TORONTO, June 21, 2022 — Parkit Enterprise Inc. (“Parkit” or the “Corporation”) (TSXV: PKT), is pleased to announce that all matters set forth in the management proxy and information circular dated May 16, 2022, setting the number of directors to be elected at the meeting at six, the election of the Board of Directors, the appointment of RSM Canada LLP as auditor of the Corporation, and the approval of the amended stock option plan of the Corporation, were approved by the shareholders of Parkit at Parkit’s annual general and special meeting (the “Meeting”) of shareholders held on June 21, 2022.

The current directors of Parkit, as elected at the Meeting, are Brad Dunkley, David Delaney, Iqbal Khan, Steven Scott, Avi Geller, ‎and Blair Tamblyn. Parkit would like to thank Julie Neault for her contributions and dedication to Parkit and wish her all the best in her new endeavour.

Further disclosure on the matters approved at the Meeting can be found in the circular, which was filed on SEDAR on May 24, 2022.

About Parkit Enterprise Inc. 

Parkit is an industrial real estate platform focused on the acquisition, growth and management of strategically located industrial properties across key markets in Canada, with a focus on the Greater Toronto Area+ (“GTA+”), Ottawa and Montreal, to complement its parking assets across the United States. Parkit’s Common Shares are listed on TSX-V (Symbol: PKT).

For more information, please contact Mr. Carey Chow, Mr. Iqbal Khan or Mr. Steven Scott:

Investor Relations 

Contact Number: 1-888-627-9881
Email: ir@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 release.‎

Toronto, Ontario — Parkit Enterprise Inc. (TSXV: PKT) (“Parkit” or the “Corporation”), today reported the Corporation’s first quarter 2022 results. Steve Scott, Chair of Parkit, commented:

“Year to date, Parkit firmed up its capital position with the addition of $55 million in financing, advanced its leasing activity by signing two new leases, and by completing $57.3 million in accretive acquisitions. Parkit continues to build the foundation for growth by executing on operations and by being disciplined on acquisitions. Looking ahead, with the leasing activity and acquisitions, we expect to increase our revenue, net rental income and FFO, through maximizing occupancy and delivering quality property and asset management.”

2022 FIRST QUARTER RESULTS AND RECENT BUSINESS HIGHLIGHTS

• Revenues and net rental income. Revenues and net rental income increased as we onboarded and integrated additional investment properties. Investment properties revenue for the three months ended March 31, 2022 rose to $2,110,455, compared to $594,696 for the three months ended March 31, 2021. Net rental income (“NRI“), increased to $868,035 for the three months ended March 31, 2022, compared to $362,273 for the three months ended March 31, 2021. The increase in revenue and NRI from investment properties is due to the acquisitions made by Parkit.
• Significant liquidity position. Parkit entered into a three-year $55,000,000 credit facility to fund acquisitions and development. At the end of Q1, no amount has been drawn from facility.
• Change in cash flow. The cash flows from operating activities increased by $897,823 for the three months ended March 31, 2022 compared to an increase of $360,570 for the three months ended March 31, 2021. Parkit used net cash of $16,483,481 in investing activities for the three months ended March 31, 2022, compared to cash used of $38,141,402 from investing activities for the three months ended March 31, 2021. Parkit used net cash of $414,973 in financing activities for the three months ended March 31, 2022, compared to net cash provided of $111,065,297 for the three months ended March 31, 2021.
• Funds from operations (“FFO”) increased for the period. The FFO, a Non-IFRS Measure, for the three months ended March 31, 2022 increased to $358,325, compared to a loss of $199,238 for the three months ended March 31, 2021. The increase in FFO comes from the acquisition of investment properties as Parkit shifted its strategy to focus on industrial real estate.
• Loss for the period. The net loss for the three months ended March 31, 2022 was $493,271, compared to a net loss of $1,826,232 for the three months ended March 31, 2021. The change is a result of net rental income offset by increases to general and administration expenses, depreciation, finance costs, and a profit or loss from equity accounted investees.
• Acquisitions. To date, including the below, Parkit has purchased five properties for $57,280,000.
• Parking results continue to improve as the effects of the pandemic diminish. Parkit’s parking joint ventures reported income of $39,412 for the 3 months ended March 31, 2022, compared to a loss of $315,855 for the 3 months ended March 31, 2021. 
• Continued focus on environmental, social and governance (“ESG”) initiatives. Parkit continued its focus on ESG initiatives by prioritizing environmental investments in its development plans and reviewing its corporate policies. 

Operational Highlights
Parkit continues to execute on its operational objectives:

• Leasing at elevated rental spreads. Tenants have renewed at market rental rates. Parkit has signed two new leases which substantially increases its in-place rents and weighted average lease term (“WALT”). 
• Advancing its development. Parkit continues to advance its development properties to maximize property density.
• Strong rent collections. Parkit’s rent collections remain resilient through the pandemic with its collections for the three months ended March 31, 2022 being 100%.

Parkit is focused on continuing its shift into industrial real estate by growing its portfolio and maximizing cash flows from its investment properties, while stabilizing its parking operations. 

ACQUISITION OF 1155 LOLA ST., OTTAWA, ONTARIO
Further to its April 25, 2022 and May 12, 2022 news releases, Parkit acquired 1155 Lola St., Ottawa, Ontario (the “Property”) for an aggregate purchase price of $17,600,000, subject to customary adjustments (the “Acquisition“). The Property is approximately 62,400 square feet on 3.0 acres of land. 

Purchase Price and Payment
The purchase price for the Acquisition is $17,600,000, subject to adjustments, and was satisfied through the issuance of the assumption of a mortgage of approximately $8,800,000 and the balance from funds on hand. 

Iqbal Khan, CEO of Parkit, states, “This acquisition adds another high quality asset to Parkit’s portfolio in Ottawa, Ontario. The property has a strong tenant base, will produce significant cash flow and has room for rental growth.”

