Toronto, Ontario — Parkit Enterprise Inc. (TSXV: PKT) (“Parkit“, “Company” or the “Corporation“), an industrial real estate growth vehicle and parking platform, is pleased to report the audited financial results for the two-month transitional fiscal year from November 1, 2020 to December 31, 2020 with a comparative to the audited financial statements for the twelve months ended October 31, 2020. The two-month transitional period resulted from the Company’s previously announced change of its fiscal year-end to December 31 from October 31.

Two-Month Audited Transitional Fiscal Year to December 31, 2020 Results

In the two-month period ending December 31, 2020, the Company recorded a loss of $1,568,069 (October 31, 2020 Fiscal Year – $5,327,509 loss). The loss is mainly a result of transaction costs and land transfer taxes of $1,259,824 relating the acquisition of $36,250,000 of industrial assets which closed on December 29, 2020. As a result, the Company only had two days of revenues and expenses from these acquisitions.

Financial Information

A summary of the operating and financial results are as follows:

Subsequent to Year End

Subsequent to the two-month transitional year end, Parkit completed the acquisition of two additional industrial properties. The first closing occurred on March 15, 2021 for a purchase price $12,250,000 for a property in Toronto and the second closing occurred on March 18, 2021 for a purchase price $28,500,000 for a property in Ottawa (see press releases dated March 15, 2021 and March 18, 2021 for additional details).

In addition, Parkit raised gross proceeds of $125,261,004 through private placements of common shares on February 17, 2021 and March 18, 2021 which the Company plans to use for acquisitions in 2021 and beyond.

Our Strategy

Parkit’s industrial real estate strategy is to own and operate a portfolio of strategically located industrial properties across key markets in Canada, with a focus on the GTA+, Ottawa and Montreal. The Company is committed to:

• owning and operating a premium portfolio of industrial and parking assets with strong operating fundamentals
• focusing resources on long-term cash flow and increasing value
• maximizing the value of industrial and parking assets through expansion and innovative asset management
• ensuring the Company follows progressive environmental, social and governance policies

Further Information

For comprehensive disclosure of Parkit’s performance for the two-month transitional fiscal year from November 1, 2020 to December 31, 2020 and its financial position as at such date, please see Parkit’s Consolidated Financial Statements and Management’s Discussion and Analysis for the two-month transitional fiscal year from November 1, 2020 to December 31, 2020 filed on SEDAR at www.sedar.com.

About Parkit Enterprise Inc.

Parkit is an industrial real estate platform focused on the acquisition, growth and management of strategically located industrial properties across key markets in Canada, with a focus on the Greater Toronto Area+ (“GTA+”), Ottawa and Montreal, to complement its parking assets across the United States.

For further information, contact the Company:

Tel: 604-424-8700
ir@parkitenterprise.com

Neither the 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.

Forward-Looking Information:

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein is forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budgets”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, “may” or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. In particular, this press release contains forward-looking information in relation to: the use of proceeds from the Company’s recently completed private placements, the Company’s plans to complete further acquisitions in 2021 and beyond, the Company’s strategy and the impact of COVID-19 on the Company’s business and its impact on property valuations. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. These risks, uncertainties, and factors may include, but are not limited to general business uncertainties, and in particular uncertainties relating to the impact and duration of COVID-19 on future financial performance. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what impacts they will have on the Company. A description of additional risk factors that may cause actual results to differ materially from forward looking information can be found in Parkit’s disclosure documents on the SEDAR website at www.sedar.com. Although Parkit has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking information contained in this press release is expressly qualified by this cautionary statement. The forward-looking information contained in this press release represents the expectations of Parkit as of the date of this press release and, accordingly, are subject to change after such date. However, Parkit expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

Toronto, Ontario — Parkit Enterprise Inc. (TSXV: PKT) (OTC: PKTEF) (“Parkit” or the “Company“), is pleased to announce that it has closed its previously announced (see press releases dated March 1, 2021) bought deal private placement (the “Bought Deal Offering“) and the concurrent non-brokered private placement (the “Non-Brokered Offering” and together with the Bought Deal Offering, the “Offerings“) of an aggregate of 27,507,332 common shares of the Company (“Common Shares“) at a price of $1.50 per Common Share. 

The Bought Deal Offering consisted of 26,841,000 Common Shares for aggregate gross proceeds of approximately $40.3 million. The Bought Deal Offering was co-led by Stifel GMP and Scotiabank. The Non-Brokered Offering consisted of 666,332 Common Shares for aggregate gross proceeds of approximately $1.0 million issued to a president’s list on the same terms as the Bought Deal Offering.

The Company plans to use the net proceeds from the sale of Common Shares for future acquisitions and for general corporate purposes.

The Common Shares are subject to a hold period under applicable Canadian securities laws expiring on July 19, 2021.

Update on Ottawa Property Purchase

The Company is also pleased to announce that it has completed its previously announced (see press release dated March 11, 2021) purchase (the “Acquisition“) of a fully tenanted 180,000 square feet Class A industrial building on 7 acres of land located in Ottawa, Ontario (the “Property“). The purchase price for the Property was $28,500,000, subject to adjustments, and was satisfied through the issuance of an aggregate of 2,667,000 Common Shares at a deemed price of $1.50 per share with the remainder of the purchase price being satisfied with funds on hand. The Common Shares issued in connection with the Acquisition are subject to a hold period under applicable Canadian securities laws expiring on July 19, 2021.

Related Party Transaction Disclosure

Pursuant to the Non-Brokered Offering, Parkit issued 56,667 Common Shares to a purchaser that is considered to be a “related party” (within the meaning of Multilateral Instrument 61-101- Protection of Minority Security Holders in Special Transactions (“MI 61-101“)) and TSXV Policy 5.9, making the Non-Brokered Offering a “related party transaction” (within the meaning of MI 61-101) (the “Related Party Subscription“). Parkit was exempt from obtaining a formal valuation for, and minority approval of, the Related Party Subscription pursuant to Section 5.5(b) and 5.7(1)(a) of MI 61-101, respectively. 

