Parkit Enterprise Inc. (“Parkit” or the “Company”) (TSXV: PKT), today reported the Company’s first quarter 2023 results. Steve Scott, Chair of Parkit, commented:

“In Q1 Parkit closed on a $90.3 million portfolio in Winnipeg and Saskatchewan, continued to streamline operations on its properties and advance its leasing activities.  The new portfolio adds significant scale by adding 800,000 sf of Gross Leasable Area and in-place cash flows.”

2023 Q1 Results and Recent Business Highlights

• Revenues and net rental income. Revenues and net rental income increased as the Company onboarded and integrated additional investment properties. Investment properties revenue for the three months ended March 31, 2023 rose 69% to $3,559,232, compared to $2,110,455 for the three months ended March 31, 2022. Net rental income (“NRI”), increased by 140% to $2,086,279 for the three months ended March 31, 2023 compared to $868,035 for the three months ended March 31, 2022. The increase in revenue and NRI from investment properties is due to the acquisitions made by Parkit and stabilization of certain investment properties.  Parkit’s stabilized property margins continued to improve as the Company streamlined operations and signed new leases.

• Significant liquidity position. The Company maintained a strong liquidity position with cash and cash equivalents totaling $10,049,939 for the three months ended March 31, 2023, compared to $19,471,763 for the year ended December 31, 2022.  During quarter, the Company utilized $80,000,000 from new credit facilities to fund acquisitions. 

• Cash flows. Parkit increased its cash flow with $4,878,533 received from operating activities for the three months ended March 31, 2023, compared to $897,823 received for the three months ended March 31, 2022.  Parkit used net cash of $92,528,394 in investing activities for the three months ended March 31, 2023, compared to cash used of $16,483,481 from investing activities for the three months ended March 31, 2022 as the Company completed $90.3 million of acquisitions in Q1 2023.  Parkit received net cash of $78,228,046 in financing activities for the three months ended March 31, 2023, compared to net cash used of $414,973 for the three months ended March 31, 2022 as a result of financing received from credit facilities to fund acquisitions.

• Funds from operations (“FFO”) increased for the period. The FFO, a Non-IFRS Measure, for the three months ended March 31, 2023 increased by 24% to $443,693, compared to a FFO of $358,325 for the three months ended March 31, 2022. The increase in annual FFO was a result of additional NRI from investment properties offset by higher financing cost.

• Loss for the period. The Company had a net loss of $1,085,366 for the three months ended March 31, 2023, compared to a net loss of $493,271 for the three months ended March 31, 2022. While rental income increased, the net loss was a result of higher depreciation and finance costs.

• Parking joint ventures reported a loss for Q1 2023. Parkit’s parking joint ventures reported a loss of $69,197 for the three months ended March 31, 2023, compared to a profit of $39,412 for the three months ended March 31, 2022.  The loss is a result of seasonality and higher financing cost for the joint ventures.  With the acquisition of the remaining 50% interest in Fly Away Parking, Fly-Away Parking results will improve without the financing cost burden.  The Company expects the OP Holdings results to improve as Q1 is a seasonally weak quarter. 

• Parkit completed $90.3 million of acquisitions for Q1 2023. The new industrial properties provide scale, are strategically located within industrial parks, include a diverse tenant base, have tenancies below market rents, have a runway for rental growth, and have medium-length lease terms. 

• Leasing at market rental spreads. For the 3 months ended March 31, 2023, Parkit renewed the lease on 54,853 square feet.  The extensions had an average rental rate which were 21% over the prior in-place rents.

• Continued focus on environmental, social and governance (“ESG”) initiatives. Parkit continued its focus on ESG initiatives by prioritizing environmental investments in its development plans and reviewing its corporate policies.  The Company will explore the possibility of solar initiatives with the new Government of Canada investment tax credit.

Parkit is focused on continuing its shift into industrial real estate by growing its portfolio and maximizing cash flows from its investment properties, while stabilizing its parking operations.

Further Information

For comprehensive disclosure of Parkit’s performance for the three months ended March 31, 2023 and its financial position as at such date, please see Parkit’s Unaudited Condensed Financial Statements and Management’s Discussion and Analysis for the three months ended March 31, 2023 filed on SEDAR at www.sedar.com.

Non-IFRS Measures

Management uses both IFRS and Non-IFRS Measures to assess the financial and operating performance of the Company’s operations. These Non-IFRS Measures are not recognized measures under IFRS, do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures presented by other companies. The Non-IFRS Measures referenced in this news release include the following:

Funds from Operations (“FFO”) – is a Non-IFRS Measure of operating performance as it focuses on cash flow from operating activities. REALPAC is the national industry association dedicated to advancing the long-term vitality of Canada’s real property sector. REALPAC defines Funds from Operations (FFO) as net income (calculated in accordance with IFRS), adjusted for, among other things, depreciation, transaction costs, gains and losses from property dispositions, foreign exchange, as well as other non-cash items. The Company believes that FFO can be a beneficial measure, when combined with primary ‎IFRS measures, to assist in the evaluation of the Company’s ability to generate cash and ‎evaluate its return on investments as it excludes the effects of real estate amortization and ‎gains and losses from the sale of real estate, all of which are based on historical cost ‎accounting and which may be of limited significance in evaluating current performance.

FFO should not be viewed as an alternative to, in isolation from, or superior to, net income or cash flow from operations, or results from Parkit’s comprehensive operations, respectively, or other measures calculated in accordance with IFRS. FFO should not be interpreted as an indicator of cash generated from operating activities and is not indicative of cash available to fund operating expenditures, or for the payment of cash distributions. FFO is simply an additional measure of operating performance which highlight trends in Parkit’s core business that may not otherwise be apparent when relying solely on IFRS financial measures. Parkit’s management also uses this Non-IFRS Measure in order to facilitate operating performance comparisons from period to period and to prepare operating budgets. In addition, while Parkit’s methods of calculating FFO comply with REALPAC recommendations, FFO may differ from and not be comparable to FFO used by other companies.

The following table indicates how the Parkit reconciles FFO to the nearest IFRS measure.

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 urban markets in Canada, to complement its parking assets across the United States.  Parkit’s Common Shares are listed on TSX-V (Symbol: PKT).

For more information, please contact Mr. Carey Chow, Mr. Iqbal Khan or Mr. Steven Scott:

Investor Relations

Contact Number: 1-888-627-9881

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 news 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. In particular, this news release contains forward-looking information in relation to: Parkit’s expectations to continue to add to the industrial portfolio, and to increase in revenue, NRI and FFO, including through maximizing occupancy, executing on leasing  and delivering quality property and asset management; Parkit’s expectations that Fly-Away Parking’s and OP Holding’s results will improve; the potential impact of the $90.3 million of acquisitions completed in Q1 ‎‎2023, including to provide scale and a runway for rental growth;‎ Parkit’s continued focus on ESG initiatives by prioritizing environmental investments and exploring the possibility of solar initiatives with the Government of Canada investment tax credit;  Parkit’s focus on continuing its shift into industrial real estate by growing its portfolio and maximizing cash flows from its investment properties, while stabilizing its parking operations; and Parkit’s strategy and focus regarding acquiring high-quality and strategically located industrial properties across key urban markets in Canada. 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 level of activity in the industrial real estate business and the economy generally;  continued consumer interest in Parkit’s services and products; Parkit’s continued ability to ‎acquire properties that are in-line with its strategic focus, including prioritizing environmental investments; ‎Parkit’s continuing ability to grow its portfolio of investment properties; Parkit’s past results ‎continuing to be an indicator of future results; the diminishing effects of the COVID-19 pandemic in Canada, ‎the United States, and elsewhere; consumer interest in Parkit’s services and products; 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 and uncertainties that may cause the actual results, performance or developments to differ materially from those contained in or implied by such forward-looking information. These risks, uncertainties, and 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 board of directors, third party or regulatory 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 and appraisals; 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, social ‎distancing and mandatory vaccination policies, 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: a short-term delay in ‎payments from customers, an increase in accounts receivable and an increase of losses on accounts ‎receivable; 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. Readers are cautioned that the foregoing list of risks, uncertainties and factors is not exhaustive. 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 news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Parkit as of the date of this news release and, accordingly, is 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.

