Parkit Announces Strategic Acquisition and Q2 2018 Results
VANCOUVER, July 6, 2018 - Parkit Enterprise Inc. ("Parkit" or the "Company") (TSXV: PKT; OTCQX: PKTEF) is pleased to announce that it has purchased the operating assets of Smart Parking Solutions Canada Inc.("Smartpark") and employed its principals, Steve Strauss and Avi Minkowitz, all effective July 1, 2018.
Smartpark is engaged in the parking management business and this strategic acquisition both expands Parkit's footprint and provides additional expertise to source and acquire parking assets. The purchase includes 5 parking management agreements in the Greater Toronto Area, as well as 10 permit management agreements with municipal and institutional clients in the United States including the City of Aspen CO, Arlington County VA and the Durham NH Police Department.
Parkit paid cash for the Smartpark assets in an amount that was not material to Parkit. Further, the Company will retain the employment of Steve Strauss and Avi Minkowitz. While continuing to serve their existing clients, Steve Strauss and Avi Minkowitz will focus on working with Parkit's Board and management to source and acquire new parking related opportunities. "I am pleased to announce this acquisition and the addition of Avi and Steve to our management team, as they bring energy and entrepreneurial experience that we intend to use in our efforts to accelerate our growth", said Bryan Wallner, CEO of Parkit.
"We believe this transaction is beneficial to our existing clients, and we are excited to join Parkit and look forward to focusing on growing the business going forward", said Steve Strauss, on behalf of the sellers.
Additionally, the Company has recently filed its interim financial statements and management discussion and analysis for the quarter ended April 30, 2018 ("Q2 2018") on SEDAR (www.sedar.com). The financial highlights for the period include:
- Revenue of $185,972, comprised of fee income, profit from joint ventures and profit from associate;
- Net income of $154,785, or $0.00 per share, inclusive of a foreign exchange gain of $153,513;
- Working capital of $2,380,470 (including cash of $1,958,094), and
- Net asset value increased slightly to $17,277,791, equivalent to $0.53 per share.
For a fuller explanation of the Company's Q2 2018 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 the United States. 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 intent to leverage Messrs. Strauss and Minkowitz' energy and experience in its efforts to accelerate growth and source and acquire new parking opportunities for Parkit. 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.
For further information please contact:
Chief Executive Officer
Tel. (604) 424-8700