In addition, as the vendor of the Property, Access Self Storage Inc. (the “Vendor“), is a related party to Parkit, the Acquisition is considered to be a “related party transaction” under MI 61-101 and TSXV Policy 5.9. Parkit was exempt from obtaining a formal valuation for, and minority approval of, the Acquisition pursuant to Section 5.5(b) and 5.7(1)(a) of MI 61-101, respectively. 

The Non-Brokered Offering and the Acquisition were approved by the independent members of the Company’s board of directors with no contrary views or abstentions by any director. The material change report to be filed in relation to the Offerings and the Acquisition will not be filed at least 21 days prior to the issuance of the Common Shares under the Related Party Subscription and the Acquisition, as contemplated by MI 61-101. Parkit believes that this shorter period is reasonable and necessary in the circumstances as the completion of the Offerings and the Acquisition occurred shortly before the issuance of the news release and the upcoming filing of the material change report in relation to the Offerings and the Acquisition.

About Parkit Enterprise Inc. 

Parkit Enterprise Inc. is engaged in the acquisition, optimization and asset management of income producing industrial real estate and parking facilities across Canada and the United States. Parkit’s Common Shares are listed on TSX-V (Symbol: PKT) and on the OTC (Symbol: PKTEF).

For more information, please contact Mr. Steven Scott: 

Investor Relations
Contact Number: 604-424-8700
Email: ir@parkitenterprise.com

Neither the 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.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act“) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the 1933 Act and applicable state securities laws or an exemption from such registration is available.

Forward-Looking Information: This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein is forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budgets”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, “may” or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. In particular, this press release contains forward-looking information in relation to: statements as to the use of proceeds from the sale of Common Shares. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. These risks, uncertainties, and factors may include, but are not limited to general business uncertainties, and in particular uncertainties relating to the impact and duration of COVID-19 on future financial performance. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what impacts they will have on the Company. A description of additional risk factors that may cause actual results to differ materially from forward looking information can be found in Parkit’s disclosure documents on the SEDAR website at www.sedar.com. Although Parkit has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking information contained in this press release is expressly qualified by this cautionary statement. The forward-looking information contained in this press release represents the expectations of Parkit as of the date of this press release and, accordingly, are subject to change after such date. However, Parkit expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Toronto, Ontario — PARKIT ENTERPRISE INC. (TSXV: PKT) (OTC: PKTEF) (“Parkit” or the “Company”) is pleased to announce that it has completed the previously announced acquisition of 5610 Finch Ave East (the “Property”), for an aggregate purchase price of $12,250,000 plus customary closing costs. The purchase was funded with cash on hand. 

Property and Expansion

The Property complements Parkit’s existing platform as it neighbors the Company’s 5600 Finch Ave East property. Parkit now owns the adjacent Class A industrial property totaling 54,853 square feet of rentable space on 5.5 acres of land. The Company plans to expand the Property by approximately 62,000 square feet of rentable industrial space. Upon completion of the planned expansion, the Company will own over 245,000 square feet of industrial space on over 11.6 acres of land on the combined 5600 and 5610 Finch Ave East properties.

Steven Scott, the Chair of Parkit, states, “The acquisition is a natural purchase for Parkit as it not only supports the Company’s strategy of acquiring high-quality industrial properties in the Greater Toronto Area but provides for a valuable expansion opportunity and optionality in the future.”

About PARKIT

Parkit is an industrial real estate platform focused on the acquisition, growth and management of strategically located industrial properties across key markets in Canada, with a focus on the Greater Toronto Area+ (“GTA+”), Ottawa and Montreal, to complement its parking assets across the United States.

For further information: please contact Mr. Steven Scott: Investor Relations, Contact Number: 604-424-8700, Email: ir@parkitenterprise.com

Neither the 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.

Forward-Looking Information: 

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein is forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budgets”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. In particular, this press release contains forward-looking information in relation to: statements as to the expansion opportunities and the timing thereof. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. These risks, uncertainties, and factors may include, but are not limited to the inability to satisfy the permitting conditions for the expansion, general business uncertainties, and in particular uncertainties relating to the impact and duration of COVID-19 on future financial performance. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what impacts they will have on the Company. A description of additional risk factors that may cause actual results to differ materially from forward looking information can be found in Parkit’s disclosure documents on the SEDAR website at www.sedar.com. Although Parkit has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking information contained in this press release is expressly qualified by this cautionary statement. The forward-looking information contained in this press release represents the expectations of Parkit as of the date of this press release and, accordingly, are subject to change after such date. However, Parkit expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

Toronto, Ontario — PARKIT ENTERPRISE INC. (TSXV: PKT) (OTC: PKTEF) (“Parkit” or the “Company”) is pleased to announce that it has agreed to acquire a property located in Ottawa, Ontario (the “Property”) for an aggregate purchase price of $28,500,000, subject to customary adjustments (the “Proposed Acquisition”). The vendor of the Property, Access Self Storage Inc. (the “Vendor”), is a related party to Parkit and the Proposed Acquisition constitutes a non-arm’s length transaction. It is anticipated that the Proposed Acquisition will be completed on March 18, 2021, concurrent with the anticipated closing of the Company’s previously announced private placement of common shares (see press releases dated March 1, 2021).

Property and Industrial Real Estate Growth

The Proposed Acquisition continues Parkit’s growth as an industrial real estate platform with the addition of a Class A industrial building with a fully tenanted 180,000 square feet of rentable space on 7 acres of land.

