VANCOUVER, BRITISH COLUMBIA -- Sept. 29, 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 quarter ended July 31, 2017 ("Q3 2017") on SEDAR (www.sedar.com). The financial highlights for the period include:
- Revenue of $472,617, comprised of fee income, profit from joint ventures and profit from associate;
- Net loss of $5,244, or $(0.00) per share, inclusive of a foreign exchange loss of $318,287;
- General and administrative expenses of $160,361, representing a 32% reduction versus the comparative period in the prior year (excluding one-time proxy solicitation costs of $320,516 incurred in Q3 2016);
- Working capital of $2,137,727 (including cash of $1,570,952), and
- Net asset value increased to $17,349,051, equivalent to $0.54 per share.
"Overall we are pleased with the performance of the underlying assets in the JV and Nashville property during the quarter", said Parkit Enterprise Inc CEO, Bryan Wallner.
For a more full explanation of the Company's Q3 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-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 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. Forward-looking statements in this press release include those concerning the Company's anticipation of another smooth transition and that the Company is well positioned to move forward with strong stewardship. 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, including the risks disclosed in the Company's public filings on SEDAR. 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, if any, the Company might obtain from them.
Chief Executive Officer
Chief Financial Officer