Parkit Enterprise Reaffirms $3 million Convertible Debenture Offering
Vancouver, B.C., February 19, 2014 - Parkit Enterprise Inc. (“Parkit” or the “Company”) (TSX-V: PKT) – reaffirms the offering of its private placement of up to $3 million in convertible debentures (a “Convertible Debenture Offering”). Proceeds will be used to establish a Parking Acquisition Fund (“PAF”) and finance Company infrastructure growth. Following completion of the Convertible Debenture Offering, Parkit will launch a PAF Limited Partnership Offering (“LP Offering”), the proceeds of which will be used to acquire an identified portfolio of income-producing real estate in the U.S.
The debentures will bear interest at the rate of 8% per annum, payable quarterly, and will mature two years from the date of issuance (the “Maturity Date”). The debentures will be convertible on or before the Maturity Date, at the option of the holder, into common shares of the Company at a conversion rate of $0.50 per unit.
Industrial Alliance Securities will act as lead agent in the Convertible Debenture Offering and the LP Offering. The Company will also offer a portion of the Convertible Debenture Offering in a non-brokered capacity.
The Convertible Debenture Offering and LP Offering are subject to necessary regulatory approvals.
ON BEHALF OF THE BOARD
President and CEO
Parkit Enterprise Inc.
Parkit Enterprise Inc.
Suite 1088 - 999 West Hastings Street
Vancouver, British Columbia
Canada V6C 2W2
Parkit Enterprise Inc. acquires income-producing commercial real estate with a focus in the parking sector. Parkit built, owns and currently operates a 4,200 stall, LEED Gold certified parking facility at Denver International Airport with our partner Propark America. www.canopyairportparking.com & www.propark.com
Parkit intends to acquire, optimize and aggregate a diversified portfolio of parking facilities across North America. www.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 news 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. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them.