in lieu of cash otherwise payable for board fees, representing $59,479.
The Company is pleased that its encouragement of its directors and senior executives to further enhance alignment with shareholders has received a favourable response and commitment to share ownership.
On a cumulative basis, since the inception of the Employee DSU and the Director DSU plans in May 2012, three executives have received 279,994 DSU's for awards under the Company's annual incentive plan and five members of the board of BrightPath have received in the aggregate 534,639 DSU's representing $257,087 for board fees (including the above-noted).
For more information on BrightPath Early Learning Inc. visit www.BrightPathKids.com. The Company's common shares trade on the TSX Venture Exchange under the symbol (TSX‐V: BPE).
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", "anticipated", "expected", "projected", "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 or developments of BrightPath to differ materially from the results, performance, achievements 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 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.