Steven Scott, the Chair of Parkit, states, “The Proposed Acquisition is another great purchase, which will add significant cash flows, as the Company continues to grow its platform beyond the Greater Toronto Area.”

Purchase Price and Payment 

The purchase price of $28,500,000, subject to adjustments, will be satisfied through the issuance of an aggregate of 2,667,000 common shares in the capital of Parkit at a deemed price of $1.50 per share with the remainder of the purchase price being paid with funds on hand. The common shares issued in connection with the Proposed Acquisition will be subject to a hold period of four months and one day.

Conditions Precedent to the Acquisitions

The closing of the Proposed Acquisition is subject to certain conditions including, but not limited to, completion of satisfactory due diligence, obtaining first mortgage commitments, satisfactory environmental site assessment reports and acceptance of the TSX Venture Exchange (“TSXV”). 

Exemption from MI 61-101 and TSXV Policy 5.9

As the Vendor is a non-arm’s length party to Parkit, ‎the Proposed Acquisition is considered to be a “related party transaction” under Multilateral Instrument 61-101 (“MI 61-101”) and TSXV Policy 5.9. Parkit will rely on exemptions from the formal valuation and minority approval requirements of MI 61-101 and TSXV Policy 5.9, in respect of the Proposed Acquisition set forth in Section 5.5(b) (Issuer Not Listed on Specified Markets) and Section 5.7(a) (Fair Market Value Not More Than 25% of Market Capitalization) of MI 61-101, respectively.

About PARKIT

Parkit is an industrial real estate platform focused on the acquisition, growth and management of strategically located industrial properties across key markets in Canada, with a focus on the Greater Toronto Area+ (“GTA+”), Ottawa and Montreal, to complement its parking assets across the United States.

For further information: please contact Mr. Steven Scott: Investor Relations, Contact Number: 604-424-8700, Email: ir@parkitenterprise.com

Neither the 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.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the 1933 Act or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the 1933 Act and applicable state securities laws or an exemption from such registration is available.

Forward-Looking Information: This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein is forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budgets”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. In particular, this press release contains forward-looking information in relation to: statements as to the closing of the Proposed Acquisition and the private placement and the timing thereof; and the receipt of regulatory approvals and other conditions precedent in connection with the closing of the Proposed Acquisition. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. These risks, uncertainties, and factors may include, but are not limited to the inability to satisfy the closing conditions for the Proposed Acquisition or the private placement, general business uncertainties, and in particular uncertainties relating to the impact and duration of COVID-19 on future financial performance. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what impacts they will have on the Company. A description of additional risk factors that may cause actual results to differ materially from forward looking information can be found in Parkit’s disclosure documents on the SEDAR website at www.sedar.com. Although Parkit has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking information contained in this press release is expressly qualified by this cautionary statement. The forward-looking information contained in this press release represents the expectations of Parkit as of the date of this press release and, accordingly, are subject to change after such date. However, Parkit expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

Not for distribution in the United States newswire services or for dissemination in the United States

TORONTO, March 1, 2021 – Parkit Enterprise Inc. (TSXV: PKT) (“Parkit” or the “Company”), an industrial real estate growth vehicle and parking platform, is pleased to announce that it has entered into an agreement with Stifel GMP and Scotiabank as joint bookrunners and co-lead underwriters (the “Underwriters”), pursuant to which the Underwriters have agreed to purchase, on a bought deal private placement basis, 16,670,000 common shares (“Common Shares”) of the Company at a price of $1.50 per Common Share (the “Offering Price”), for aggregate gross proceeds of $25,005,000(the “Offering”). 

The Underwriters have also been granted an option, exercisable in whole or in part any time up to 48 hours prior to the closing date of the Offering, to purchase for resale up to an additional 3,340,000 Common Shares at the Offering Price, for aggregate gross proceeds to the Company of $30,015,000 in the event the Underwriters exercise this option in full.

Concurrent with the Offering, the Company intends to issue and sell additional Common Shares for additional gross proceeds of approximately $5,000,000 on the same terms as the Offering to certain insiders and subscribers designated by the Company. This concurrent non-brokered private placement is expected to be settled via cash subscription, asset contribution, or a combination thereof.

The Company plans to use the net proceeds from the Offering primarily to fund future acquisitions of strategically located industrial properties across key markets in Canada, with a focus on the GTA+, Ottawa and Montreal.  The Offering is scheduled to close on or about March 18, 2021 (the “Closing Date”) and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange. 

Steven Scott, Chairman, commented: “We are pleased to see the level of institutional support for our industrial real estate growth strategy.  Our acquisition plans are ambitious and our pipeline continues to grow.  This additional equity financing will ensure the Company is well positioned to execute its strategy in 2021 and beyond.” 

The Common Shares will be subject to a hold period under applicable Canadian securities laws expiring on the date that is four months and one day following the Closing Date.

The Common Shares will be offered on a private placement basis in all provinces and territories of Canada. The Common Shares will also be offered in the United States on a private placement basis pursuant to available exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the “1933 Act”), and in such other jurisdictions outside of Canada and the United States, as mutually agreed by the Company and the Underwriters, in each case in accordance with all applicable laws.

About Parkit Enterprise Inc. 

Parkit is an industrial real estate platform focused on the acquisition, growth and management of strategically located industrial properties across key markets in Canada, with a focus on the Greater Toronto Area+ (“GTA+”), Ottawa and Montreal, to complement its parking assets across the United States.

Neither the 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.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the 1933 Act or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the 1933 Act and applicable state securities laws or an exemption from such registration is available.