The expectations to increase revenue, NRI, FFO and cash flow for 2023 contained in this news release may be considered a financial outlook as defined by applicable securities legislation. Such information and any other financial outlooks contained in this news release have been approved by management of the Company as of the date hereof. Such financial outlooks are provided for the purpose of presenting information about management’s current expectations and goals relating to the future business of the Company. Readers are cautioned that reliance on such information may not be appropriate for other purposes.

Parkit Enterprise Inc. (“Parkit”) (TSXV: PKT), is pleased to announce that it has completed the acquisition of the remaining 50% interest in Fly Away Airport Parking in Nashville Tennessee from an arm’s length vendor (the “Vendor”) for an aggregate purchase price of $3,550,000 USD, subject to customary adjustments (the “Acquisition”).  With this Acquisition, Parkit now owns 100% of Fly Away Airport Parking.

Fly Away Airport Parking

Fly Away Airport Parking is an off airport parking lot located by the Nashville International Airport with 1,204 parking spaces on 8.5 acres of land.

Purchase Price and Payment

The purchase price for the Acquisition is $3,550,000 USD, subject to customary adjustments, and was paid with funds on hand.

Iqbal Khan, CEO of Parkit, states, “The Acquisition provides Parkit full control over the future opportunities of the asset.”

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 urban markets in Canada which complements its parking assets across the United States. Parkit’s Common Shares are listed on TSX-V (Symbol: PKT).

For more information, please contact Mr. Carey Chow, Mr. Iqbal Khan or Mr. Steven Scott:

Investor Relations

Contact Number: 1-888-627-9881

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 news 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. In particular, this news release contains forward-looking information in relation to: the potential effect on Parkit of the completion of the Acquisition including its effect on cash flows, future opportunities and growth; and Parkit’s focus regarding the acquisition, growth and management of strategically located industrial properties across key urban markets in Canada. 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 level of activity in the industrial real estate ‎business and the economy generally; consumer interest in Parkit’s services and products; 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 and uncertainties that may cause the actual results, performance or developments to differ materially from those contained in or implied by such forward-looking information. These risks, uncertainties, and 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 board of directors, third party or regulatory 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 and appraisals; 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, social ‎distancing and mandatory vaccination policies, 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: a short-term delay in ‎payments from customers, an increase in accounts receivable and an increase of losses on accounts ‎receivable; 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. Readers are cautioned that the foregoing list of risks, uncertainties and factors is not exhaustive. 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 news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Parkit as of the date of this news release and, accordingly, is 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.

Parkit Enterprise Inc. (TSXV: PKT) (“Parkit” or the “Company”), today reported the Company’s full year 2022 audited results. Steve Scott, Chair of Parkit, commented:

“In fiscal 2022, Parkit continued to build the foundation for growth by executing on operations and by closing on $57.9 million in disciplined accretive acquisitions. Looking ahead, we started fiscal 2023 by closing on a portfolio of 10 industrial properties in Winnipeg and Saskatchewan for $90.3 million. Throughout the year we expect to continue to add to our industrial portfolio, and to increase our revenue, NRI and FFO, through maximizing occupancy and by delivering quality property and asset management.”

2022 Q4 and Full Year Results and Recent Business Highlights

• Revenues and net rental income. Revenues and net rental income increased as the Company onboarded and integrated additional investment properties. Investment properties revenue for the three months and year ended December 31, 2022 rose to $3,420,394 and $11,069,394, respectively, compared to $2,115,089 and $5,778,651 for the three months and year ended December 31, 2021. Net rental income (“NRI“), increased to $2,051,634 and $5,883,709 for the three months and year ended December 31, 2022 compared to $1,114,129 and $3,322,561 for the three months and year ended December 31, 2021. The increase in revenue and NRI from investment properties is due to the acquisitions made by Parkit. Parkit’s stabilized property margins continued to improve quarter over quarter for the year ended December 31, 2022 as the Company streamlined operations and signed new leases.
• Significant liquidity position. The Company maintained a strong liquidity position with cash and cash equivalents totaling $19,471,763 for the year ended December 31, 2022, compared to $21,797,256 for the year ended December 31, 2021.
• Cash flows. Parkit increased its cash flowreceived from operating activities excluding changes in working capital to $4,203,641 for the year ended December 31, 2022, compared to cash flow received of $2,218,208 for the year ended December 31, 2021. Parkit used net cash of $39,654,054 in investing activities for the year ended December 31, 2021, compared to cash used of $99,684,493 from investing activities for the year ended December 31, 2021 as the Company made fewer acquisitions in fiscal 2022. Parkit received net cash of $35,780,047 in financing activities for the year ended December 31, 2022, compared to net cash received of $110,178,443 for the year ended December 31, 2021.
• Funds from operations (“FFO”) increased for the period. The FFO, a Non-IFRS Measure, for the three months and year ended December 31, 2022 decreased to $652,007 and increased to $1,947,178, respectively, compared to a FFO of $698,435 and $1,460,528 for the three months and year ended December 31, 2021. The increase in annual FFO was a result of additional investment properties held for fiscal 2022.
• Loss for the period. The Company had a net loss of $2,552,258 and $3,479,408 for the three months and year ended December 31, 2022, compared to net income of $199,935 and a net loss of $3,988,375 for the three months and year ended December 31, 2021. While rental income increased, the net loss was a result of higher depreciation and finance costs.
• Parking results improved in fiscal 2022. Parkit’s parking joint ventures reported a loss of $205,553 and a profit of $198,775 for the three months and year ended December 31, 2022 as a result of one time fees of $238,000 in Q4 due to fees on distribution and refinancing cost, compared to a profit of $30,769 and a loss of $289,233 for the three months and year ended December 31, 2021. Though the joint ventures reported a loss in Q4, the operating results continue to improve and the joint ventures provided a distribution to Parkit of $2,194,620 during the year.
• Parkit completed $57.9 million of acquisitions for fiscal 2022. With these acquisitions, Parkit continued to streamline property management, advance its expansions, and sign new leases.
• Subsequent to December 31, 2022, Parkit closed on a portfolio of 10 properties in Winnipeg and Saskatchewan for $90.3 million. Parkit completed the acquisition oftenindustrial properties, adding approximately 800,000 sf of gross leasable area on 55 acres for an aggregate purchase price of $90,250,000. The Company expects to complete additional acquisitions to meet its $100 million acquisition goal for fiscal 2023.
• Leasing at market rental spreads. For the 3 months ended December 31, 2022, Parkit signed new leases and had renewals on 65,710 square feet of gross leasable area. The extensions had an average rental rate which were 48% over the prior in place rents and new leases were signed at market rates.
• Continued focus on environmental, social and governance (“ESG”) initiatives. Parkit continued its focus on ESG initiatives by prioritizing environmental investments in its development plans and reviewing its corporate policies.

