TSX.V: PKT | OTC: PKTEF

Toronto, Ontario–(Newsfile Corp. – November 24, 2020) – PARKIT ENTERPRISE INC. (TSXV: PKT) (OTC Pink: PKTEF) (“Parkit“) has entered into an asset purchase agreement dated November 24, 2020 (the “Purchase Agreement“), with two private companies (collectively, referred to as the “Vendors“), pursuant to which Parkit has agreed to purchase two properties, located at 5600 Finch Ave East, Toronto, Ontario and 4390 Paletta Court, Burlington, Ontario (the “Properties“), for an aggregate purchase price of $36,250,000, subject to customary adjustments (the “Proposed Acquisition“). The Vendors are not related parties to Parkit and the Proposed Acquisition constitutes an Arm’s Length Transaction for the purposes of the ‎TSX Venture Exchange (“TSXV“) policies. Concurrent with the closing of the Proposed Acquisition, Parkit also intends to complete a $10,000,000 private placement of Common Shares as more fully described below.

Focus on Industrial Properties

Beginning with the purchase of the Properties, Parkit will focus on the acquisition of high-quality industrial properties in the Greater Toronto Area and surrounding regions. Management believes that the industrial real estate market in Canada benefits from secular tailwinds, including but not limited to the proliferation of ecommerce, significant population growth, and the resilience of the asset class. The additions to our board adds the depth of experience needed to capitalize on this opportunity. Management believes that a publicly traded industrial real estate vehicle will provide investors with compelling exposure to an increasingly important part of the real estate market.

David Delaney, Parkit’s Chairman, noted, “This proposed transaction signals an important milestone for Parkit. We will be acquiring two fantastic properties, but more importantly, we will be building a team of highly experienced professionals that are capable of rapidly growing Parkit to the benefit of all shareholders.” 

Avi Geller, Parkit’s Interim CEO, said, “We are excited with the proposed transaction and the prospect of welcoming Steven Scott and his team to Parkit. We have been following Steven’s successes from afar and we are very pleased to be working together on this transaction. Industrial real estate has been the top performing real estate asset over the past 5 years and has clearly shown its resilience through the pandemic.”

Steven Scott, the proposed incoming Chair of Parkit, states, “The last 5 years have shown tremendous demand for warehouse, logistics and ecommerce solutions. With historically low cost of debt and continued population growth, the proposed transaction positions Parkit to capitalize on these trends.”

Purchase Price and Payment 

The purchase price for the Proposed Acquisition is $36,250,000, subject to adjustments. The Purchase price will be satisfied as follows: (i) the sum of $10,000,000 by the issuance of 40,000,000 common shares of Parkit (“Common Shares“) at a deemed price of $0.25 per Common Share, with 20,000,000 of such Common Shares being issued to each of the Vendors; (ii) the assumption of mortgages on the Properties totaling approximately $17,800,000 (“Mortgage Assumptions“); and (iii) Vendor take-back loans in the aggregate amount of approximately $8,450,000 (“Vendor Take-Back Loans“). Depending on the satisfaction of certain conditions, Closing is expected to occur on or before December 31, 2020 (“Closing Date“). 

Properties

Upon the closing of the Proposed Acquisition, Parkit will own two Class A industrial properties totaling 230,000 square feet of rentable industrial space in the Greater Toronto Area. The Properties are fully leased with the leases having an average term remaining of 4.8 years. The Finch Avenue East Property has been owned by the Vendors since 1987, and the Paletta Court Property has been owned by the Vendors since 1995. The Properties have an appraised value of $36,425,000 from an arm’s length third party.

The Finch Avenue East Property is owned by NAWOC Holdings Limited, a private Ontario company which is controlled by Access Self Storage Inc., and the Paletta Court Property is owned by SRS Realty Group Inc., a private Ontario company controlled by Steven Scott.