Forward-Looking Information: This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein is forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budgets”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. In particular, this press release contains forward-looking information in relation to: statements as to the Offering and the concurrent private placement; the use of proceeds from the sale of Common Shares, the Closing Date and the receipt of regulatory approvals in connection with the Closing of the Offering. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. These risks, uncertainties, and factors may include, but are not limited to general business uncertainties, and in particular uncertainties relating to the impact and duration of COVID-19 on future financial performance. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what impacts they will have on the Company. A description of additional risk factors that may cause actual results to differ materially from forward looking information can be found in Parkit’s disclosure documents on the SEDAR website at www.sedar.com. Although Parkit has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking information contained in this press release is expressly qualified by this cautionary statement. The forward-looking information contained in this press release represents the expectations of Parkit as of the date of this press release and, accordingly, are subject to change after such date. However, Parkit expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

For further information: please contact Mr. Steven Scott: Investor Relations, Contact Number: 604-424-8700, Email: ir@parkitenterprise.com

Not for distribution in the United States newswire services or for dissemination in the United States

TORONTO, March 1, 2021 – Parkit Enterprise Inc. (“Parkit” or the “Company”) (TSXV: PKT), is pleased to announce that it has entered into an agreement with Stifel GMP and Scotiabank as joint bookrunners and co-lead underwriters (collectively, the “Underwriters”), to increase the size of its previously announced bought deal private placement offering. Pursuant to the upsized deal terms, the Underwriters have agreed to purchase, on a bought deal private placement basis, 23,340,000 Common Shares of the Company (“Common Shares”) at a price of $1.50 per Common Share, for aggregate gross proceeds of $35,010,000 (the “Offering”). 

The Underwriters have also been granted an option, exercisable in whole or in part any time up to 48 hours prior to the closing date of the Offering, to purchase for resale up to an additional 3,501,000 Common Shares at the Offering Price, for aggregate gross proceeds to the Company of $40,261,500 in the event the Underwriters exercise this option in full.

Concurrent with the Offering, the Company intends to issue and sell additional Common Shares for additional gross proceeds of approximately $5,000,000 on the same terms as the Offering to certain insiders and subscribers designated by the Company. The concurrent non-brokered private placement is expected to be settled via cash subscription, asset contribution, or a combination thereof.

The Company plans to use the net proceeds from the Offering primarily to fund future acquisitions of strategically located industrial properties across key markets in Canada, with a focus on the GTA+, Ottawa and Montreal.  The Offering is scheduled to close on or about March 18, 2021 (the “Closing Date”) and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange. 

The Common Shares will be subject to a hold period under applicable Canadian securities laws expiring on the date that is four months and one day following the Closing Date.

The Common Shares will be offered on a private placement basis in all provinces and territories of Canada. The Common Shares will also be offered in the United States on a private placement basis pursuant to available exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the “1933 Act”), and in such other jurisdictions outside of Canada and the United States, as mutually agreed by the Company and the Underwriters, in each case in accordance with all applicable laws.

About Parkit Enterprise Inc. 

Parkit is an industrial real estate platform focused on the acquisition, growth and management of strategically located industrial properties across key markets in Canada, with a focus on the Greater Toronto Area+ (“GTA+”), Ottawa and Montreal, to complement its parking assets across the United States.

Neither the 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.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the 1933 Act or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the 1933 Act and applicable state securities laws or an exemption from such registration is available.

Forward-Looking Information: This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein is forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budgets”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. In particular, this press release contains forward-looking information in relation to: statements as to the Offering and the concurrent private placement; the use of proceeds from the sale of Common Shares, the Closing Date and the receipt of regulatory approvals in connection with the Closing of the Offering. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. These risks, uncertainties, and factors may include, but are not limited to general business uncertainties, and in particular uncertainties relating to the impact and duration of COVID-19 on future financial performance. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what impacts they will have on the Company. A description of additional risk factors that may cause actual results to differ materially from forward looking information can be found in Parkit’s disclosure documents on the SEDAR website at www.sedar.com. Although Parkit has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking information contained in this press release is expressly qualified by this cautionary statement. The forward-looking information contained in this press release represents the expectations of Parkit as of the date of this press release and, accordingly, are subject to change after such date. However, Parkit expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

For further information: please contact Mr. Steven Scott: Investor Relations, Contact Number: 604-424-8700, Email: ir@parkitenterprise.com

Toronto, Ontario — Parkit Enterprise Inc. (TSXV: PKT) (“Parkit“, “Company” or the “Corporation“), an industrial real estate growth vehicle and parking platform, is pleased to report its fourth quarter and fiscal financial results for the year ended October 31, 2020.

Steven Scott, Chairman, commented: “Parkit continues its transition into an industrial real estate growth vehicle with the purchase of 5600 Finch Ave East and 4390 Paletta Court, and 5610 Finch Ave East scheduled to close in March 2021. In addition, our recent $94 million bought deal and non-brokered private placements set us up well for acquisitions in 2021 and beyond.”

2020 Full Year Audited and Quarterly Results of Legacy Parking Business were Impacted by COVID-19

COVID-19 negatively impacted parking operations in the Company’s joint ventures starting in the second half of March 2020. While the impact of COVID-19 is expected to be temporary, it is difficult to estimate the nature, timing, and extent of the business and economic impact on the Company’s future financial performance.

In Q4 2020, the Company recorded a non-cash loss of $3,453,710 (Q4 2019 – $283,103 profit) as its share in the losses from joint ventures, as a result of the pandemic. The loss includes an adjustment of $3,100,858 to the book value of the joint ventures as an impairment based on accounting rules and appraised values. The current appraised values take into account the effects of COVID-19 and are lower than the pre-pandemic valuations. The Company believes the valuations will recover as the effects of the pandemic diminish.

The Company’s share of profit (loss) from associate was adjusted to take a loss on the value of the contingent receivable as the estimated payout would be lower based on the revised appraised value of one of its joint venture’s properties. The appraised value of the property is lower due to the effects of COVID-19, however, the Company expects these values to recover as the effects of the pandemic diminish.