Parkit is focused on continuing its shift into industrial real estate by growing its portfolio and maximizing cash flows from its investment properties, while stabilizing its parking operations.

Further Information
For comprehensive disclosure of Parkit’s performance for the three months and year ended December 31, 2022 and its financial position as at such date, please see Parkit’s Annual Financial Statements and Management’s Discussion and Analysis for the year ended December 31, 2022 filed on SEDAR at www.sedar.com.

Non-IFRS Measures
Management uses both IFRS and Non-IFRS Measures to assess the financial and operating performance of the Company’s operations. These Non-IFRS Measures are not recognized measures under IFRS, do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures presented by other companies. The Non-IFRS Measures referenced in this news release include the following:

Funds from Operations (“FFO“) – is a Non-IFRS Measure of operating performance as it focuses on cash flow from operating activities. REALPAC is the national industry association dedicated to advancing the long-term vitality of Canada’s real property sector. REALPAC defines Funds from Operations (FFO) as net income (calculated in accordance with IFRS), adjusted for, among other things, depreciation, transaction costs, gains and losses from property dispositions, foreign exchange, as well as other non-cash items. The Company believes that FFO can be a beneficial measure, when combined with primary ‎IFRS measures, to assist in the evaluation of the Company’s ability to generate cash and ‎evaluate its return on investments as it excludes the effects of real estate amortization and ‎gains and losses from the sale of real estate, all of which are based on historical cost ‎accounting and which may be of limited significance in evaluating current performance.

FFO should not be viewed as an alternative to, in isolation from, or superior to, net income or cash flow from operations, or results from Parkit’s comprehensive operations, respectively, or other measures calculated in accordance with IFRS. FFO should not be interpreted as an indicator of cash generated from operating activities and is not indicative of cash available to fund operating expenditures, or for the payment of cash distributions. FFO is simply an additional measure of operating performance which highlight trends in Parkit’s core business that may not otherwise be apparent when relying solely on IFRS financial measures. Parkit’s management also uses this Non-IFRS Measure in order to facilitate operating performance comparisons from period to period and to prepare operating budgets. In addition, while Parkit’s methods of calculating FFO comply with REALPAC recommendations, FFO may differ from and not be comparable to FFO used by other companies.

The following table indicates how the Parkit reconciles FFO to the nearest IFRS measure.

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, to complement its parking assets across the United States. Parkit’s Common Shares are listed on TSX-V (Symbol: PKT).

For more information, please contact Mr. Carey Chow, Mr. Iqbal Khan or Mr. Steven Scott:

Investor Relations
Contact Number: 1-888-627-9881
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 news 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. In particular, this news release contains forward-looking information in relation to: Parkit’s expectations to continue to add to the industrial portfolio, and to increase in revenue, NRI and FFO, including through maximizing occupancy and delivering quality property and asset management; Parkit’s expectations to complete additional acquisitions to meet its goal of $100 million in acquisitions in ‎‎2023;‎ Parkit’s continued focus on ESG initiatives by prioritizing environmental investments; Parkit’s focus on continuing its shift into industrial real estate by growing its portfolio and maximizing cash flows from its investment properties, while stabilizing its parking operations; and Parkit’s strategy and focus regarding acquiring high-quality and strategically located industrial properties across key markets in Canada. 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: services and products; Parkit’s continued ability to ‎acquire properties that are in-line with its strategic focus, including prioritizing environmental investments; ‎Parkit’s continuing ability to grow its portfolio of investment properties; Parkit’s past results ‎continuing to be an indicator of future results; the diminishing effects of the COVID-19 pandemic in Canada, ‎the United States, and elsewhere; consumer interest in Parkit’s services and products; 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 and uncertainties that may cause the actual results, performance or developments to differ materially from those contained in or implied by such forward-looking information. These risks, uncertainties, and 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 board of directors, third party or regulatory 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 and appraisals; 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, social ‎distancing and mandatory vaccination policies, 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: a short-term delay in ‎payments from customers, an increase in accounts receivable and an increase of losses on accounts ‎receivable; 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. Readers are cautioned that the foregoing list of risks, uncertainties and factors is not exhaustive. 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 news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Parkit as of the date of this news release and, accordingly, is 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.

The amount of potential future acquisitions by the Company in fiscal 2023, and expectations to increase revenue, NRI, FFO and cash flow for 2023 contained in this news release may be considered a financial outlook as defined by applicable securities legislation. Such information and any other financial outlooks contained in this news release have been approved by management of the Company as of the date hereof. Such financial outlooks are provided for the purpose of presenting information about management’s current expectations and goals relating to the future business of the Company. Readers are cautioned that reliance on such information may not be appropriate for other purposes.

Toronto, Ontario – Parkit Enterprise Inc. (TSXV: PKT) (“Parkit” or the “Corporation“) is pleased to announce that it has received conditional acceptance from the TSX Venture Exchange to renew its Normal Course Issuer Bid (“NCIB“) to purchase for cancellation, during the 12-month period starting March 24, 2023, up to ‎11,692,258‎ of the outstanding common shares of the Corporation (the “Common Shares“), representing 5% of the Common Shares outstanding. The program will end on March 23, 2024 unless the maximum amount of Common Shares is purchased before then or Parkit provides earlier notice of termination.

The purchase and payment for the Common Shares will be made by Parkit through the facilities of the TSX Venture Exchange or alternative trading systems. National Bank Financial Inc. has been selected as Parkit’s agent for the NCIB. The price paid for the Common Shares will be, subject to NCIB pricing rules contained in securities laws, the prevailing market price of such Common Shares on the TSX Venture Exchange at the time of such purchase. Parkit intends to fund the purchases out of available cash.

Parkit believes that the market price of its Common Shares may not reflect their underlying value and the Board of Directors has authorized this initiative because, in the Board’s opinion, the proposed purchase of Common Shares pursuant to the NCIB constitutes an appropriate use of Parkit’s funds, and the repurchase of its Common Shares is one way of creating shareholder value.

To the knowledge of Parkit, no director, senior officer or other insider of the Parkit currently intends to sell any Common Shares under the NCIB. However, sales by such persons through the facilities of the TSX Venture Exchange may occur if the personal circumstances of any such person changes or any such person makes a decision unrelated to these NCIB purchases. The benefits to any such person whose Common Shares are purchased would be the same as the benefits available to all other holders whose Common Shares are purchased.

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, to complement its parking assets across the United States. Parkit’s Common Shares are listed on TSX-V (Symbol: PKT).

For more information, please contact Mr. Carey Chow, Mr. Iqbal Khan or Mr. Steven Scott:

Investor Relations
Contact Number: 1-888-627-9881
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 news 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. In particular, this news release contains forward-looking information in relation to: the potential effect on Parkit of the completion of the Acquisition including its effect on cash flows, rental growth and the expansion into new key industrial markets and the potential of those markets; and Parkit’s business strategy regarding the acquisition, growth and management of strategically located industrial properties across key markets in Canada. 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 level of activity in the industrial real estate ‎business and the economy generally; consumer interest in Parkit’s services and products; 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 and uncertainties that may cause the actual results, performance or developments to differ materially from those contained in or implied by such forward-looking information. These risks, uncertainties, and 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 board of directors, third party or regulatory 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 and appraisals; 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, social ‎distancing and mandatory vaccination policies, 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: a short-term delay in ‎payments from customers, an increase in accounts receivable and an increase of losses on accounts ‎receivable; 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. Readers are cautioned that the foregoing list of risks, uncertainties and factors is not exhaustive. 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 news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Parkit as of the date of this news release and, accordingly, is 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.

