Parkit Reduces Debt, Strengthens Balance Sheet
Vancouver, B.C., June 18, 2014 - Parkit Enterprise Inc. (“Parkit” or the “Company”) (TSX-V: PKT) – is pleased to announce that it has settled an aggregate of $1,728,561 of short term debt and payables. This is comprised of $921,409 that has been converted to equity by issuing 1,842,818 shares at $0.50 per share and cash payments of $807,152.
The settlement of debt improves the balance sheet and will increase cash flow.
The securities issued are subject to a hold period expiring four months and one day from the date of issuance, in addition to such other restrictions as may apply under applicable securities laws in jurisdictions outside of Canada. This transaction is subject to exchange approval.
ON BEHALF OF THE BOARD
President and CEO
Parkit Enterprise Inc. is a listed private equity real estate company that acquires and aggregates income-producing real estate in the parking sector.
Tel. (604) 424-8701
Parkit Enterprise Inc.
Suite 1088 – 999 West Hastings Street
Vancouver, British Columbia
Canada V6C 2W2
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.