The Company reported a net loss of $4,356,009 for the quarter (net loss of $152,778 in 2019) and a net loss of $5,327,509 for the year (net loss of $879,382 for 2019).

Financial Information 

A summary of the operating and financial results from our legacy parking business are as follows:

Subsequent to Year End

Subsequent to year end, Parkit shifted its strategy to focus on the acquisition of industrial real estate in Canada and has acquired two Greater Toronto Area (“GTA”) assets with a third under contract scheduled to close in March 2021.

In addition, Parkit raised $94 million through private placements between December 29, 2020 and February 17, 2021 which the Company plans to use for acquisitions in 2021 and beyond. 

Our Strategy

Parkit’s industrial real estate strategy is to own and operate a portfolio of strategically located industrial properties across key markets in Canada, with a focus on the GTA+, Ottawa and Montreal. The Company is committed to: 

• owning and operating a premium portfolio of industrial and parking assets with strong operating fundamentals
• focusing resources to long-term cash flow and net asset value growth
• maximizing the value of industrial and parking assets through expansion and innovative asset management
• ensuring the Company follows progressive environmental, social and governance policies 

Further Information

For comprehensive disclosure of Parkit’s performance for the year ended October 31, 2020 and its financial position as at such date, please see Parkit’s Consolidated Financial Statements and Management’s Discussion and Analysis for the year ended October 31, 2020 filed on SEDAR at www.sedar.com.

About Parkit Enterprise Inc.

Parkit is an industrial real estate platform focused on the acquisition, growth and management of strategically located industrial properties across key markets in Canada, with a focus on the Greater Toronto Area+ (“GTA+”), Ottawa and Montreal, to complement its parking assets across the United States.

For further information, contact the Company:

Tel: 604-424-8700 
ir@parkitenterprise.com

Neither the 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. 

Forward-Looking Information:

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein is forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budgets”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, “may” or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. In particular, this press release contains forward-looking information in relation to: the use of proceeds from the Company’s recently completed private placements, the Company’s plans to complete further acquisitions in 2021 and beyond and the impact of COVID-19 on the Company’s business and its impact on property valuations. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. These risks, uncertainties, and factors may include, but are not limited to general business uncertainties, and in particular uncertainties relating to the impact and duration of COVID-19 on future financial performance. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what impacts they will have on the Company. A description of additional risk factors that may cause actual results to differ materially from forward looking information can be found in Parkit’s disclosure documents on the SEDAR website at www.sedar.com. Although Parkit has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking information contained in this press release is expressly qualified by this cautionary statement. The forward-looking information contained in this press release represents the expectations of Parkit as of the date of this press release and, accordingly, are subject to change after such date. However, Parkit expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

Toronto, Ontario, February 17, 2021 – Parkit Enterprise Inc. (“Parkit” or the “Company”) (TSXV:PKT) (OTC:PKTEF), is pleased to announce that it has closed its previously announced (see press releases dated January 26, 2021) bought deal private placement (the “Bought Deal Offering“) and the concurrent non-brokered private placement (the “Non-Brokered Offering” and together with the Bought Deal Offering, the “Offerings“) of an aggregate of 88,421,058 common shares of the Company (“Common Shares“) at a price of $0.95 per Common Share.

The Bought Deal Offering consisted of 72,631,585 Common Shares for aggregate gross proceeds of approximately $69,000,000. The Bought Deal Offering was conducted by a syndicate of underwriters, co-led by Stifel GMP and Scotiabank and included Canaccord Genuity Corp., CIBC Capital Markets and Cormark Securities Inc. The Non-Brokered Offering consisted of 15,789,473 Common Shares for aggregate gross proceeds of approximately $15,000,000 issued to certain insiders of the Company and a president’s list on the same terms as the Bought Deal Offering.

The Company plans to use the net proceeds from the sale of Common Shares for future acquisitions and for general corporate purposes.

The Common Shares will be subject to a hold period under applicable Canadian securities laws expiring on June 18, 2021.

Related Party Transaction Disclosure

Pursuant to the Non-Brokered Offering, Parkit issued Common Shares to certain purchasers that are considered to be “related parties” (within the meaning of Multilateral Instrument 61-101— Protection of Minority Security Holders in Special Transactions (“MI 61-101“)), making the Non-Brokered Offering a “related party transaction” (within the meaning of MI 61-101) (the “Related Party Subscriptions“). Parkit was exempt from obtaining a formal valuation for, and minority approval of, the Related Party Subscriptions pursuant to Section 5.5(b) and 5.7(1)(a) of MI 61-101, respectively.

Leonite Capital LLC, a company controlled by Avi Geller, subscribed for a total of 250,000 Common Shares pursuant to the Non-Brokered Offering. Mr. Geller is an officer and director of Parkit and a “related party” of Parkit (within the meaning of MI 61-101). Leonite Capital Ltd. and Mr. Geller now beneficially own, or exercise control or direction over, 8,967,205 Common Shares (or, approximately 4.4% of the issued and outstanding Common Shares).

Steven Scott, Mr. Scott’s spouse and SRS Realty Group Inc., a company controlled by Mr. Scott, subscribed for a total of 2,236,258 Common Shares pursuant to the Non-Brokered Offering. Mr. Scott is a director of Parkit and a “related party” of Parkit (within the meaning of MI 61-101). Mr. Scott and SRS Realty Group Inc. now beneficially own, or exercise control or direction over, 22,276,258 Common Shares (or, approximately 11% of the issued and outstanding Common Shares).

IKHAN Solutions Inc., a company controlled by Iqbal Khan, subscribed for a total of 578,950 Common Shares pursuant to the Non-Brokered Offering. Mr. Khan is a director of Parkit and a “related party” of Parkit (within the meaning of MI 61-101). IKHAN Solutions Inc. and Mr. Khan now beneficially own, or exercise control or direction over, 4,618,950 Common Shares (or, approximately 2.3% of the issued and outstanding Common Shares).