Parkit Enterprise Inc. (“Parkit”) (TSXV: PKT), is pleased to announce that, further to its January 16th, 2023 news release, it has completed the acquisition of a portfolio of 10 industrial properties located in Winnipeg and Saskatchewan (the “Portfolio”), from an arm’s length vendor (the “Vendor”) for an aggregate purchase price of $90,250,000, subject to customary adjustments (the “Acquisition”).

Portfolio

The Portfolio includes 6 properties in Winnipeg, Manitoba, and 4 properties in Saskatchewan.  The Portfolio consists of approximately 800,000 square feet on 55 acres with a mix of single-tenant and multi-tenant buildings with average clear heights of 24 feet.  

Purchase Price and Payment

The purchase price for the Acquisition is $90,250,000, subject to customary adjustments, and was paid with first mortgage financing and funds on hand.

Iqbal Khan, CEO of Parkit, states, “These acquisitions provide significant in-place cash flows, strong potential rental growth and the opportunity to expand into new key industrial markets that we have identified as very stable with excellent upside.”

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, to complement its parking assets across the United States.  Parkit’s Common Shares are listed on TSX-V (Symbol: PKT).

For more information, please contact Mr. Carey Chow, Mr. Iqbal Khan or Mr. Steven Scott:

Investor Relations
Contact Number: 1-888-627-9881
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 news 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. In particular, this news release contains forward-looking information in relation to: the potential effect on Parkit of the completion of the Acquisition including its effect on cash flows, rental growth and the expansion into new key industrial markets and the potential of those markets; and Parkit’s business strategy regarding the acquisition, growth and management of strategically located industrial properties across key markets in Canada. 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 level of activity in the industrial real estate ‎business and the economy generally; consumer interest in Parkit’s services and products; 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 and uncertainties that may cause the actual results, performance or developments to differ materially from those contained in or implied by such forward-looking information. These risks, uncertainties, and 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 board of directors, third party or regulatory 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 and appraisals; 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, social ‎distancing and mandatory vaccination policies, 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: a short-term delay in ‎payments from customers, an increase in accounts receivable and an increase of losses on accounts ‎receivable; 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. Readers are cautioned that the foregoing list of risks, uncertainties and factors is not exhaustive. 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 news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Parkit as of the date of this news release and, accordingly, is 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) (“Parkit”), announced today certain directors, officers, employees and consultants have been issued an aggregate of 3,525,000 options pursuant to Parkit’s option plan with an effective date of January 19, 2023, with each such option being exercisable into one common share at an exercise price of $1.05 at any time on or before the tenth anniversary of its issuance. Each of the options vested on grant.

Of the options granted above, 2,910,000 options were granted to directors and officers of Parkit. Parkit is relying on exemptions from the formal valuation and minority approval requirements of Multilateral Instrument 61-101 and TSX Venture Exchange Policy 5.9, for the issuance of these options, pursuant to 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 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, to complement its parking assets across the United States. Parkit’s Common Shares are listed on TSX-V (Symbol: PKT).

For more information, please contact Mr. Carey Chow, Mr. Iqbal Khan or Mr. Steven Scott: 

Investor Relations
Contact Number: 1-888-627-9881
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.

Toronto, Ontario – Parkit Enterprise Inc. (TSXV: PKT) (“Parkit”), has entered into an asset purchase agreement (the “Purchase Agreement“), with two private entities (collectively, the “Vendor“), pursuant to which Parkit has agreed to purchase a portfolio of 10 industrial properties located in Winnipeg and Saskatchewan (the “Portfolio“), for an aggregate purchase price of $90,250,000, subject to customary adjustments (the “Acquisition“). The Vendor is not a related party to Parkit and the Acquisition constitutes an Arm’s Length Transaction for the purposes of the TSX Venture Exchange policies.

Purchase Price and Payment
The purchase price for the Acquisition is $90,250,000, subject to adjustments. The purchase price will be satisfied with a mortgage and funds on hand. Depending on the satisfaction of certain closing conditions, closing is expected to occur in Q1 of 2023.

Iqbal Khan, CEO of Parkit, states, “These acquisitions provide significant in-place cash flows, strong potential rental growth and the opportunity to expand into new key industrial markets that we have identified as very stable with excellent upside.”

Conditions Precedent to the Acquisition
The obligations of Parkit and the Vendor to complete the Acquisition is subject to the satisfaction of customary closing conditions.

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, to complement its parking assets across the United States. Parkit’s Common Shares are listed on TSX-V (Symbol: PKT).

For more information, please contact Mr. Carey Chow, Mr. Iqbal Khan or Mr. Steven Scott: 

Investor Relations
Contact Number: 1-888-627-9881
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 news 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. In particular, this news release contains forward-looking information in relation to: statements regarding the proposed Acquisition, including the closing and the timing thereof, the method of payment for the proposed Acquisition, and the satisfaction of conditions in relation to the proposed Acquisition; the potential effect on Parkit of the completion of the proposed Acquisition including its effect on cash flows, rental growth and the expansion into new industrial markets and the potential of those markets; and Parkit’s business strategy regarding the acquisition, growth and management of strategically located industrial properties across key markets in Canada. 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 satisfactory fulfilment of all of the conditions precedent to the proposed ‎Acquisition‎; the ‎receipt of all required approvals for the proposed Acquisition‎; market acceptance of the ‎proposed Acquisition‎; the receipt of, and accuracy of the value of, appraisals received for the proposed ‎Acquisition; the level of activity in the industrial real estate ‎business and the economy generally; consumer interest in Parkit’s services and products; 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 and uncertainties that may cause the actual results, performance or developments to differ materially from those contained in or implied by such forward-looking information. These risks, uncertainties, and 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 board of directors, third party or regulatory 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 and appraisals; 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, social ‎distancing and mandatory vaccination policies, 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: a short-term delay in ‎payments from customers, an increase in accounts receivable and an increase of losses on accounts ‎receivable; 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. Readers are cautioned that the foregoing list of risks, uncertainties and factors is not exhaustive. 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 news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Parkit as of the date of this news release and, accordingly, is 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, Nov. 14, 2022 — Parkit Enterprise Inc. (“Parkit” or the “Corporation”) (TSXV: PKT), today reported the Corporation’s third quarter 2022 results. Steve Scott, Chair of Parkit, commented:

“To date, Parkit continues its leasing momentum with significant renewals and maintains its focus on operations with improving margins. The Company continues to build the foundation for growth by executing on operations and staying disciplined on acquisitions. Looking ahead, we expect to increase our revenue, net rental income and FFO, through maximizing occupancy and delivering high quality property and asset management.”

2022 THIRD QUARTER RESULTS AND RECENT BUSINESS HIGHLIGHTS

• Revenues and net rental income. Revenues and net rental income increased with the investment properties acquired during the year. Investment properties revenue for the three and nine months ended September 30, 2022 rose to $2,846,709 and $7,649,000, compared to $1,741,371 and $3,663,562 for the three and nine months ended September 30, 2021. Net rental income (“NRI”), increased to $1,589,859 and $3,832,075 for the three and nine months ended September 30, 2022, compared to $1,046,586 and $2,208,432 for the three and nine months ended September 30, 2021.
  