Further Information
For comprehensive disclosure of Parkit’s performance for the three months ended March 31, 2022 and its financial position as at such date, please see Parkit’s Condensed Consolidated Interim Financial Statements and Management’s Discussion and Analysis for the three months ended March 31, 2022 filed on SEDAR at www.sedar.com.

Non-IFRS Measures
Management uses both IFRS and Non-IFRS Measures to assess the financial and operating performance of the Corporation’s operations. These Non-IFRS Measures are not recognized measures under IFRS, do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures presented by other companies. The Non-IFRS Measures referenced in this news release include the following:

Funds from Operations (“FFO“) – is a non-IFRS measure of operating performance as it focuses on cash flow from operating activities. REALPAC is the national industry association dedicated to advancing the long-term vitality of Canada’s real property sector. REALPAC defines Funds From Operations (FFO) as net income (calculated in accordance with IFRS), adjusted for, among other things, depreciation, transaction costs, gains and losses from property dispositions, foreign exchange, as well as other non-cash items. The Corporation believes that FFO can be a beneficial measure, when combined with primary ‎IFRS measures, to assist in the evaluation of the Corporation’s ability to generate cash and ‎evaluate its return on investments as it excludes the effects of real estate amortization and ‎gains and losses from the sale of real estate, all of which are based on historical cost ‎accounting and which may be of limited significance in evaluating current performance.‎

FFO should not be viewed as an alternative to, in isolation from, or superior to, net income or cash flow from operations, or results from Parkit’s comprehensive operations, respectively, or other measures calculated in accordance with IFRS. FFO should not be interpreted as an indicator of cash generated from operating activities and is not indicative of cash available to fund operating expenditures, or for the payment of cash distributions. FFO is simply an additional measure of operating performance which highlight trends in Parkit’s core business that may not otherwise be apparent when relying solely on IFRS financial measures. Parkit’s management also uses these non-IFRS measures in order to facilitate operating performance comparisons from period to period and to prepare operating budgets. In addition, the Corporation’s definitions of FFO may differ from that of other issuers.

About Parkit Enterprise Inc.
Parkit is an industrial real estate platform focused on the acquisition, growth and management of strategically located industrial properties across key markets in Canada, with a focus on the Greater Toronto Area+ (“GTA+”), Ottawa and Montreal, to complement its parking assets across the United States. Parkit’s Common Shares are listed on TSX-V (Symbol: PKT).

For more information, please contact Mr. Carey Chow, Mr. Iqbal Khan or Mr. Steven Scott: 

Investor Relations
Contact Number: 1-888-627-9881
Email: ir@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 release.‎

Forward-Looking Information: This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein is forward-looking information. In particular, this news release contains forward-looking information in relation to: Parkit’s expectations in respect of leasing activity and acquisitions, including expectations to increase its revenue, net ‎rental income and FFO, through maximizing occupancy and delivering quality property and asset ‎management; Parkit’s expectations in respect of the Acquisition including the production of significant cash flow the room for rental ‎growth‎; Parkit’s continued focus on ESG initiatives by prioritizing environmental investments; Partit’s continuing advancement of its development properties by maximizing property density; and Parkit’s strategy and focus regarding acquiring high-quality and strategically located industrial properties with a focus on the ‎GTA+, Ottawa and Montreal. This forward-looking information reflects Parkit’s current beliefs and is based on information currently ‎available to Parkit and on assumptions Parkit believes are reasonable. These assumptions ‎include, but are not limited to: the level of activity in the industrial real estate ‎business and the economy generally; continued consumer interest in Parkit’s services and products; Parkit’s continued ability to ‎acquire properties that are in-line with its strategic focus, including prioritizing environmental investments; ‎Parkit’s continuing ability to grow its portfolio of investment properties; Parkit’s past results ‎continuing to be an indicator of future results; the diminishing effects of the COVID-19 pandemic in Canada, ‎the United States, and elsewhere; consumer interest in Parkit’s services and products; and Parkit’s continued response and ability to navigate the ‎COVID-19 pandemic being ‎consistent with, or better than, its ability and response to date‎. ‎Forward-looking information is subject to known and unknown risks and uncertainties that may cause the actual results, performance or developments to differ materially from those contained in or implied by such forward-looking information. These risks, uncertainties, and factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions ‎and market prices for securities; delay or failure to receive board of directors, third party or regulatory approvals; the actual ‎results of Parkit’s future operations; competition; changes in legislation, including environmental ‎legislation, affecting Parkit; the timing and availability of external financing on acceptable terms; ‎conclusions of economic evaluations and appraisals; lack of qualified, skilled labour or loss of key individuals; ‎risks related to the COVID-19 pandemic including various recommendations, orders and measures of ‎governmental authorities to try to limit the pandemic, including travel restrictions, border closures, non-‎essential business closures, service disruptions, quarantines, self-isolations, shelters-in-place, social ‎distancing and mandatory vaccination policies, disruptions to markets, economic activity, financing, supply chains and sales channels, and a ‎deterioration of general economic conditions including a possible national or global recession; and the impact ‎that the COVID-19 pandemic may have on Parkit which may include: a short-term delay in ‎payments from customers, an increase in accounts receivable and an increase of losses on accounts ‎receivable; decreased demand for the services that Parkit offers; and a deterioration of ‎financial markets that could limit Parkit’s ability to obtain external financing. A description of ‎additional risk factors that may cause actual results to differ materially from forward-looking information can ‎be found in Parkit’s disclosure documents on the SEDAR website at www.sedar.com. ‎Although Parkit has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of risks, uncertainties and factors is not exhaustive. Accordingly, readers should not place undue reliance on forward-looking information. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Parkit as of the date of this news release and, accordingly, is subject to change after such date. However, Parkit expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

The expectations to increase revenue, net rental income, FFO, cash flow and rental growth‎ contained in this news release may be considered a financial outlook as defined by applicable securities legislation. Such information and any other financial outlooks contained in this news release have been approved by management of the Corporation as of the date hereof. Such financial outlooks are provided for the purpose of presenting information about management’s current expectations and goals relating to the future business of the Corporation. Readers are cautioned that reliance on such information may not be appropriate for other purposes.