Julie Neault subscribed for a total of 100,000 Common Shares pursuant to the Non-Brokered Offering. Ms. Neault is a director of Parkit and a “related party” of Parkit (within the meaning of MI 61-101). Ms. Neault now beneficially owns, or exercises control or direction over, 500,000 Common Shares (or, approximately 0.25% of the issued and outstanding Common Shares).

David Delaney and KDI Corporation Ltd., a company controlled by David Delaney, subscribed for a total of 80,000 Common Shares pursuant to the Non-Brokered Offering. Mr. Delaney is a director of Parkit and a “related party” of Parkit (within the meaning of MI 61-101). KDI Corporation Ltd. and Mr. Delaney now beneficially own, or exercise control or direction over, 983,142 Common Shares (or, approximately 0.5% of the issued and outstanding Common Shares).

JoAnne Odette subscribed for a total of 10,500 Common Shares pursuant to the Non-Brokered Offering. Ms. Odette is an officer of Parkit and a “related party” of Parkit (within the meaning of MI 61-101). Ms. Odette now beneficially owns, or exercises control or direction over, 60,500 Common Shares (or, approximately 0.03% of the issued and outstanding Common Shares).

Nawoc Holdings Limited., a company that holds greater than 10% of the outstanding Common Shares, subscribed for a total of 5,527,065 Common Shares pursuant to the Non-Brokered Offering. Given that its holdings of the Company are in excess of 10% of the outstanding Common Shares, Nawoc Holdings Limited is a “related party” of Parkit (within the meaning of MI 61-101). Nawoc Holdings Limited now beneficially owns, or exercises control or direction over, 25,527,065 Common Shares (or, approximately 12.6% of the issued and outstanding Common Shares).

The material change report to be filed in relation to the Offerings will not be filed at least 21 days prior to the issuance of the Common Shares under the Related Party Subscriptions, as contemplated by MI 61-101. Parkit believes that this shorter period is reasonable and necessary in the circumstances as the completion of the Offerings occurred shortly before the issuance of the news release and the upcoming filing of the material change report in relation to the Non-Brokered Offering.

Early Warning Disclosure

As a result of the completion of the transactions described in this press release, Nawoc Holdings Limited beneficially owns and has control of 25,527,065 Common Shares which represents approximately 12.6% of the issued and outstanding Common Shares as calculated in accordance with National Instrument 62-104 Take-Over Bids and Insider Bids (“NI 62-104“). Prior to the completion of the transaction it owned 20,000,000 Common Shares representing approximately 17.4% of the outstanding Common Shares. Nawoc Holdings Limited has a long-term view of its investment in Parkit and may acquire additional securities of Parkit including on the open market or through private acquisitions or sell the securities including on the open market or through private dispositions in the future depending on market conditions and other relevant factors. Nawoc Holdings Limited’s head office is located at 100 Canadian Rd, Scarborough, ON M1R 4Z5.

As a result of the completion of the transactions described in this press release, SRS Realty Group Inc. beneficially owns and has control of 22,155,218 Common Shares which represents approximately 10.9% of the issued and outstanding Common Shares as calculated in accordance with NI 62-104. Prior to the completion of the transaction it owned 20,000,000 Common Shares representing approximately 17.4% of the outstanding Common Shares. Steven Scott is a joint actor with SRS Realty Group Inc. owns or controls an additional 121,040 Common Shares.  The combined holdings of Common Shares by Mr. Scott and SRS Realty Group Inc. represents approximately 10.96% of the issued and outstanding Common Shares as calculated in accordance with NI 62-104.  SRS Realty Group Inc. and Mr. Scott have a long-term view of their investment in Parkit and may acquire additional securities of Parkit including on the open market or through private acquisitions or sell the securities including on the open market or through private dispositions in the future depending on market conditions and other relevant factors. SRS Realty Group Inc.’s head office is located at 100 Canadian Rd, Scarborough, ON M1R 4Z5.

A copy of the early warning reports referenced above will appear with Parkit’s filings on the System for Electronic Document Analysis and Retrieval (SEDAR) and may be obtained upon request from Parkit’s Chief Financial Officer at 604-424-8700. Parkit’s head office address is located at 666 Burrard Street, Suite 500, Vancouver, BC, Canada, V6C 2X8. The disclosure in this press release under the heading “Early Warning Disclosure” has been issued under the early warning provisions of applicable Canadian securities legislation.

Change of Year-End

The Company is also pleased to announce that it will be changing its fiscal year-end to December 31, from its current fiscal year-end of October 31. The notice for the year-end change required under National Instrument 51-102 will be filed under the Company’s profile at www.sedar.com.

The Company believes this change of year-end will better align the Company’s financial reporting periods with its industry peer group in the industrial real estate sector, which will allow investors to more easily compare quarterly and annual financial results.
As a result, the Company will report audited financial results for the year ended October 31, 2020 as well as a two-month transitional fiscal year from November 1, 2020 to December 31, 2020 with a comparative to the audited financial statements for the twelve months ended October 31, 2020.  Afterwards, Parkit will revert to a customary quarterly reporting calendar based on a December 31st financial year-end, with fiscal quarters ending on the last day in March, June, September, and December each year.

About Parkit Enterprise Inc.

Parkit Enterprise Inc. is engaged in the acquisition, optimization and asset management of income producing industrial real estate and parking facilities across Canada and the United States. Parkit’s Common Shares are listed on TSX-V (Symbol: PKT) and on the OTC (Symbol: PKTEF).

For more information, please contact Mr. Steven Scott:

Investor Relations
Contact Number: 604-424-8700
Email: ir@parkitenterprise.com

Neither the 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.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the 1933 Act and applicable state securities laws or an exemption from such registration is available.