• Significant liquidity position. Parkit has $18,631,008 of cash with $16,000,000 available in undrawn credit facilities and unencumbered investment properties with a fair value of approximately $49,712,000.
  
• Change in cash flow. Cash flows from operating activities increased to $3,571,514 for the nine months ended September 30, 2022 compared to an increase of $599,081 for the nine months ended September 30, 2021. Parkit used net cash of $40,252,477 in investing activities for the nine months ended September 30, 2022, compared to cash used of $63,854,944 from investing activities for the nine months ended September 30, 2021. Parkit received net cash of $33,512,344 in financing activities for the nine months ended September 30, 2022, compared to net cash received of $110,424,477 for the nine months ended September 30, 2021.
  
• Funds from operations (“FFO”) increased. The FFO, a Non-IFRS Measure, for the three and nine months ended September 30, 2022 increased to $533,385 and $1,295,171, compared to FFO of $536,587 and $762,093 for the three and nine months ended September 30, 2021. The increase in FFO comes from the acquisition of investment properties as Parkit continues to shift its strategy to focus on industrial real estate.
  
• Loss for the period. The net loss for the three and nine months ended, September 30, 2022 was $177,183 and $927,150, compared to a net loss of $678,310 and $4,188,310 for the three and nine months ended September 30, 2021. The decrease in the net loss is a result of an increase in NRI and a decrease in share-based compensation, transaction costs and land transfer taxes from the prior year.
  
• Acquisitions. To date Parkit has purchased five properties for a cost of $57,280,000.
  
• Parking results continue to improve as the effects of the pandemic diminish. Parkit’s parking joint ventures reported a profit of $160,236 and $404,328 for the three and nine months ended September 30, 2022, compared to a loss of $6,547 and $320,002 for the three and nine months ended September 30, 2021. Subsequent to September 30, 2022, as its joint venture continued to stabilize, Parkit received a distribution from its OPH joint venture of $2,194,620.
  
• Increased activity on its Normal Course Issuer Bid (“NCIB”). Parkit increased its activity on the NCIB with 6,145,700 shares purchased for $5,915,293 for the nine months ended September 30, 2022.
  
• Continued focus on environmental, social and governance (“ESG”) initiatives. Parkit continued its focus on ESG initiatives by prioritizing environmental investments in its development plans and reviewing its corporate policies.
  

Operational Highlights
Parkit continues to execute on its operational objectives:

• Leasing at elevated rental spreads. Parkit continues to renew tenants at higher rates with renewals in the Greater Toronto Area and Ottawa at 123% above the prior in place rent.
• Advancing its development. Parkit continues to advance its development properties to maximize property density and NRI potential.
• Margin improvement. Parkit’s margin continue to improve with streamlining operations and a continued increase in rents. Gross margins for stabilized properties were 65% and gross margins for all properties was 50% for the nine months ended September 30, 2022.
  

Parkit is focused on continuing its shift into industrial real estate by growing its portfolio and maximizing cash flows from its investment properties, while stabilizing its parking operations.

Further Information
For comprehensive disclosure of Parkit’s performance for the three months and nine months ended September 30, 2022 and its financial position as at such date, please see Parkit’s Interim Financial Statements and Management’s Discussion and Analysis for the three and nine months ended September 30, 2022 filed on SEDAR at www.sedar.com.

Non-IFRS Measures
Management uses both IFRS and Non-IFRS Measures to assess the financial and operating performance of the Corporation’s operations. These Non-IFRS Measures are not recognized measures under IFRS, do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures presented by other companies. The Non-IFRS Measures referenced in this news release include the following:

Funds from Operations (“FFO”) – is a Non-IFRS Measure of operating performance as it focuses on cash flow from operating activities. REALPAC is the national industry association dedicated to advancing the long-term vitality of Canada’s real property sector. REALPAC defines Funds From Operations (FFO) as net income (calculated in accordance with IFRS), adjusted for, among other things, depreciation, transaction costs, gains and losses from property dispositions, foreign exchange, as well as other non-cash items. The Corporation believes that FFO can be a beneficial measure, when combined with primary ‎IFRS measures, to assist in the evaluation of the Corporation’s ability to generate cash and ‎evaluate its return on investments as it excludes the effects of real estate amortization and ‎gains and losses from the sale of real estate, all of which are based on historical cost ‎accounting and which may be of limited significance in evaluating current performance.

FFO should not be viewed as an alternative to, in isolation from, or superior to, net income or cash flow from operations, or results from Parkit’s comprehensive operations, respectively, or other measures calculated in accordance with IFRS. FFO should not be interpreted as an indicator of cash generated from operating activities and is not indicative of cash available to fund operating expenditures, or for the payment of cash distributions. FFO is simply an additional measure of operating performance which highlight trends in Parkit’s core business that may not otherwise be apparent when relying solely on IFRS financial measures. Parkit’s management also uses this Non-IFRS Measure in order to facilitate operating performance comparisons from period to period and to prepare operating budgets. In addition, while Parkit’s methods of calculating FFO comply with REALPAC recommendations, FFO may differ from and not be comparable to FFO used by other companies.

The following table indicates how the Parkit reconciles FFO to the nearest IFRS measure.

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. Parkit’s Common Shares are listed on TSX-V (Symbol: PKT).

For more information, please contact Mr. Carey Chow, Mr. Iqbal Khan or Mr. Steven Scott:

Investor Relations
Contact Number: 1-888-627-9881
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 news 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. In particular, this news release contains forward-looking information in relation to: Parkit’s expectations in respect of increasing its revenue, net ‎rental income and FFO, through maximizing occupancy and delivering quality property and asset ‎management; Parkit’s continued shift to focus on industrial real estate by growing its portfolio and maximizing cash flows from its investment properties, while stabilizing its parking operations; Parkit’s continued focus on ESG initiatives by prioritizing environmental investments; Parkit’s continuing advancement of its development properties by maximizing property density; and Parkit’s strategy and focus regarding acquiring high-quality and strategically located industrial properties with a focus on the ‎GTA+, Ottawa and Montreal. 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 level of activity in the industrial real estate ‎business and the economy generally; continued consumer interest in Parkit’s services and products; Parkit’s continued ability to ‎acquire properties that are in-line with its strategic focus, including prioritizing environmental investments; ‎Parkit’s continuing ability to grow its portfolio of investment properties; Parkit’s past results ‎continuing to be an indicator of future results; the diminishing effects of the COVID-19 pandemic in Canada, ‎the United States, and elsewhere; consumer interest in Parkit’s services and products; 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 and uncertainties that may cause the actual results, performance or developments to differ materially from those contained in or implied by such forward-looking information. These risks, uncertainties, and 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 board of directors, third party or regulatory 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 and appraisals; 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, social ‎distancing and mandatory vaccination policies, 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: a short-term delay in ‎payments from customers, an increase in accounts receivable and an increase of losses on accounts ‎receivable; 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. Readers are cautioned that the foregoing list of risks, uncertainties and factors is not exhaustive. 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 news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Parkit as of the date of this news release and, accordingly, is 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.

The expectations to increase revenue, net rental income, FFO, cash flow and rental growth‎ contained in this news release may be considered a financial outlook as defined by applicable securities legislation. Such information and any other financial outlooks contained in this news release have been approved by management of the Corporation as of the date hereof. Such financial outlooks are provided for the purpose of presenting information about management’s current expectations and goals relating to the future business of the Corporation. Readers are cautioned that reliance on such information may not be appropriate for other purposes.