Toronto, Ontario — Parkit Enterprise Inc. (TSXV: PKT) (“Parkit” or the “Company”), is pleased to announce that, further to its April 25th, 2022 news release, it has completed the acquisition of two industrial assets from two vendor groups (collectively, the “Vendors“) for an aggregate purchase price of $22,680,000, subject to customary adjustments (the “Acquisitions“). One of the Acquisitions is arm’s length and one is non-arm’s length with SRS Realty Group Inc. (“SRS“), a company wholly owned by Steven Scott, a director and chair of Parkit, as the Vendor (the “Related Party Acquisition“).

The third acquisition announced on April 25th, 2022, will close later within the current quarter.

Acquisition of 3455 Mainway Dr, Burlington, ON and 5300 Harvester Rd, Burlington, ON

Parkit acquired 3455 Mainway Dr, Burlington, ON and 5300 Harvester Rd, Burlington, ON (the “Properties”) for an aggregate purchase price of $22,680,000. The Properties are approximately 77,299 square feet on 10.8 acres of land. 

Purchase Price and Payment

The aggregate purchase price for the Acquisitions is $22,680,000, subject to adjustments, and was satisfied through the issuance of 5,885,238 common shares of Parkit for $7,000,000, assumption of a mortgage of approximately $4,500,000 and approximately $11,180,000 from funds on hand. The common shares issued in connection with the Acquisition will be subject to a hold period of four months and one day following the date of issuance.

Iqbal Khan, CEO of Parkit, states, “These acquisitions continue Parkit’s momentum by adding two high quality locations to our GTA+ portfolio. The acquisitions have rents 45% below market, a WALT of 1.8 years and the ability to expand on excess land.”

Exemption from MI 61-101 and TSXV Policy 5.9

As SRS is a non-arm’s length party to Parkit, ‎the Related Party Acquisition is considered a “related party transaction” under MI 61-101 – “Protection of Minority Security Holders in Special Transactions” and TSXV Policy 5.9. Parkit will rely on exemptions from the formal valuation and minority approval requirements of MI 61-101 and TSXV Policy 5.9, in respect of the Related Party Acquisition pursuant to Section 5.5(b) (Issuer Not Listed on Specified Markets) and Section 5.7(a) (Fair Market Value Not More Than 25% of Market Capitalization) of MI 61-101, respectively.

Early Warning Disclosure

As a result of the completion of the Related Party Transaction on May 11, 2022, SRS acquired beneficial ownership and control of ‎5,885,238 common shares of Parkit (“Common Shares“)‎ at a price of $1.19 per Common Share, which represents approximately 2.43% of the issued and outstanding Common Shares after the Related Party Transaction. Prior to the completion of the Related Party Transaction, SRS held 22,155,218 Common Shares, being 9.37% of the ‎issued and outstanding Common Shares. As a result of the ‎Related Party Transaction, the amount of Common Shares beneficially held by SRS is now 28,040,456 Common Shares, ‎amounting to 11.57% of the issued and outstanding Common Shares on a diluted and ‎non-diluted basis. SRS has a long-term view of its investment in Parkit and may acquire additional securities of Parkit including on the open market or through private acquisitions or sell the securities including on the open market or through private dispositions in the future depending on market conditions and other relevant factors. SRS head office is located at 100 Canadian Road, Scarborough, ON M1R 4Z5.

A copy of the early warning report in relation to the above Related Party Transaction will appear with Parkit’s filings on SEDAR. Parkit’s head office address is located at ‎100 Canadian Road, Scarborough, ON M1R 4Z5‎. The disclosure in this news release under the heading “Early Warning Disclosure” has been issued under the early warning provisions of applicable Canadian securities legislation.

About Parkit Enterprise Inc. 

Parkit is an industrial real estate platform focused on the acquisition, growth and management of strategically located industrial properties across key markets in Canada, with a focus on the Greater Toronto Area+ (“GTA+”), Ottawa and Montreal, to complement its parking assets across the United States. Parkit’s common shares are listed on TSX Venture Exchange (Symbol: PKT).

For more information, please contact Mr. Carey Chow, Mr. Iqbal Khan or Mr. Steven Scott: 

Investor Relations
Contact Number: 1-888-627-9881
Email: ir@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 release.

Forward-Looking Information: This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein is forward-looking information. In particular, this news release contains forward-looking information in relation to: the ability to expand on excess lands in relation to the Acquisitions; and Parkit’s strategy and focus regarding acquiring high-quality and strategically located industrial properties with a ‎focus on the ‎GTA+, Ottawa and Montreal. This forward-looking information reflects Parkit’s current beliefs and is based on information currently ‎available to Parkit and on assumptions Parkit believes are reasonable. These assumptions ‎include, but are not limited to: the closing, and timing for closing, of the third Acquisition; the level of activity in the industrial real estate ‎business and the economy generally; consumer interest in Parkit’s services and products; and Parkit’s continued response and ability to navigate the ‎COVID-19 pandemic being ‎consistent with, or better than, its ability and response to date‎. ‎Forward-looking information is subject to known and unknown risks and uncertainties that may cause the actual results, performance or developments to differ materially from those contained in or implied by such forward-looking information. These risks, uncertainties, and factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions ‎and market prices for securities; delay or failure to receive board of directors, third party or regulatory approvals; the actual ‎results of Parkit’s future operations; competition; changes in legislation, including environmental ‎legislation, affecting Parkit; the timing and availability of external financing on acceptable terms; ‎conclusions of economic evaluations and appraisals; lack of qualified, skilled labour or loss of key individuals; ‎risks related to the COVID-19 pandemic including various recommendations, orders and measures of ‎governmental authorities to try to limit the pandemic, including travel restrictions, border closures, non-‎essential business closures, service disruptions, quarantines, self-isolations, shelters-in-place, social ‎distancing and mandatory vaccination policies, disruptions to markets, economic activity, financing, supply chains and sales channels, and a ‎deterioration of general economic conditions including a possible national or global recession; and the impact ‎that the COVID-19 pandemic may have on Parkit which may include: a short-term delay in ‎payments from customers, an increase in accounts receivable and an increase of losses on accounts ‎receivable; decreased demand for the services that Parkit offers; and a deterioration of ‎financial markets that could limit Parkit’s ability to obtain external financing. A description of ‎additional risk factors that may cause actual results to differ materially from forward-looking information can ‎be found in Parkit’s disclosure documents on the SEDAR website at www.sedar.com. ‎Although Parkit has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of risks, uncertainties and factors is not exhaustive. Accordingly, readers should not place undue reliance on forward-looking information. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Parkit as of the date of this news release and, accordingly, is subject to change after such date. However, Parkit expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