Private Placement

Concurrently with the closing of the Proposed Acquisition, Parkit intends to complete a non-brokered private placement offering of 40,000,000 Common Shares at a ‎price of $0.25 per Common Share, for gross proceeds of $10,000,000 (the “Private Placement“). The Private Placement is expected to close concurrently with the Proposed Acquisition on the Closing Date. The net proceeds of the Private Placement will be used for future acquisitions, expansions and general working capital. ‎

‎It is anticipated that certain current insiders and shareholders, and their affiliates, of Parkit (collectively “Parkit Investors“) will purchase up to $2,500,000 of the Private Placement. Participation by Parkit Investors in the Private ‎‎Placement will be on the same terms as arm’s length investors. There is no minimum aggregate ‎‎subscription amount for the Private Placement, but completion of the Private Placement is subject to ‎‎all regulatory approvals, including the TSXV acceptance. Depending on market conditions, ‎the ‎gross proceeds of the Private Placement could be increased or decreased. All securities issued in ‎connection with the Private Placement will be subject to a hold period of four months and one day ‎from the date of closing.‎

Material Conditions Precedent to the Proposed Acquisition 

The obligations of Parkit and the Vendors to complete the Proposed Acquisition are subject to the satisfaction of initial conditions including: (i) TSXV acceptance of the Proposed Acquisition and the Private Placement; (ii) shareholder approval; (iii) completion of due diligence in respect of the Properties (a condition solely for Parkit) and completion of due diligence of Parkit (a condition solely for the Vendors); and (iv) creditor consent in respect of the Mortgage Assumptions (collectively, the “Initial Conditions“). The closing of the Proposed Acquisition is also subject to the satisfaction of other customary closing conditions prior to the Closing Date, as set forth in the Purchase Agreement, including, but not limited to: the accuracy of representations and warranties in the Purchase Agreement; terms, covenants and conditions of the Purchase Agreement having been performed; and no material adverse change having occurred prior to the Closing Date.

Other Terms of the Purchase Agreement

Pursuant to the Purchase Agreement, Avi Geller will continue as CEO of Parkit and JoAnne Odette will continue as Chief Financial ‎Officer of Parkit.‎ In addition, the Vendors and Parkit have agreed that, in conjunction with the closing of the Proposed Acquisition, the Board of Directors of Parkit will be reconstituted and shall be composed of Avi Geller, Brad Dunkley, David Delaney, Julie Neault, Iqbal Khan, Blair Tamblyn, and Steven Scott as Chair of Parkit. 

Set forth below are brief biographies of each of the proposed new directors as well as those directors that will remain:

New Directors

Steven Scott, Toronto, Ontario, Steven is the Chair and Chief Executive Officer of StorageVault Canada Inc., a self storage company listed on the TSXV. Mr. Scott is also Chair and Chief Executive Officer of The Access Group of Companies focusing on the ownership, acquisition and development of storage, multi-residential and commercial real estate in Canada. Mr. Scott currently also serves as a director of Timbercreek Financial Corp. and Park Lawn Corporation. Mr. Scott is also a Director and Treasurer of the Canadian Self Storage Association.

Julie Neault, Toronto, Ontario, Julie is the Managing Director, Global Credit of Timbercreek Asset Management. Prior to joining Timbercreek, Ms. Neault was Vice President, Origination at Harbour Mortgage Corporation, and held various roles at MCAP and CIBC Mortgages Inc. Ms. Neault is a graduate of the University of Toronto.

Iqbal Khan, Toronto, Ontario, Iqbal is the Chief Financial Officer and a director of StorageVault, a self storage company listed on the TSXV. Mr. Khan is also a Principal and Chief Financial Officer of The Access Group of Companies focusing on the ownership, acquisition and development of storage, multi-residential and commercial real estate in Canada. Mr. Khan is also the Chair of the Canadian Self Storage Association Tax Committee.

Blair Tamblyn, Toronto, Ontario: Blair is the Chief Executive Officer and Co-Founder of Timbercreek Asset Management. Mr. Tamblyn is also Chair and CEO of Timbercreek Financial Corp. Mr. Tamblyn has served on numerous public boards. Prior to founding Timbercreek in 1999, Mr. Tamblyn worked with Connor, Clark & Company where he was licensed as a securities trader. Mr. Tamblyn is a graduate of the University of Western Ontario and completed the small/medium sized Enterprise Board Effectiveness Program offered by Rotman, together with the Institute of Corporate Directors. 