Toronto, Ontario — August 8, 2022) – Parkit Enterprise Inc. (TSXV: PKT) (“Parkit” or the “Corporation”), today reported the Corporation’s second quarter 2022 results. Steve Scott, Chair of Parkit, commented:

“To date, Parkit has completed $57.3 million in accretive acquisitions and continues to advance its leasing activity by completing another renewal with significant rental growth. The company continues to build the foundation for growth by executing on operations and staying disciplined on acquisitions. Looking ahead, we expect to increase our revenue, net rental income and FFO, through maximizing occupancy and delivering high quality property and asset management.”

2022 SECOND QUARTER RESULTS AND RECENT BUSINESS HIGHLIGHTS

• Revenues and net rental income. Revenues and net rental income increased as we onboarded and integrated additional investment properties. Investment properties revenue for the three and six months ended June 30, 2022 rose to $2,691,836 and $4,802,291, compared to $1,327,495 and $1,922,191 for the three and six months ended June 30, 2021. Net rental income (“NRI“), increased to $1,374,181 and $2,242,216 for the three and six months ended June 30, 2022, compared to $799,573 and $1,161,846 for the three and six months ended June 30, 2021.
• Significant liquidity position. Parkit has $21,271,211 of cash with $17,500,000 available in undrawn credit facilities and unencumbered investment properties with a fair value of approximately $47,784,000. 
• Change in cash flow. Cash flows from operating activities increased by $2,271,956 for the six months ended June 30, 2022 compared to an increase of $629,300 for the six months ended June 30, 2021. Parkit used net cash of $51,690,400 in investing activities for the six months ended June 30, 2022, compared to cash used of $38,166,628 from investing activities for the six months ended June 30, 2021. Parkit received net cash of $48,894,446 in financing activities for the six months ended June 30, 2022, compared to net cash provided of $110,783,958 for the six months ended June 30, 2021.
• Funds from operations (“FFO”) increased. The FFO, a Non-IFRS Measure, for the three and six months ended June 30, 2022 increased to $403,461 and $761,786, compared to FFO of $424,744 and $225,506 for the three and six months ended June 30, 2021. The increase in FFO comes from the acquisition of investment properties as Parkit continues to shift its strategy to focus on industrial real estate.
• Loss for the period. The net loss for the three and six months ended, June 30, 2022 was $256,696 and $749,967, compared to a net loss of $1,683,768 and $3,510,000 for the three and six months ended June 30, 2021. The loss is a result of depreciation and share based compensation in the prior year.
• Acquisitions.  To date Parkit has purchased five properties for a cost of $57,280,000.
• Parking results continue to improve as the effects of the pandemic diminish. Parkit’s parking joint ventures reported income of $204,680 and $244,092 for the 3 and 6 months ended June 30, 2022, compared to income of $2,400 and a loss of $313,455 for the 3 and 6 months ended June 30, 2021. 
• Continued focus on environmental, social and governance (“ESG”) initiatives. Parkit continued its focus on ESG initiatives by prioritizing environmental investments in its development plans and reviewing its corporate policies. 

Operational Highlights

Parkit continues to execute on its operational objectives:

• Leasing at elevated rental spreads. Parkit continues to renew tenants at higher rates with a renewal in Ottawa at 63% above the prior in place rent. 
• Advancing its development. Parkit continues to advance its development properties to maximize property density.
• Strong rent collections. Parkit’s rent collections remain strong with collections for the 3 and 6 months ended June 30, 2022 being 100%.

Parkit is focused on continuing its shift into industrial real estate by growing its portfolio and maximizing cash flows from its investment properties, while stabilizing its parking operations. 

Further Information

For comprehensive disclosure of Parkit’s performance for the three months and six months ended June 30, 2022 and its financial position as at such date, please see Parkit’s Annual Financial Statements and Management’s Discussion and Analysis for the three and six months ended June 30, 2022 filed on SEDAR at www.sedar.com.

Non-IFRS Measures

Management uses both IFRS and Non-IFRS Measures to assess the financial and operating performance of the Corporation’s operations. These Non-IFRS Measures are not recognized measures under IFRS, do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures presented by other companies. The Non-IFRS Measures referenced in this news release include the following:

Funds from Operations (“FFO“) – is a Non-IFRS Measure of operating performance as it focuses on cash flow from operating activities. REALPAC is the national industry association dedicated to advancing the long-term vitality of Canada’s real property sector. REALPAC defines Funds From Operations (FFO) as net income (calculated in accordance with IFRS), adjusted for, among other things, depreciation, transaction costs, gains and losses from property dispositions, foreign exchange, as well as other non-cash items. The Corporation believes that FFO can be a beneficial measure, when combined with primary ‎IFRS measures, to assist in the evaluation of the Corporation’s ability to generate cash and ‎evaluate its return on investments as it excludes the effects of real estate amortization and ‎gains and losses from the sale of real estate, all of which are based on historical cost ‎accounting and which may be of limited significance in evaluating current performance. 

FFO should not be viewed as an alternative to, in isolation from, or superior to, net income or cash flow from operations, or results from Parkit’s comprehensive operations, respectively, or other measures calculated in accordance with IFRS. FFO should not be interpreted as an indicator of cash generated from operating activities and is not indicative of cash available to fund operating expenditures, or for the payment of cash distributions. FFO is simply an additional measure of operating performance which highlight trends in Parkit’s core business that may not otherwise be apparent when relying solely on IFRS financial measures. Parkit’s management also uses this Non-IFRS Measure in order to facilitate operating performance comparisons from period to period and to prepare operating budgets. In addition, while Parkit’s methods of calculating FFO comply with REALPAC recommendations, FFO may differ from and not be comparable to FFO used by other companies. 

The following table indicates how the Parkit reconciles FFO to the nearest IFRS measure.

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. Parkit’s Common Shares are listed on TSX-V (Symbol: PKT).

For more information, please contact Mr. Carey Chow, Mr. Iqbal Khan or Mr. Steven Scott: 

Investor Relations
Contact Number: 1-888-627-9881
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 news 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. In particular, this news release contains forward-looking information in relation to: Parkit’s expectations in respect of increasing its revenue, net ‎rental income and FFO, through maximizing occupancy and delivering quality property and asset ‎management; Parkit’s continued shift to focus on industrial real estate by growing its portfolio and maximizing cash flows from its investment properties, while stabilizing its parking operations; Parkit’s continued focus on ESG initiatives by prioritizing environmental investments; Partit’s continuing advancement of its development properties by maximizing property density; and Parkit’s strategy and focus regarding acquiring high-quality and strategically located industrial properties with a focus on the ‎GTA+, Ottawa and Montreal. 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 level of activity in the industrial real estate ‎business and the economy generally; continued consumer interest in Parkit’s services and products; Parkit’s continued ability to ‎acquire properties that are in-line with its strategic focus, including prioritizing environmental investments; ‎Parkit’s continuing ability to grow its portfolio of investment properties; Parkit’s past results ‎continuing to be an indicator of future results; the diminishing effects of the COVID-19 pandemic in Canada, ‎the United States, and elsewhere; consumer interest in Parkit’s services and products; 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 and uncertainties that may cause the actual results, performance or developments to differ materially from those contained in or implied by such forward-looking information. These risks, uncertainties, and 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 board of directors, third party or regulatory 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 and appraisals; 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, social ‎distancing and mandatory vaccination policies, 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: a short-term delay in ‎payments from customers, an increase in accounts receivable and an increase of losses on accounts ‎receivable; 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. Readers are cautioned that the foregoing list of risks, uncertainties and factors is not exhaustive. 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 news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Parkit as of the date of this news release and, accordingly, is 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.