Toronto, Ontario — April 29, 2022 – Parkit Enterprise Inc. (TSXV: PKT) (“Parkit” or the “Corporation”), today reported the Corporation’s full year 2021 audited results. Steve Scott, Chair of Parkit, commented:

“In 2021, Parkit continues to build the foundation for growth by executing on operations and by closing on $105.9 million in disciplined accretive acquisitions. Looking ahead, we expect to continue to add to our industrial portfolio by targeting $100 million of acquisitions in 2022, and to increase our revenue, NRI and FFO, through maximizing occupancy and delivering quality property and asset management.”

2021 Full Year Results and Recent Business Highlights

• Revenues and net rental income. Revenues and net rental income increased as we onboarded and integrated additional investment properties. Investment properties revenue for the three months and twelve months ended December 31, 2021 rose to $2,115,089 and $5,778,651, respectively, compared to $17,290 for the two months ended December 31, 2020. Net rental income (“NRI“), increased in proportion to the increase in revenues for the three months and twelve months ended December 31, 2021 to $1,114,129 and $3,322,561, respectively, compared to $11,316 for the two months ended December 31, 2020. The increase in revenue and NRI from investment properties is due to the acquisitions made by Parkit.
• Significant liquidity position. Cash and cash equivalents were $21,797,256 for the year ended December 31, 2021, compared to $9,140,322 for the two months ended December 31, 2020. 
• Increased cash flows. The increase in cash is a result of net cash received of $2,166,304 from operating activities for the twelve months ended December 31, 2021, compared to cash used of $229,259 in operations for the two months ended December 31, 2020. Parkit used net cash of $99,684,493 in investing activities for the twelve months ended December 31, 2021, compared to cash used of $1,144,279 from investing activities for the two months ended December 31, 2020. Parkit received net cash of $110,178,443 in financing activities for the twelve months ended December 31, 2021, compared to net cash of $9,947,018 for the two months ended December 31, 2020.
• Funds from operations (“FFO”) increased for the period. The FFO, a Non-IFRS Measure, for the three months and year ended December 31, 2021 increased to $698,435 and $1,434,834, respectively, compared to a loss of $148,737 for the two months ended December 31, 2020. The increase in FFO comes from the acquisition of investment properties as Parkit shifted its strategy to focus on industrial real estate.
• Loss for the period. The Corporation had a net loss for the three months and twelve months ended December 31, 2021 is $1,593,804 and $3,988,375, compared to a loss of $1,568,069 for the two months ended December 31, 2020. The change is a result of net rental income offset by non-recurring stock-based compensation expenses, and increases to general and administration expenses, transaction costs and land transfer taxes for acquisitions of investment properties, depreciation, finance costs, and a loss from equity accounted investees.
• Parking results to continue to improve as the effects of the pandemic diminish. Parkit’s parking joint ventures reported income of $30,769 and a loss of $289,233 respectively for the 3 months and year ended December 31, 2021, compared to a loss of $78,061 for the 2 months ended December 31, 2020. 
• Parkit met our acquisition target of $100 million of acquisitions, with $105.9 million in accretive acquisitions in fiscal 2021. Parkit expects to continue to increase cash flow through streamlining property management, completing expansions, managing tenancy and completing another $100 million of acquisitions in 2022.
• Subsequent to December 31, 2021, Parkit has announced or closed the acquisitions of 5 properties for $57.3 million. Parkit completed the acquisition of two industrial properties, adding 140,547 sf of gross leasable area on 5.6 acres for an aggregate purchase price of $17,000,000 plus customary adjustments. Parkit also announced it has signed agreements to purchase 3 properties with approximately 140,000 square feet of gross leasable area on 13.8 acres of lands for an aggregate purchase price of $40,280,000 plus customary adjustments. These transactions are expected to close in Q2 2022. 
• Continued focus on environmental, social and governance (“ESG”) initiatives. Parkit continued its focus on ESG initiatives by prioritizing environmental investments in its development plans and reviewing its corporate policies. 

Operational Highlights

Parkit continues to execute on its operational objectives:

• Leasing at elevated rental spreads. Tenants have renewed at market rental rates. Parkit expects new leases to sign at >35% over in-place rental rates.
• Low vacancies. Parkit only has vacancies in its development properties and does not have any current vacancy at its investment properties.
• Advancing its development. Parkit continues to advance its development properties to maximize property density.
• Strong rent collections. Parkit’s rent collections remain resilient through the pandemic with its collections for the three months and twelve months ended December 31, 2021 being 100%.

Parkit is focused on continuing its shift into industrial real estate by growing its portfolio and maximizing cash flows from its investment properties, while stabilizing its parking operations. 