Incumbent Directors and Officers

Avi Geller, Spring Valley, New York: Avi Geller has been a director of Parkit since May 2018 and the Interim CEO since October 2018. Avi has extensive experience in the small and microcap markets and has worked on a variety of debt, equity and hybrid deals across multiple industries. Since 2017 Avi has been the Chief Investment Officer of Leonite Capital LLC, a diversified family office investment vehicle with extensive holdings in real estate, venture capital, private equity, public equities (with a focus on small-cap and micro-cap public companies), alternative lending, and hedge funds. Mr. Geller is also a Non-Executive Director of Nova Minerals Ltd., a mining company based in Australia focused on gold exploration, a member of the board of directors of Australis Capital Inc., a company operating in the U.S. cannabis industry and a member of the board of directors of DealFlow Financial Products Inc., an information services provider to investment banks, investment funds and financial services companies.

David Delaney, Toronto, Ontario: David Delaney has been a director of Parkit since May 2018. He has served as Chair since August 2018, and served as Executive Chairman from August 2018-November 2019. Mr. Delaney is the President of Concord Investment Partners, an investment company focused on listed equities and midmarket private companies. Prior thereto, Delaney spent five years working for a Toronto based real estate developer and a Toronto based lender. From 2007 to 2011, he trained and practiced as an architect at the University of Toronto and Diamond and Schmitt Architects, respectively. Delaney has been a CFA Charterholder since 2016. He has a Master of Architecture degree from the University of Toronto and a Bachelor of Arts degree from Acadia University. Delaney is a director of Canada’s National Ballet School. 

Brad Dunkley, Toronto, Ontario: Brad Dunkley has been a director of Parkit since May 2017. Brad is a Co-Founder, Co-CEO and Portfolio Manager at Waratah Capital Advisors Ltd., a Toronto-based alternative asset manager. Prior to co-founding Waratah in 2010, Mr. Dunkley spent 12 years at Gluskin Sheff + Associates. Mr. Dunkley holds a Bachelor’s degree in business administration from Wilfrid Laurier University and is a CFA charterholder. He is a member of the Board of Directors of Beautiful World Canada and a trustee of the Dunkley Charitable Foundation.

JoAnne Odette, Vancouver, British Columbia: JoAnne Odette, has been the CFO of Parkit since August 2017. Ms. Odette has held a number of senior financial roles both in Canada and internationally, including the CFO in Canadian publicly traded issuers Levon Resources Ltd. (August 2017 to August 2019) and Butte Energy Inc. (January 2018 to October 2020). Ms. Odette is a CPA and a graduate of the University of Alberta with a Bachelor of Commerce degree..

Concurrent with the completion of Proposed Acquisition, it is anticipated that Access Results Management Services Inc. (the “Manager“), an affiliate of one of the Vendors, will be retained to manage the Properties. The management agreement among the Manager and Parkit will, subject to certain conditions, have a term of 5 years and result in industry standard (non-material) compensation payable to the Manager. 

Trading Halt 

Trading in Parkit’s Common Shares on the TSXV is halted and will remain halted until documentation required by the TSXV in relation to the Proposed Acquisition has been reviewed and accepted by the TSXV.

Other Information 

Completion of the Proposed Acquisition is subject to a number of conditions as disclosed above and as set forth in the Purchase Agreement, including, but not limited to, TSXV acceptance, shareholder approval, completion of due diligence, and creditor consent. Where applicable, the transaction cannot close until the required shareholder approval is obtained.‎ ‎There can be no assurance that the Proposed Acquisition or the Private Placement will be completed as proposed or at all. The TSXV has in no way passed upon the merits of the Proposed Acquisition and has neither approved nor disapproved the contents of this press release. Parkit will be making an application for an exemption from the TSXV sponsorship requirements based on the significant public company experience of the incoming board members. The Proposed Acquisition is subject to the sponsorship requirements of the TSXV, unless an exemption from the sponsorship requirement is available or a waiver is granted. Parkit intends to apply for an exemption to the sponsorship requirement. There is no assurance that an exemption from this requirement will be obtained.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Parkit should be considered highly speculative. 