The expectations to increase revenue, net rental income, FFO, cash flow and rental growth‎ contained in this news release may be considered a financial outlook as defined by applicable securities legislation. Such information and any other financial outlooks contained in this news release have been approved by management of the Corporation as of the date hereof. Such financial outlooks are provided for the purpose of presenting information about management’s current expectations and goals relating to the future business of the Corporation. Readers are cautioned that reliance on such information may not be appropriate for other purposes.

TORONTO, June 21, 2022 — Parkit Enterprise Inc. (“Parkit” or the “Corporation”) (TSXV: PKT), is pleased to announce that all matters set forth in the management proxy and information circular dated May 16, 2022, setting the number of directors to be elected at the meeting at six, the election of the Board of Directors, the appointment of RSM Canada LLP as auditor of the Corporation, and the approval of the amended stock option plan of the Corporation, were approved by the shareholders of Parkit at Parkit’s annual general and special meeting (the “Meeting”) of shareholders held on June 21, 2022.

The current directors of Parkit, as elected at the Meeting, are Brad Dunkley, David Delaney, Iqbal Khan, Steven Scott, Avi Geller, ‎and Blair Tamblyn. Parkit would like to thank Julie Neault for her contributions and dedication to Parkit and wish her all the best in her new endeavour.

Further disclosure on the matters approved at the Meeting can be found in the circular, which was filed on SEDAR on May 24, 2022.

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. Parkit’s Common Shares are listed on TSX-V (Symbol: PKT).

For more information, please contact Mr. Carey Chow, Mr. Iqbal Khan or Mr. Steven Scott:

Investor Relations 

Contact Number: 1-888-627-9881
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.‎

Toronto, Ontario — Parkit Enterprise Inc. (TSXV: PKT) (“Parkit” or the “Corporation”), today reported the Corporation’s first quarter 2022 results. Steve Scott, Chair of Parkit, commented:

“Year to date, Parkit firmed up its capital position with the addition of $55 million in financing, advanced its leasing activity by signing two new leases, and by completing $57.3 million in accretive acquisitions. Parkit continues to build the foundation for growth by executing on operations and by being disciplined on acquisitions. Looking ahead, with the leasing activity and acquisitions, we expect to increase our revenue, net rental income and FFO, through maximizing occupancy and delivering quality property and asset management.”

2022 FIRST QUARTER RESULTS AND RECENT BUSINESS HIGHLIGHTS

• Revenues and net rental income. Revenues and net rental income increased as we onboarded and integrated additional investment properties. Investment properties revenue for the three months ended March 31, 2022 rose to $2,110,455, compared to $594,696 for the three months ended March 31, 2021. Net rental income (“NRI“), increased to $868,035 for the three months ended March 31, 2022, compared to $362,273 for the three months ended March 31, 2021. The increase in revenue and NRI from investment properties is due to the acquisitions made by Parkit.
• Significant liquidity position. Parkit entered into a three-year $55,000,000 credit facility to fund acquisitions and development. At the end of Q1, no amount has been drawn from facility.
• Change in cash flow. The cash flows from operating activities increased by $897,823 for the three months ended March 31, 2022 compared to an increase of $360,570 for the three months ended March 31, 2021. Parkit used net cash of $16,483,481 in investing activities for the three months ended March 31, 2022, compared to cash used of $38,141,402 from investing activities for the three months ended March 31, 2021. Parkit used net cash of $414,973 in financing activities for the three months ended March 31, 2022, compared to net cash provided of $111,065,297 for the three months ended March 31, 2021.
• Funds from operations (“FFO”) increased for the period. The FFO, a Non-IFRS Measure, for the three months ended March 31, 2022 increased to $358,325, compared to a loss of $199,238 for the three months ended March 31, 2021. The increase in FFO comes from the acquisition of investment properties as Parkit shifted its strategy to focus on industrial real estate.
• Loss for the period. The net loss for the three months ended March 31, 2022 was $493,271, compared to a net loss of $1,826,232 for the three months ended March 31, 2021. The change is a result of net rental income offset by increases to general and administration expenses, depreciation, finance costs, and a profit or loss from equity accounted investees.
• Acquisitions. To date, including the below, Parkit has purchased five properties for $57,280,000.
• Parking results continue to improve as the effects of the pandemic diminish. Parkit’s parking joint ventures reported income of $39,412 for the 3 months ended March 31, 2022, compared to a loss of $315,855 for the 3 months ended March 31, 2021. 
• Continued focus on environmental, social and governance (“ESG”) initiatives. Parkit continued its focus on ESG initiatives by prioritizing environmental investments in its development plans and reviewing its corporate policies. 

Operational Highlights
Parkit continues to execute on its operational objectives:

• Leasing at elevated rental spreads. Tenants have renewed at market rental rates. Parkit has signed two new leases which substantially increases its in-place rents and weighted average lease term (“WALT”). 
• Advancing its development. Parkit continues to advance its development properties to maximize property density.
• Strong rent collections. Parkit’s rent collections remain resilient through the pandemic with its collections for the three months ended March 31, 2022 being 100%.

Parkit is focused on continuing its shift into industrial real estate by growing its portfolio and maximizing cash flows from its investment properties, while stabilizing its parking operations. 

ACQUISITION OF 1155 LOLA ST., OTTAWA, ONTARIO
Further to its April 25, 2022 and May 12, 2022 news releases, Parkit acquired 1155 Lola St., Ottawa, Ontario (the “Property”) for an aggregate purchase price of $17,600,000, subject to customary adjustments (the “Acquisition“). The Property is approximately 62,400 square feet on 3.0 acres of land. 

Purchase Price and Payment
The purchase price for the Acquisition is $17,600,000, subject to adjustments, and was satisfied through the issuance of the assumption of a mortgage of approximately $8,800,000 and the balance from funds on hand. 

Iqbal Khan, CEO of Parkit, states, “This acquisition adds another high quality asset to Parkit’s portfolio in Ottawa, Ontario. The property has a strong tenant base, will produce significant cash flow and has room for rental growth.”

Further Information
For comprehensive disclosure of Parkit’s performance for the three months ended March 31, 2022 and its financial position as at such date, please see Parkit’s Condensed Consolidated Interim Financial Statements and Management’s Discussion and Analysis for the three months ended March 31, 2022 filed on SEDAR at www.sedar.com.

Non-IFRS Measures
Management uses both IFRS and Non-IFRS Measures to assess the financial and operating performance of the Corporation’s operations. These Non-IFRS Measures are not recognized measures under IFRS, do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures presented by other companies. The Non-IFRS Measures referenced in this news release include the following:

Funds from Operations (“FFO“) – is a non-IFRS measure of operating performance as it focuses on cash flow from operating activities. REALPAC is the national industry association dedicated to advancing the long-term vitality of Canada’s real property sector. REALPAC defines Funds From Operations (FFO) as net income (calculated in accordance with IFRS), adjusted for, among other things, depreciation, transaction costs, gains and losses from property dispositions, foreign exchange, as well as other non-cash items. The Corporation believes that FFO can be a beneficial measure, when combined with primary ‎IFRS measures, to assist in the evaluation of the Corporation’s ability to generate cash and ‎evaluate its return on investments as it excludes the effects of real estate amortization and ‎gains and losses from the sale of real estate, all of which are based on historical cost ‎accounting and which may be of limited significance in evaluating current performance.‎

FFO should not be viewed as an alternative to, in isolation from, or superior to, net income or cash flow from operations, or results from Parkit’s comprehensive operations, respectively, or other measures calculated in accordance with IFRS. FFO should not be interpreted as an indicator of cash generated from operating activities and is not indicative of cash available to fund operating expenditures, or for the payment of cash distributions. FFO is simply an additional measure of operating performance which highlight trends in Parkit’s core business that may not otherwise be apparent when relying solely on IFRS financial measures. Parkit’s management also uses these non-IFRS measures in order to facilitate operating performance comparisons from period to period and to prepare operating budgets. In addition, the Corporation’s definitions of FFO may differ from that of other issuers.