Further Information

For comprehensive disclosure of Parkit’s performance for the three months and twelve months ended December 31, 2021 and its financial position as at such date, please see Parkit’s Annual Financial Statements and Management’s Discussion and Analysis for the year ended December 31, 2021 filed on SEDAR at www.sedar.com.

Non-IFRS Measures

Management uses both IFRS and Non-IFRS Measures to assess the financial and operating performance of the Corporation’s operations. These Non-IFRS Measures are not recognized measures under IFRS, do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures presented by other companies. The Non-IFRS Measures referenced in this news release include the following:

Funds from Operations (“FFO“) – is a non-IFRS measure of operating performance as it focuses on cash flow from operating activities. REALPAC is the national industry association dedicated to advancing the long-term vitality of Canada’s real property sector. REALPAC defines Funds From Operations (FFO) as net income (calculated in accordance with IFRS), adjusted for, among other things, depreciation, transaction costs, gains and losses from property dispositions, foreign exchange, as well as other non-cash items. 

FFO should not be viewed as an alternative to, in isolation from, or superior to, net income or cash flow from operations, or results from Parkit’s comprehensive operations, respectively, or other measures calculated in accordance with IFRS. FFO should not be interpreted as an indicator of cash generated from operating activities and is not indicative of cash available to fund operating expenditures, or for the payment of cash distributions. FFO are simply additional measures of operating performance which highlight trends in Parkit’s core business that may not otherwise be apparent when relying solely on IFRS financial measures. Parkit’s management also uses these non-IFRS measures in order to facilitate operating performance comparisons from period to period and to prepare operating budgets. In addition, the Corporation’s definitions of FFO may differ from that of other issuers.

About Parkit Enterprise Inc. 

Parkit is an industrial real estate platform focused on the acquisition, growth and management of strategically located industrial properties across key markets in Canada, with a focus on the Greater Toronto Area+ (“GTA+”), Ottawa and Montreal, to complement its parking assets across the United States. Parkit’s Common Shares are listed on TSX-V (Symbol: PKT).

For more information, please contact Mr. Carey Chow, Mr. Iqbal Khan or Mr. Steven Scott:

Investor Relations
Contact Number: 1-888-627-9881
Email: ir@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 release.‎

Forward-Looking Information: This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein is forward-looking information. In particular, this news release contains forward-looking information in relation to: Parkit’s target of $100 million in acquisitions in 2022 and increase in revenue, NRI and FFO; expectations to continue to increase cash flow; statements regarding proposed acquisitions, including the closing and the timing thereof; Parkit’s continued focus on ESG; Parkit’s new leases to sign at over in-place rentals rate; and Parkit’s strategy and focus regarding acquiring high-quality and strategically located industrial properties with a focus on the ‎GTA+, Ottawa and Montreal. This forward-looking information reflects Parkit’s current beliefs and is based on information currently ‎available to Parkit and on assumptions Parkit believes are reasonable. These assumptions ‎include, but are not limited to: the completion of the ‎proposed Acquisitions‎; the satisfactory fulfilment of all of the conditions precedent to the proposed ‎Acquisitions the level of activity in the industrial real estate ‎business and the economy generally; continued consumer interest in Parkit’s services and products; Parkit’s continued ability to ‎acquire properties that are in-line with its strategic focus, including prioritizing environmental investments; ‎Parkit’s continuing ability to grow its portfolio of investment properties; Parkit’s past results ‎continuing to be an indicator of future results; the diminishing effects of the COVID-19 pandemic in Canada, ‎the United States, and elsewhere; consumer interest in Parkit’s services and products; and Parkit’s continued response and ability to navigate the ‎COVID-19 pandemic being ‎consistent with, or better than, its ability and response to date‎. ‎Forward-looking information is subject to known and unknown risks and uncertainties that may cause the actual results, performance or developments to differ materially from those contained in or implied by such forward-looking information. These risks, uncertainties, and factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions ‎and market prices for securities; delay or failure to receive board of directors, third party or regulatory approvals; the actual ‎results of Parkit’s future operations; competition; changes in legislation, including environmental ‎legislation, affecting Parkit; the timing and availability of external financing on acceptable terms; ‎conclusions of economic evaluations and appraisals; lack of qualified, skilled labour or loss of key individuals; ‎risks related to the COVID-19 pandemic including various recommendations, orders and measures of ‎governmental authorities to try to limit the pandemic, including travel restrictions, border closures, non-‎essential business closures, service disruptions, quarantines, self-isolations, shelters-in-place, social ‎distancing and mandatory vaccination policies, disruptions to markets, economic activity, financing, supply chains and sales channels, and a ‎deterioration of general economic conditions including a possible national or global recession; and the impact ‎that the COVID-19 pandemic may have on Parkit which may include: a short-term delay in ‎payments from customers, an increase in accounts receivable and an increase of losses on accounts ‎receivable; decreased demand for the services that Parkit offers; and a deterioration of ‎financial markets that could limit Parkit’s ability to obtain external financing. A description of ‎additional risk factors that may cause actual results to differ materially from forward-looking information can ‎be found in Parkit’s disclosure documents on the SEDAR website at www.sedar.com. ‎Although Parkit has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of risks, uncertainties and factors is not exhaustive. Accordingly, readers should not place undue reliance on forward-looking information. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Parkit as of the date of this news release and, accordingly, is subject to change after such date. However, Parkit expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

The amount of potential future acquisitions by the Corporation in fiscal 2022, and expectations to increase revenue, NRI, FFO and cash flow for 2022 contained in this news release may be considered a financial outlook as defined by applicable securities legislation. Such information and any other financial outlooks contained in this news release have been approved by management of the Corporation as of the date hereof. Such financial outlooks are provided for the purpose of presenting information about management’s current expectations and goals relating to the future business of the Corporation. Readers are cautioned that reliance on such information may not be appropriate for other purposes.

