VANCOUVER, BRITISH COLUMBIA -- April 4, 2017 - Parkit Enterprise Inc. ("Parkit" or "the Company") (TSX VENTURE:PKT)(OTCQX:PKTEF) has recently filed its interim financial statements and management discussion and analysis for the three months ended January 31, 2017( "Q1 2017") on SEDAR (www.sedar.com). The financial highlights for the period include:
- Revenue of $345,484, comprised of fee income, profit from joint ventures and profit from associate;
- A net loss of $110,937, or $0.00 per share;
- Share-based payment expense of $149,778 in respect of options granted during the quarter and a foreign exchange loss of $95,802, which largely drove the reported loss during the quarter;
- General and administrative expenses of $326,892, which after adjusting for the share-based payment expense referenced above, was $177,114, representing a greater than 50% reduction against the comparative prior year period;
- Cash of $1,749,740, which increased by $242,720 during the quarter; and
- Net asset value of $16,794,407, equivalent to $0.52 per share
For a more full explanation of the Company's Q1 2017 results, please refer to the Company's interim filings on SEDAR or the Company's website.
Parkit Enterprise Inc. is engaged in the acquisition, optimization and asset management of income producing parking facilities across North America. The Company's shares are listed on TSX VENTURE (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 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.
Chief Executive Officer
Chief Financial Officer