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. Parkit’s Common Shares are listed on TSX-V (Symbol: PKT).

For more information, please contact Mr. Carey Chow, Mr. Iqbal Khan or Mr. Steven Scott: 

Investor Relations
Contact Number: 1-888-627-9881
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 news 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. In particular, this news release contains forward-looking information in relation to: Parkit’s expectations in respect of leasing activity and acquisitions, including expectations to increase its revenue, net ‎rental income and FFO, through maximizing occupancy and delivering quality property and asset ‎management; Parkit’s expectations in respect of the Acquisition including the production of significant cash flow the room for rental ‎growth‎; Parkit’s continued focus on ESG initiatives by prioritizing environmental investments; Partit’s continuing advancement of its development properties by maximizing property density; and Parkit’s strategy and focus regarding acquiring high-quality and strategically located industrial properties with a focus on the ‎GTA+, Ottawa and Montreal. 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 level of activity in the industrial real estate ‎business and the economy generally; continued consumer interest in Parkit’s services and products; Parkit’s continued ability to ‎acquire properties that are in-line with its strategic focus, including prioritizing environmental investments; ‎Parkit’s continuing ability to grow its portfolio of investment properties; Parkit’s past results ‎continuing to be an indicator of future results; the diminishing effects of the COVID-19 pandemic in Canada, ‎the United States, and elsewhere; consumer interest in Parkit’s services and products; 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 and uncertainties that may cause the actual results, performance or developments to differ materially from those contained in or implied by such forward-looking information. These risks, uncertainties, and 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 board of directors, third party or regulatory 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 and appraisals; 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, social ‎distancing and mandatory vaccination policies, 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: a short-term delay in ‎payments from customers, an increase in accounts receivable and an increase of losses on accounts ‎receivable; 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. Readers are cautioned that the foregoing list of risks, uncertainties and factors is not exhaustive. 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 news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Parkit as of the date of this news release and, accordingly, is 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.

The expectations to increase revenue, net rental income, FFO, cash flow and rental growth‎ contained in this news release may be considered a financial outlook as defined by applicable securities legislation. Such information and any other financial outlooks contained in this news release have been approved by management of the Corporation as of the date hereof. Such financial outlooks are provided for the purpose of presenting information about management’s current expectations and goals relating to the future business of the Corporation. Readers are cautioned that reliance on such information may not be appropriate for other purposes.

Toronto, Ontario — Parkit Enterprise Inc. (TSXV: PKT) (“Parkit” or the “Company”), is pleased to announce that, further to its April 25th, 2022 news release, it has completed the acquisition of two industrial assets from two vendor groups (collectively, the “Vendors“) for an aggregate purchase price of $22,680,000, subject to customary adjustments (the “Acquisitions“). One of the Acquisitions is arm’s length and one is non-arm’s length with SRS Realty Group Inc. (“SRS“), a company wholly owned by Steven Scott, a director and chair of Parkit, as the Vendor (the “Related Party Acquisition“).

The third acquisition announced on April 25th, 2022, will close later within the current quarter.

Acquisition of 3455 Mainway Dr, Burlington, ON and 5300 Harvester Rd, Burlington, ON

Parkit acquired 3455 Mainway Dr, Burlington, ON and 5300 Harvester Rd, Burlington, ON (the “Properties”) for an aggregate purchase price of $22,680,000. The Properties are approximately 77,299 square feet on 10.8 acres of land. 

Purchase Price and Payment

The aggregate purchase price for the Acquisitions is $22,680,000, subject to adjustments, and was satisfied through the issuance of 5,885,238 common shares of Parkit for $7,000,000, assumption of a mortgage of approximately $4,500,000 and approximately $11,180,000 from funds on hand. The common shares issued in connection with the Acquisition will be subject to a hold period of four months and one day following the date of issuance.

Iqbal Khan, CEO of Parkit, states, “These acquisitions continue Parkit’s momentum by adding two high quality locations to our GTA+ portfolio. The acquisitions have rents 45% below market, a WALT of 1.8 years and the ability to expand on excess land.”

Exemption from MI 61-101 and TSXV Policy 5.9

As SRS is a non-arm’s length party to Parkit, ‎the Related Party Acquisition is considered a “related party transaction” under MI 61-101 – “Protection of Minority Security Holders in Special Transactions” 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 Related Party Acquisition pursuant to 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.

Early Warning Disclosure

As a result of the completion of the Related Party Transaction on May 11, 2022, SRS acquired beneficial ownership and control of ‎5,885,238 common shares of Parkit (“Common Shares“)‎ at a price of $1.19 per Common Share, which represents approximately 2.43% of the issued and outstanding Common Shares after the Related Party Transaction. Prior to the completion of the Related Party Transaction, SRS held 22,155,218 Common Shares, being 9.37% of the ‎issued and outstanding Common Shares. As a result of the ‎Related Party Transaction, the amount of Common Shares beneficially held by SRS is now 28,040,456 Common Shares, ‎amounting to 11.57% of the issued and outstanding Common Shares on a diluted and ‎non-diluted basis. SRS 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. SRS head office is located at 100 Canadian Road, Scarborough, ON M1R 4Z5.

A copy of the early warning report in relation to the above Related Party Transaction will appear with Parkit’s filings on SEDAR. Parkit’s head office address is located at ‎100 Canadian Road, Scarborough, ON M1R 4Z5‎. The disclosure in this news release under the heading “Early Warning Disclosure” has been issued under the early warning provisions of applicable Canadian securities legislation.

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. Parkit’s common shares are listed on TSX Venture Exchange (Symbol: PKT).

For more information, please contact Mr. Carey Chow, Mr. Iqbal Khan or Mr. Steven Scott: 

Investor Relations
Contact Number: 1-888-627-9881
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 news 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. In particular, this news release contains forward-looking information in relation to: the ability to expand on excess lands in relation to the Acquisitions; and Parkit’s strategy and focus regarding acquiring high-quality and strategically located industrial properties with a ‎focus on the ‎GTA+, Ottawa and Montreal. 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 closing, and timing for closing, of the third Acquisition; the level of activity in the industrial real estate ‎business and the economy generally; consumer interest in Parkit’s services and products; 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 and uncertainties that may cause the actual results, performance or developments to differ materially from those contained in or implied by such forward-looking information. These risks, uncertainties, and 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 board of directors, third party or regulatory 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 and appraisals; 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, social ‎distancing and mandatory vaccination policies, 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: a short-term delay in ‎payments from customers, an increase in accounts receivable and an increase of losses on accounts ‎receivable; 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. Readers are cautioned that the foregoing list of risks, uncertainties and factors is not exhaustive. 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 news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Parkit as of the date of this news release and, accordingly, is 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.