Toronto, Ontario — April 25, 2022 – Parkit Enterprise Inc. (TSXV: PKT) (“Parkit”), has agreed to acquire three industrial assets from three vendor groups (collectively, the “Vendors”) for an aggregate purchase price of $40,280,000, subject to customary adjustments (the “Acquisitions”). Two of the Acquisitions are arm’s length and one is non-arm’s length with SRS Realty Group Inc. (“SRS”), a company wholly owned by Steven Scott, a director and chair of Parkit, as the Vendor (the “Related Party Acquisition”). It is anticipated that the Acquisitions will close in Q2 2022.

The Acquisitions total 139,704 square feet on 13.8 acres of land in Burlington and Ottawa, Ontario.

Purchase Price and Payment

The aggregate purchase price for the arm’s length Acquisitions is $23,780,000, subject to adjustments, and is payable by the assumption of a mortgages and new mortgage financing of up to $11,400,000 with the remainder of the aggregate purchase price being paid with funds on hand.

The aggregate purchase price for the non-arm’s length Acquisition is $16,500,000, subject to adjustments, and is payable by the assumption of a mortgage of approximately $4,500,000, by the issuance of up to approximately $8,000,000 of Parkit common shares based on an agreed upon VWAP ending three days prior to closing, and the remainder of the aggregate purchase price being paid with funds on hand.

Iqbal Khan, CEO of Parkit, states, “These acquisitions continue Parkit’s momentum by adding three high quality assets to our core markets. The acquisitions provide in-place cash flows with the ability to expand on excess land.”

Conditions Precedent to the Acquisitions

The obligations of Parkit to complete the Acquisitions are subject to conditions including, but not limited to: satisfactory due diligence, mortgage assumption approvals and satisfactory environmental site assessment reports. The obligations of both Parkit and the Vendors to complete the closing of the Acquisitions are subject to the satisfaction of other customary closing conditions and include, for the Related Party Acquisition, acceptance of the TSX Venture Exchange (“TSXV”). None of the three Vendor group Acquisitions are conditional or contingent on the completion of the other Acquisitions.

Exemption from MI 61-101 and TSXV Policy 5.9

As SRS is a non-arm’s length party to Parkit, ‎ the Related Party Acquisition is considered a “related party transaction” under MI 61-101 – “Protection of Minority Security Holders in Special Transactions” and TSXV Policy 5.9. Parkit will rely on exemptions from the formal valuation and minority approval requirements of MI 61-101 and TSXV Policy 5.9, in respect of the Related Party Acquisition pursuant to Section 5.5(b) (Issuer Not Listed on Specified Markets) and Section 5.7(a) (Fair Market Value Not More Than 25% of Market Capitalization) of MI 61-101, respectively.

Other Information

There can be no assurance that the Acquisitions will be completed as proposed or at all. The TSXV has in no way passed upon the merits of the Acquisitions and has neither approved nor disapproved the contents of this news release. No new insiders will be created, nor will any change of control occur, as a result of the ‎Acquisitions. ‎

About Parkit Enterprise Inc.

Parkit is an industrial real estate platform focused on the acquisition, growth and management of strategically located industrial properties across key markets in Canada, with a focus on the Greater Toronto Area+ (“GTA+”), Ottawa and Montreal, to complement its parking assets across the United States. Parkit’s Common Shares are listed on TSX-V (Symbol: PKT).

For more information, please contact Mr. Carey Chow, Mr. Iqbal Khan or Mr. Steven Scott:

Investor Relations
Contact Number: 1-888-627-9881
Email: ir@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 release.

Forward-Looking Information: This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein is forward-looking information. In particular, this news release contains forward-looking information in relation to: statements regarding the proposed Acquisitions, including the closing and the timing thereof, the method of payment for the proposed Acquisitions, including the issuance of Parkit common shares, mortgage assumption and new mortgage financing, and the satisfaction of conditions in relation to the proposed Acquisitions, including TSXV acceptance of the Related Party Transaction; and Parkit’s strategy and focus regarding acquiring high-quality and strategically located industrial properties with a focus on the ‎GTA+, Ottawa and Montreal. This forward-looking information reflects Parkit’s current beliefs and is based on information currently ‎available to Parkit and on assumptions Parkit believes are reasonable. These assumptions ‎include, but are not limited to: the completion of satisfactory due diligence by Parkit in relation to the ‎proposed Acquisitions‎; execution of purchase agreements for certain of the proposed Acquisitions; the satisfactory fulfilment of all of the conditions precedent to the proposed ‎Acquisitions including satisfactory due diligence, mortgage assumption approvals, obtaining estoppel certificates‎ and satisfactory ‎environmental site assessment reports‎; the ‎receipt of all required approvals for the proposed Acquisitions‎, including TSXV acceptance and any board approvals or third ‎party consents (including for mortgage assumptions); the issuance of Parkit common shares as disclosed above as part of the purchase price for certain of the proposed Acquisitions; market acceptance of the ‎proposed Acquisitions‎; the receipt of, and accuracy of the value of, appraisals received for the proposed ‎Acquisitions; the level of activity in the industrial real estate ‎business and the economy generally; consumer interest in Parkit’s services and products; and Parkit’s continued response and ability to navigate the ‎COVID-19 pandemic being ‎consistent with, or better than, its ability and response to date‎. ‎Forward-looking information is subject to known and unknown risks and uncertainties that may cause the actual results, performance or developments to differ materially from those contained in or implied by such forward-looking information. These risks, uncertainties, and factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions ‎and market prices for securities; delay or failure to receive board of directors, third party or regulatory approvals; the actual ‎results of Parkit’s future operations; competition; changes in legislation, including environmental ‎legislation, affecting Parkit; the timing and availability of external financing on acceptable terms; ‎conclusions of economic evaluations and appraisals; lack of qualified, skilled labour or loss of key individuals; ‎risks related to the COVID-19 pandemic including various recommendations, orders and measures of ‎governmental authorities to try to limit the pandemic, including travel restrictions, border closures, non-‎essential business closures, service disruptions, quarantines, self-isolations, shelters-in-place, social ‎distancing and mandatory vaccination policies, disruptions to markets, economic activity, financing, supply chains and sales channels, and a ‎deterioration of general economic conditions including a possible national or global recession; and the impact ‎that the COVID-19 pandemic may have on Parkit which may include: a short-term delay in ‎payments from customers, an increase in accounts receivable and an increase of losses on accounts ‎receivable; decreased demand for the services that Parkit offers; and a deterioration of ‎financial markets that could limit Parkit’s ability to obtain external financing. A description of ‎additional risk factors that may cause actual results to differ materially from forward-looking information can ‎be found in Parkit’s disclosure documents on the SEDAR website at www.sedar.com. ‎Although Parkit has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of risks, uncertainties and factors is not exhaustive. Accordingly, readers should not place undue reliance on forward-looking information. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Parkit as of the date of this news release and, accordingly, is subject to change after such date. However, Parkit expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