Forward-Looking Information: This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein is forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budgets”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, “may” or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. In particular, this press release contains forward-looking information in relation to: statements as to the use of proceeds from the sale of Common Shares, the acquisition of additional securities of the Company by certain “related parties”, and statements relating to the change in year-end of the Company. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. These risks, uncertainties, and factors may include, but are not limited to general business uncertainties, and in particular uncertainties relating to the impact and duration of COVID-19 on future financial performance. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what impacts they will have on the Company. A description of additional risk factors that may cause actual results to differ materially from forward looking information can be found in Parkit’s disclosure documents on the SEDAR website at www.sedar.com. Although Parkit has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking information contained in this press release is expressly qualified by this cautionary statement. The forward-looking information contained in this press release represents the expectations of Parkit as of the date of this press release and, accordingly, are subject to change after such date. However, Parkit expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

Not for distribution in the United States newswire services or for dissemination in the United States

TORONTO, Jan. 26, 2021 – Parkit Enterprise Inc. (“Parkit” or the “Company”) (TSXV: PKT) (OTC: PKTEF), is pleased to announce that it has entered into an agreement with Stifel GMP and Scotiabank as Joint-Bookrunners on their own behalf and on behalf of a syndicate of underwriters (collectively, the “Underwriters”), pursuant to which the Underwriters have agreed to purchase, on a bought deal private placement basis, 52,700,000 common shares (“Common Shares”) of the Company at a price of $0.95 per Offered Share (the “Offering Price”), for aggregate gross proceeds of $50,065,000(the “Offering”).

The Underwriters have also been granted an option, exercisable in whole or in part any time up to 48 hours prior to the closing date of the Offering, to purchase for resale up to an additional 7,905,000 Common Shares at the Offering Price, for aggregate gross proceeds to the Company of $57,574,750 in the event the Underwriters exercise this option in full.

Concurrent with the Offering, the Company may issue and sell additional Common Shares for additional aggregate gross proceeds of up to $15,000,000 on the same terms as the Offering to subscribers designated by the Company.

The Company plans to use the net proceeds from the sale of Common Shares for future acquisitions and for general corporate purposes. The Offering is scheduled to close on or about February 17, 2021 (the “Closing Date”) and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange. 

The Common Shares will be subject to a hold period under applicable Canadian securities laws expiring on the date that is four months and one day following the Closing Date.

The Common Shares will be offered on a private placement basis in all provinces and territories of Canada. The Common Shares will also be offered in the United States on a private placement basis pursuant to available exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the “1933 Act”), and in such other jurisdictions outside of Canada and the United States, as mutually agreed by the Company and the Underwriters, in each case in accordance with all applicable laws.

About Parkit Enterprise Inc. 

Parkit Enterprise Inc. is engaged in the acquisition, optimization and asset management of income producing industrial real estate and parking facilities across Canada and the United States. Parkit’s Common Shares are listed on TSX-V (Symbol: PKT) and on the OTC (Symbol: PKTEF).

Neither the 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.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the 1933 Act or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the 1933 Act and applicable state securities laws or an exemption from such registration is available.

Forward-Looking Information: This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein is forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budgets”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. In particular, this press release contains forward-looking information in relation to: statements as to the Offering and the concurrent private placement; the use of proceeds from the sale of Common Shares, the Closing Date and the receipt of regulatory approvals in connection with the Closing of the Offering. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. These risks, uncertainties, and factors may include, but are not limited to general business uncertainties, and in particular uncertainties relating to the impact and duration of COVID-19 on future financial performance. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what impacts they will have on the Company. A description of additional risk factors that may cause actual results to differ materially from forward looking information can be found in Parkit’s disclosure documents on the SEDAR website at www.sedar.com. Although Parkit has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking information contained in this press release is expressly qualified by this cautionary statement. The forward-looking information contained in this press release represents the expectations of Parkit as of the date of this press release and, accordingly, are subject to change after such date. However, Parkit expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

For more information, please contact Mr. Steven Scott: Investor Relations, Contact Number: 604-424-8700, Email: ir@parkitenterprise.com

Not for distribution in the United States newswire services or for dissemination in the United States

TORONTO, Jan. 26, 2021 – Parkit Enterprise Inc. (“Parkit” or the “Company”) (TSXV: PKT) (OTC: PKTEF), is pleased to announce that it has entered into an agreement with Stifel GMP and Scotiabank as joint bookrunners on their own behalf and on behalf of a syndicate of underwriters (collectively, the “Underwriters”), to increase the size of its previously announced bought deal private placement offering. Pursuant to the upsized deal terms, the Underwriters have agreed to purchase, on a bought deal private placement basis, 63,157,900 Common Shares of the Company (“Common Shares”) at a price of $0.95 per Common Share, for aggregate gross proceeds of $60,000,005 (the “Offering”). 

The Underwriters have also been granted an option, exercisable in whole or in part any time up to 48 hours prior to the closing date of the Offering, to purchase for resale up to an additional 9,473,685 Common Shares at the Offering Price, for aggregate gross proceeds to the Company of $69,000,006 in the event the Underwriters exercise this option in full.

Concurrent with the Offering, the Company may issue and sell additional Common Shares for additional aggregate gross proceeds of up to $15,000,000 on the same terms as the Offering to subscribers designated by the Company.

The Company plans to use the net proceeds from the sale of Common Shares for future acquisitions and for general corporate purposes. The Offering is scheduled to close on or about February 17, 2021 (the “Closing Date”) and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange. 

The Common Shares will be subject to a hold period under applicable Canadian securities laws expiring on the date that is four months and one day following the Closing Date.