About PARKIT 

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

For more information please contact:

Investor Relations
Email: ir@parkitenterprise.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 

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

Vancouver, British Columbia, July 03, 2020 — Parkit Enterprise Inc. (“Parkit” or the “Company”) (TSXV: PKT; OTC: PKTEF) has recently filed its interim financial statements and management discussion and analysis for the quarter ended April 30, 2020 (“Q2 2020”) on SEDAR (www.sedar.com).  The financial highlights for the period include the following:

 “COVID-19 has negatively impacted parking operations in the Company’s joint venture beginning in the second half of March 2020.  We are grateful to our joint venture partners for the measures they have implemented to address health and safety concerns, and to mitigate losses during these challenging times.  Although the full extent of the impact of COVID-19 on Parkit and the joint venture is still unknown and depends on future developments that are uncertain and unpredictable, we are hopeful as we have begun to see improvements in the business as the economy and air travel recovers.  In order to extend the Company’s cash runway, the directors have all elected to accrue their compensation, and other officers have either reduced their hours or accrued part of their salary.  We thank them for their incredible dedication and support”, said Parkit’s Interim CEO, Avi Geller. 

For a  more fulsome explanation of the Company’s Q2 2020 results, please refer to the Company’s interim filings on SEDAR or the Company’s website.

For further information please contact: 

Avi Geller
Interim Chief Executive Officer
Tel. (845) 517-2340
Email: avig@parkitenterprise.com

About PARKIT

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

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Disclaimer for Forward-Looking Information

Certain statements in this release are forward-looking statements.  Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future.  Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements.  These risks, uncertainties, and factors may include, but are not limited to general business uncertainties, and in particular uncertainties relating to the  impact and duration of COVID-19 on future financial performance.  No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what impacts they will have on the Company.

Vancouver, British Columbia, September 16, 2019 — Parkit Enterprise Inc. (“Parkit” or the “Company”) (TSXV: PKT; OTCQX: PKTEF) would like to announce that effective November 30, 2019, David Delaney will step down as Executive Chairman of the Company.  David Delaney will continue to serve on the Board of Directors of the Company and will continue to act as the Chairman of the Board of Directors.  Avi Geller will continue to act as Chief Executive Officer of the Company.

For further information please contact: 

David Delaney
Executive Chairman
Tel. (647) 347-8952
Email: david@parkitenterprise.com; 

Avi Geller
Interim Chief Executive Officer
Tel. (845) 517-2340
Email: avig@parkitenterprise.com

About PARKIT

Parkit Enterprise Inc. is engaged in the acquisition, optimization and asset management of income producing parking facilities across the United States and Canada. The Company’s shares are listed on TSX-V (Symbol: PKT) and on the OTCQX (Symbol: PKTEF).

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Vancouver, British Columbia, September 6, 2019 — Parkit Enterprise Inc. (“Parkit” or the “Company”) (TSXV: PKT; OTCQX: PKTEF) has granted 50,000 incentive stock options to each of Steven Strauss and Avi Minkowitz, officers of the Company, exercisable at the price of $0.27 per share for a period of 5 years, vesting over the first 12 months in 4 equal quarterly instalments. This grant of options is subject to TSX Venture Exchange acceptance.

For further information please contact: 

David Delaney
Executive Chairman
Tel. (647) 347-8952
Email: david@parkitenterprise.com; 

Avi Geller
Interim Chief Executive Officer
Tel. (845) 517-2340
Email: avig@parkitenterprise.com

About PARKIT

Parkit Enterprise Inc. is engaged in the acquisition, optimization and asset management of income producing parking facilities across the United States and Canada. The Company’s shares are listed on TSX-V (Symbol: PKT) and on the OTCQX (Symbol: PKTEF).

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Vancouver, British Columbia, September 4, 2019 — Parkit Enterprise Inc. (“Parkit” or the “Company”) (TSXV: PKT; OTCQX: PKTEF) is pleased to announce that it held its Annual General and Special Meeting (the “Meeting”) on August 22, 2019. All of the motions proposed in the Notice of Annual General and Special Meeting dated July 16, 2019, (which was filed on SEDAR together with Management’s Information Circular on July 24, 2019,) were approved by the shareholders.

At the Meeting, shareholders approved the re-election of the five director nominees of Brad Miller, Avi Geller, Elie Norowitz, David Delaney and Brad Dunkley.

The Company would like to thank its shareholders for their continued support and participation in the Meeting.