Toronto, Ontario — March 14, 2022 – PARKIT ENTERPRISE INC. (TSXV: PKT) (“Parkit” or the “Corporation“) is pleased to announce that it has received conditional acceptance from the TSX Venture Exchange to conduct a Normal Course Issuer Bid (“NCIB“) to purchase for cancellation, during the 12-month period starting March 18, 2022, up to 11,723,184 of the outstanding common shares of the Corporation (the “Common Shares“), representing 5% of the Common Shares outstanding. The program will end on March 17, 2023 unless the maximum amount of Common Shares is purchased before then or Parkit provides earlier notice of termination.

The purchase and payment for the Common Shares will be made by Parkit through the facilities of the TSX Venture Exchange or alternative trading systems. National Bank Financial Inc. has been selected as Parkit’s agent for the NCIB. The price paid for the Common Shares will be, subject to NCIB pricing rules contained in securities laws, the prevailing market price of such Common Shares on the TSX Venture Exchange at the time of such purchase. Parkit intends to fund the purchases out of available cash.

Parkit believes that the market price of its Common Shares may not reflect their underlying value and the Board of Directors has authorized this initiative because, in the Board’s opinion, the proposed purchase of Common Shares pursuant to the NCIB constitutes an appropriate use of Parkit’s funds, and the repurchase of its Common Shares is one way of creating shareholder value.

To the knowledge of Parkit, no director, senior officer or other insider of the Parkit currently intends to sell any Common Shares under the NCIB. However, sales by such persons through the facilities of the TSX Venture Exchange may occur if the personal circumstances of any such person changes or any such person makes a decision unrelated to these NCIB purchases. The benefits to any such person whose Common Shares are purchased would be the same as the benefits available to all other holders whose Common Shares are purchased.

About Parkit Enterprise Inc. 
Parkit is an industrial real estate platform focused on the acquisition, growth and management of strategically located industrial properties across key markets in Canada, with a focus on the Greater Toronto Area+ (“GTA+”), Ottawa and Montreal, to complement its parking assets across the United States. Parkit’s Common Shares are listed on TSX-V (Symbol: PKT).

For more information, please contact Mr. Carey Chow, Mr. Iqbal Khan or Mr. Steven Scott: 

Investor Relations 
Contact Number: 1-888-627-9881
Email: ir@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 release.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the 1933 Act and applicable state securities laws or an exemption from such registration is available.

Forward-Looking Information: This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein is forward-looking information. In particular, this news release contains forward-looking information in relation to: statements regarding the proposed Acquisitions, including the closing and the timing thereof, the method of payment for the proposed Acquisitions and the satisfaction of conditions in relation to the proposed Acquisitions; and Parkit’s strategy and focus regarding acquiring high-quality and strategically located industrial properties with a focus on the ‎GTA+, Ottawa and Montreal. This forward-looking information reflects Parkit’s current beliefs and is based on information currently ‎available to Parkit and on assumptions Parkit believes are reasonable. These assumptions ‎include, but are not limited to: the completion of satisfactory due diligence by Parkit in relation to the ‎proposed Acquisitions‎; the satisfactory fulfilment of all of the conditions precedent to the proposed ‎Acquisitions including satisfactory due diligence‎ and satisfactory ‎environmental site assessment reports‎; the ‎receipt of all required approvals for the proposed Acquisitions‎, including any third ‎party consents; market acceptance of the ‎proposed Acquisitions‎; the receipt of, and accuracy of the value of, appraisals received for the proposed ‎Acquisitions; the level of activity in the industrial real estate ‎business and the economy generally; consumer interest in Parkit’s services and products; and Parkit’s continued response and ability to navigate the ‎COVID-19 pandemic being ‎consistent with, or better than, its ability and response to date‎. ‎Forward-looking information is subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in such forward-looking information. These risks, uncertainties, and factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions ‎and market prices for securities; delay or failure to receive third party or regulatory approvals; the actual ‎results of Parkit’s future operations; competition; changes in legislation, including environmental ‎legislation, affecting Parkit; the timing and availability of external financing on acceptable terms; ‎conclusions of economic evaluations and appraisals; lack of qualified, skilled labour or loss of key individuals; ‎risks related to the COVID-19 pandemic including various recommendations, orders and measures of ‎governmental authorities to try to limit the pandemic, including travel restrictions, border closures, non-‎essential business closures, service disruptions, quarantines, self-isolations, shelters-in-place, social ‎distancing and mandatory vaccination policies, disruptions to markets, economic activity, financing, supply chains and sales channels, and a ‎deterioration of general economic conditions including a possible national or global recession; and the impact ‎that the COVID-19 pandemic may have on Parkit which may include: a short-term delay in ‎payments from customers, an increase in accounts receivable and an increase of losses on accounts ‎receivable; decreased demand for the services that Parkit offers; and a deterioration of ‎financial markets that could limit Parkit’s ability to obtain external financing. A description of ‎additional risk factors that may cause actual results to differ materially from forward-looking information can ‎be found in Parkit’s disclosure documents on the SEDAR website at www.sedar.com. ‎Although Parkit has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Parkit as of the date of this news release and, accordingly, are subject to change after such date. However, Parkit expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