The Common Shares will be offered on a private placement basis in all provinces and territories of Canada. The Common Shares will also be offered in the United States on a private placement basis pursuant to available exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the “1933 Act”), and in such other jurisdictions outside of Canada and the United States, as mutually agreed by the Company and the Underwriters, in each case in accordance with all applicable laws.

About Parkit Enterprise Inc. 

Parkit Enterprise Inc. is engaged in the acquisition, optimization and asset management of income producing industrial real estate and parking facilities across Canada and the United States. Parkit’s Common Shares are listed on TSX-V (Symbol: PKT) and on the OTC (Symbol: PKTEF).

Neither the 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.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the 1933 Act or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the 1933 Act and applicable state securities laws or an exemption from such registration is available.

Forward-Looking Information: This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein is forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budgets”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. In particular, this press release contains forward-looking information in relation to: statements as to the Offering and the concurrent private placement; the use of proceeds from the sale of Common Shares, the Closing Date and the receipt of regulatory approvals in connection with the Closing of the Offering. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. These risks, uncertainties, and factors may include, but are not limited to general business uncertainties, and in particular uncertainties relating to the impact and duration of COVID-19 on future financial performance. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what impacts they will have on the Company. A description of additional risk factors that may cause actual results to differ materially from forward looking information can be found in Parkit’s disclosure documents on the SEDAR website at www.sedar.com. Although Parkit has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking information contained in this press release is expressly qualified by this cautionary statement. The forward-looking information contained in this press release represents the expectations of Parkit as of the date of this press release and, accordingly, are subject to change after such date. However, Parkit expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

For more information, please contact Mr. Steven Scott: Investor Relations, Contact Number: 604-424-8700, Email: ir@parkitenterprise.com

Toronto, Ontario — January 25, 2021- PARKIT ENTERPRISE INC. (TSXV: PKT) (OTC: PKTEF) (“Parkit” or the “Company”) is pleased to announce that it has entered into an asset purchase agreement (the “Purchase Agreement”), with a private company (the “Vendor”), pursuant to which Parkit has agreed to purchase one property, located at 5610 Finch Ave East, Toronto, Ontario (the “Property”), for an aggregate purchase price of $12,250,000, subject to customary adjustments (the “Proposed Acquisition”). It is anticipated that the Proposed Acquisition will be financed through existing cash resources and a mortgage on the Property. The Vendor is not a related party to Parkit and the Proposed Acquisition constitutes an arm’s length transaction for the purposes of the ‎TSX Venture Exchange (“TSXV”) policies. It is anticipated that the Proposed Acquisition will be completed on or before March 31, 2021.

Property and Expansion

The Property complements Parkit’s existing platform as it neighbor’s the Company’s 5600 Finch Road Ave East property. After closing the Proposed Acquisition, Parkit will own an additional Class A industrial property with 54,853 square feet of rentable space on 5.5 acres of land. 

The Company plans to expand the Property by approximately 62,000 square feet of rentable industrial space.

Post closing of the Proposed Acquisition and completion of the planned expansions, the Company will own over 245,000 square feet of industrial space on over 11.6 acres of land on the combined 5600 and 5610 Finch Ave East properties.

Steven Scott, the Chair of Parkit, states, “The Proposed Acquisition is a natural purchase for Parkit as it not only supports the Company’s strategy of acquiring high-quality industrial properties in the Greater Toronto Area but provides for a valuable expansion opportunity and optionality in the future.”

About PARKIT 

Parkit Enterprise Inc. is engaged in the acquisition, optimization and asset management of income producing industrial real estate and parking facilities across Canada and the United States. Parkit’s Common Shares are listed on TSX-V (Symbol: PKT) and on the OTC (Symbol: PKTEF).

For more information, please contact:

Investor Relations

Email: ir@parkitenterprise.com

Neither the 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.

Forward-Looking Information: This press release contains “forward-looking information” within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, ” expects” or “does not expect”, “proposed”, “is expected”, “budgets”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. In particular, this press release contains forward-looking information in relation to: the completion of the Proposed Acquisition and the terms thereof; the anticipated closing date for the Proposed Acquisition; the potential expansion of the Property; and the funds to be used for the Proposed Acquisition. This forward-looking information reflects Parkit’s current beliefs and is based on information currently available to Parkit and on assumptions Parkit believes are reasonable. These assumptions include, but are not limited to: the completion of satisfactory due diligence by all parties in relation to the Proposed Acquisition; the satisfactory fulfilment of all terms and conditions contained in the purchase agreement; the receipt of all required approvals for the Proposed Acquisition; and Parkit’s continued response and ability to navigate the COVID-19 pandemic being ‎consistent with, ‎or better than, its ability and response to date‎‎. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Parkit to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; delay or failure to receive required approvals; the actual results of Parkit’s future operations; competition; changes in legislation, including environmental legislation, affecting Parkit; the timing and availability of external financing on acceptable terms; conclusions of economic evaluations; lack of qualified, skilled labour or loss of key individuals; risks related to the COVID-19 pandemic including various recommendations, orders and measures of ‎governmental authorities to try to limit the pandemic, including travel restrictions, border closures, non-‎essential business closures, service disruptions, quarantines, self-isolations, shelters-in-place and social ‎distancing, disruptions to markets, economic activity, financing, supply chains and sales channels, and a ‎deterioration of general economic conditions including a possible national or global recession; and the impact ‎that the COVID-19 pandemic may have on Parkit which may include: decreased demand for the services that Parkit offers; and a deterioration of ‎financial markets that could limit Parkit’s ability to obtain external financing‎. A description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in Parkit’s disclosure documents on the SEDAR website at www.sedar.com. Although Parkit has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking information contained in this press release is expressly qualified by this cautionary statement. The forward-looking information contained in this press release represents the expectations of Parkit as of the date of this press release and, accordingly, are subject to change after such date. However, Parkit expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.