For further information please contact: 

David Delaney
Executive Chairman
Tel. (647) 347-8952
Email: david@parkitenterprise.com; 

Avi Geller
Interim Chief Executive Officer
Tel. (845) 517-2340
Email: avig@parkitenterprise.com

About PARKIT

Parkit Enterprise Inc. is engaged in the acquisition, optimization and asset management of income producing parking facilities across the United States and Canada. The Company’s shares are listed on TSX-V (Symbol: PKT) and on the OTCQX (Symbol: PKTEF).

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Vancouver, British Columbia, May 29, 2018 – Parkit Enterprise Inc. (“Parkit” or the “Company”) (TSXV: PKT; OTCQX: PKTEF), a real estate company engaged in the acquisition, asset management and disposition of niche real estate assets, today announced that Executive Chairman, David Delaney, will present at the 9th annual LD Micro Invitational on June 4, 2019 at 3:00 PM Pacific Time at the Luxe Hotel located at 11461 Sunset Boulevard in Los Angeles, California.  A copy of the Company’s slide presentation will be available on the investor relations section of the Company’s website at www.parkitenterprise.com from Thursday May 30.   

Investors attending the conference who wish to meet with Parkit Management should contact Shoni Bernard at shoni@parkitenterprise.com.  

For further information on the Company please see the Company’s financial statements and related management’s discussion and analysis for the three months ended January 31, 2019 available under the Company’s profile on www.sedar.com.

For more information please contact:

David Delaney
Executive Chairman
Tel. (416) 951-9214
Email: david@parkitenterprise.com; 

Avi Geller
Interim Chief Executive Officer
Tel. (845) 517-2340
Email: avig@parkitenterprise.com

About PARKIT

Parkit Enterprise is a real estate investment company engaged in the acquisition, asset management and disposition of niche real estate assets.  Currently the company has investments in income producing parking facilities in New Haven, East Granby, Nashville and Denver.  As asset manager and investor, the company has several sources of revenue including management fees, acquisition fees, and earnings in equity.  The company’s investment strategy is to realize the value of in its portfolio of assets through selective monetization, and to redeploy the capital into higher yielding investments.  The Company’s shares are listed on TSX-V (Symbol: PKT) and on the OTCQX (Symbol: PKTEF).

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Disclaimer for Forward-Looking Information

Certain statements contained in this news release constitute forward-looking information under applicable securities law. These statements relate to future events or future performance, including statements as to: the Company’s belief regarding anticipated distributions from the Joint Venture. Such statements are not guarantees of future performance and actual results or developments may differ materially from those expressed in, or implied by, this forward-looking information. Factors that could cause actual results to differ materially from those in forward-looking statements include such matters as the operations of the Joint Venture and its ability to complete asset sales and refinancings. Any forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

Vancouver, British Columbia, May 23, 2019 — Parkit Enterprise Inc. (“Parkit” or the “Company”) (TSXV: PKT; OTCQX: PKTEF) is pleased to announce that it has received a payment of CAD $655,140 (USD $487,854) from OP Holdings JV, LLC (the “Joint Venture”).  This payment is Parkit’s effective 24.39% net share of a USD $2,000,000 distribution from the Joint Venture.  The payment resulted from the release of operating cash flow from the Joint Venture.

For more information on the Joint Venture and the priority of future payments, please refer to the OP Holdings JV, LLC limited liability company agreement posted to the Company’s SEDAR profile on April 23, 2018.  

For further information on the Company please see the Company’s financial statements and related management’s discussion and analysis for the year ended October 31, 2018 and the three month period ended January 31, 2019 available under the Company’s profile on www.sedar.com.

David Delaney
Executive Chairman
Tel. (416) 951-9214
Email: david@parkitenterprise.com; 

Avi Geller
Interim Chief Executive Officer
Tel. (845) 517-2340
Email: avig@parkitenterprise.com

About PARKIT

Parkit Enterprise Inc. is engaged in the acquisition, optimization and asset management of income producing parking facilities across the United States and Canada. The Company’s shares are listed on TSX-V (Symbol: PKT) and on the OTCQX (Symbol: PKTEF).

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Disclaimer for Forward-Looking Information

Certain statements contained in this news release constitute forward-looking information under applicable securities law. These statements relate to future events or future performance, including statements as to: the Company’s belief regarding anticipated distributions from the Joint Venture. Such statements are not guarantees of future performance and actual results or developments may differ materially from those expressed in, or implied by, this forward-looking information. Factors that could cause actual results to differ materially from those in forward-looking statements include such matters as the operations of the Joint Venture and its ability to complete asset sales and refinancings. Any forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

Vancouver, British Columbia, March 19, 2019 — Parkit Enterprise Inc. (“Parkit” or the “Company”) (TSXV: PKT; OTCQX: PKTEF) is pleased to announce that it has met the requirements of Tier 1 on the TSX Venture Exchange and that it will move to Tier 1 effective on Wednesday, March 20, 2019.  Tier 1 of the TSX Venture Exchange is reserved for the most advanced issuers with the most significant financial resources.

David Delaney, the Company’s Executive Chairman commented that “The graduation to Tier 1 demonstrates the Company’s financial development and we look forward to continuing to strengthen our business through targeted dispositions and through seeking new acquisition opportunities.”

For further information please contact: 

David Delaney
Executive Chairman
Tel. (647) 347-8952
Email: david@parkitenterprise.com; 

Avi Geller
Executive Director
Tel. (845) 517-2340
Email: avig@parkitenterprise.com

About PARKIT

Parkit Enterprise Inc. is engaged in the acquisition, optimization and asset management of income producing parking facilities across the United States and Canada. The Company’s shares are listed on TSX-V (Symbol: PKT) and on the OTCQX (Symbol: PKTEF).

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Vancouver, British Columbia, March 1, 2019 – Parkit Enterprise Inc. (“Parkit” or the “Company”) (TSXV: PKT; OTCQX: PKTEF) has recently filed its audited financial statements and management discussion and analysis for the year ended October 31, 2018 (the “Annual Filings”) on SEDAR (www.sedar.com).  The financial highlights for the fiscal year include the following:

“We are pleased with the progress that we are making in realizing what we believe is the true book value of the Company,” stated David Delaney, Parkit’s Executive Chairman.  “Through further selective asset monetization, we believe that we will realize unencumbered cash within our company that is substantially in excess of the current share price.  Simultaneously, we are exploring options for acquisitions that will have a positive impact on both a book value per share basis and a free cash flow per share basis.” 

For more information on the Joint Venture and the priority of future payments, please refer to the OP Holdings JV, LLC limited liability company agreement posted to the Company’s SEDAR profile on April 23, 2018.

For further information on the Company please see the Company’s financial statements and related management’s discussion and analysis for the year ended October 31, 2017 and the nine month period ended July 31, 2018 available under the Company’s profile on www.sedar.com.

For further information please contact: 

David Delaney
Executive Chairman
Tel. (647) 347-8952
Email: david@parkitenterprise.com; 

Avi Geller
Executive Director
Tel. (845) 517-2340
Email: avig@parkitenterprise.com

About PARKIT

Parkit Enterprise Inc. is engaged in the acquisition, optimization and asset management of income producing parking facilities across the United States and Canada. The Company’s shares are listed on TSX-V (Symbol: PKT) and on the OTCQX (Symbol: PKTEF).

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Certain statements contained in this news release constitute forward-looking information under applicable securities law. These statements relate to future events or future performance, including statements as to: the Company’s belief regarding anticipated distributions from the Joint Venture. Such statements are not guarantees of future performance and actual results or developments may differ materially from those expressed in, or implied by, this forward-looking information. Factors that could cause actual results to differ materially from those in forward-looking statements include such matters as the operations of the Joint Venture and its ability to complete asset sales and refinancings. Any forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. .

NON-GAAP FINANCIAL MEASURES

This release contains a non-GAAP financial measure. The definition and calculation of this non-GAAP financial measure may differ from the definitions and methodologies used by other companies and, accordingly, may not be comparable. The non-GAAP financial measure referred to below should not be considered an alternative to net income as an indication of our performance. In addition, this non-GAAP financial measure does not represent cash generated from operating activities in accordance with GAAP and therefore should not be considered as an alternative measure of liquidity or as indicative of cash available to fund cash needs.

Levered Internal Rate of Return (“IRR”) is calculated as the internal rate of return on the Joint Venture’s equity investment in the property considering the timing and amounts of capital contributions paid, and all distributions received.  Management believes that the levered IRR achieved during the period a property is owned by the Joint Venture is useful because it is one indication of the gross value created by the Joint Venture’s acquisition, management and ultimate sale of a property, before the impact of Joint Venture’s overhead and taxes. However, leveraged IRR is not a substitute for net income as a measure of our performance.

The levered IRR achieved on the property as cited in this release should not be viewed as an indication of the gross value created with respect to other properties owned by the Joint Venture, and the Company does not represent that the Joint Venture will achieve similar levered IRRs upon the disposition of other properties.  The levered IRR cited in this press release is from the perspective of the Joint Venture, in which the Company has an economic interest. 

Under GAAP, the Company recognizes its investment in the Joint Venture using the equity method whereby the carrying value of the investment is adjusted for the Company’s share of the profit and loss of the Joint Venture, and decreased for any distributions received by the Joint Venture.  All amounts reported by the Company from the Joint Venture are translated into Canadian dollars.  The gain on the disposition of the property will have an impact on the amount reported by the Company for its share of the GAAP net profit from the Joint Venture. 

Vancouver, British Columbia, February 11, 2019 — Parkit Enterprise Inc. (“Parkit” or the “Company”) (TSXV: PKT; OTCQX: PKTEF) is pleased to announce that it has received a payment of CAD $561,569 (USD $423,506) from OP Holdings JV, LLC (the “Joint Venture”).  This payment resulted from the release of an environmental trust that was established for the sale of Expresso Airport Parking (the “Property”).  The Property was sold in October 2018 and the Department of Toxic Substances Control (California, U.S.A) released the environmental trust after the purchaser of the Property established its own environmental trust for the Property.  This payment will add cash of approximately CAD $0.016 per share to Parkit’s treasury.  

“We believe that this payment represents the first of many distributions that Parkit will receive from the Joint Venture.  As set out in the Company’s press release dated October 19, 2018, the Joint Venture reached its 15% internal rate of return (“IRR”) target owed to the Managing Member of the Joint Venture. As a result, all future cash flows from sales and refinances within the Joint Venture will flow to Parking Acquisition Ventures, LLC (“PAVe”), an entity in which Parkit has an 82.83% interest until PAVe has received a 15% IRR.  From that point, additional capital proceeds from asset sales and refinances will flow through the Joint Venture’s waterfall with further benefit to Parkit,” stated David Delaney, Parkit’s Executive Chairman.  “Our Joint Venture is making significant progress in realizing the value of its assets and we look forward to continuing this asset monetization.  Parkit would like to thank our Joint Venture partners for their dedication and effort in continuing to realize the value in our collective assets.”       

For more information on the Joint Venture and the priority of future payments, please refer to the OP Holdings JV, LLC limited liability company agreement posted to the Company’s SEDAR profile on April 23, 2018.  

For further information on the Company please see the Company’s financial statements and related management’s discussion and analysis for the year ended October 31, 2017 and the nine month period ended July 31, 2018 available under the Company’s profile on www.sedar.com.

For further information please contact: 

David Delaney
Executive Chairman
Tel. (647) 347-8952
Email: david@parkitenterprise.com; 

Avi Geller
Executive Director
Tel. (845) 517-2340
Email: avig@parkitenterprise.com

About PARKIT

Parkit Enterprise Inc. is engaged in the acquisition, optimization and asset management of income producing parking facilities across the United States and Canada. The Company’s shares are listed on TSX-V (Symbol: PKT) and on the OTCQX (Symbol: PKTEF). 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Disclaimer for Forward-Looking Information

Certain statements contained in this news release constitute forward-looking information under applicable securities law. These statements relate to future events or future performance, including statements as to: the Company’s belief regarding anticipated distributions from the Joint Venture. Such statements are not guarantees of future performance and actual results or developments may differ materially from those expressed in, or implied by, this forward-looking information. Factors that could cause actual results to differ materially from those in forward-looking statements include such matters as the operations of the Joint Venture and its ability to complete asset sales and refinancings. Any forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.