TORONTO, Feb. 22, 2022 — Parkit Enterprise Inc. (“Parkit” or the “Company”) (TSXV: PKT), is pleased to announce that, further to its January 4th, 2022 news release, it has completed the acquisition of two industrial assets from two vendor groups (collectively, the “Vendors”) for an aggregate purchase price of $17,000,000, subject to customary adjustments (the “Acquisitions”). Both Acquisitions are arm’s length.

Acquisition of 568 Second Street, London, ON and 1665 Boul. Lionel-Bertrand, Boisbriand, QC

Parkit acquired 568 Second Street, London, ON and 1665 Boul. Lionel-Bertrand, Boisbriand, QC (the “Properties”) for an aggregate purchase price of $17,000,000 (the “Acquisition”). The Properties are approximately 141,000 square feet on 5.6 acres of land.

Purchase Price and Payment

The aggregate purchase price for the Acquisitions is $17,000,000, subject to adjustments, and was satisfied through the issuance of 2,000,744 common shares of Parkit for $2,500,000 and $14,500,000 from funds on hand. The common shares issued in connection with the Acquisition will be subject to a hold period of four months and one day following the date of issuance.

Steven Scott, Chair of Parkit, states, “The Acquisitions start the year off by adding a strategic asset in London, Ontario and to enter the Quebec market with a Class A industrial property located in the Montreal suburbs.”

Leasing Update

Parkit continues to maximize its cash flow by signing Walmart Canada as a tenant at its 5610 Finch Ave East, Toronto property. The property continues ongoing development, with permitting and zoning, for the construction of a warehouse and distribution facility.

Change of Auditor

Parkit has appointed RSM Canada LLP as auditor of Parkit effective February 22, 2022. RSM is the 5th largest firm by revenue in North America and has over 13,000 employees in Canada and the US.

About Parkit Enterprise Inc. 

Parkit is an industrial real estate platform focused on the acquisition, growth and management of strategically located industrial properties across key markets in Canada, with a focus on the Greater Toronto Area+ (“GTA+”), Ottawa and Montreal, to complement its parking assets across the United States. Parkit’s common shares are listed on TSX Venture Exchange (Symbol: PKT).

For more information, please contact Mr. Carey Chow, Mr. Iqbal Khan or Mr. Steven Scott:

Investor Relations 
Contact Number: 1-888-627-9881
Email: ir@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 release.

Forward-Looking Information: This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein is forward-looking information. In particular, this news release contains forward-looking information in relation to: statements regarding the continuing development of the ‎5610 Finch Ave East, Toronto property, including ‎permitting and zoning for the construction of a warehouse and distribution facility‎; and Parkit’s strategy and focus regarding acquiring high-quality and strategically located industrial properties with a focus on the ‎GTA+, Ottawa and Montreal. This forward-looking information reflects Parkit’s current beliefs and is based on information currently ‎available to Parkit and on assumptions Parkit believes are reasonable. These assumptions ‎include, but are not limited to: the ‎receipt of all required approvals, permitting and zoning for the continuing development of the 5610 Finch Ave East, Toronto property‎; the level of activity in the industrial real estate ‎business and the economy generally; consumer interest in Parkit’s services and products; and Parkit’s continued response and ability to navigate the ‎COVID-19 pandemic being ‎consistent with, or better than, its ability and response to date‎. ‎Forward-looking information is subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in such forward-looking information. These risks, uncertainties, and factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; the inability to satisfy the conditions for the approvals, permitting or zoning relating to the continuing development of the 5610 Finch Ave East, Toronto property; general capital market conditions ‎and market prices for securities; delay or failure to receive third party or regulatory approvals; the actual ‎results of Parkit’s future operations; competition; changes in legislation, including environmental ‎legislation, affecting Parkit; the timing and availability of external financing on acceptable terms; ‎conclusions of economic evaluations and appraisals; lack of qualified, skilled labour or loss of key individuals; ‎risks related to the COVID-19 pandemic including various recommendations, orders and measures of ‎governmental authorities to try to limit the pandemic, including travel restrictions, border closures, non-‎essential business closures, service disruptions, quarantines, self-isolations, shelters-in-place, social ‎distancing and mandatory vaccination policies, disruptions to markets, economic activity, financing, supply chains and sales channels, and a ‎deterioration of general economic conditions including a possible national or global recession; and the impact ‎that the COVID-19 pandemic may have on Parkit which may include: a short-term delay in ‎payments from customers, an increase in accounts receivable and an increase of losses on accounts ‎receivable; decreased demand for the services that Parkit offers; and a deterioration of ‎financial markets that could limit Parkit’s ability to obtain external financing. A description of ‎additional risk factors that may cause actual results to differ materially from forward-looking information can ‎be found in Parkit’s disclosure documents on the SEDAR website at www.sedar.com. ‎Although Parkit has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Parkit as of the date of this news release and, accordingly, are subject to change after such date. However, Parkit expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law. 

Toronto, Ontario — Parkit Enterprise Inc. (TSXV: PKT) (“Parkit” or the “Company”), has agreed to acquire two Class A located industrial assets from two vendor groups (collectively, the “Vendors“) for an aggregate purchase price of $17,000,000, subject to customary adjustments (the “Acquisitions“). Both Acquisitions are arm’s length. It is anticipated that the Acquisitions will close in Q1 2022.

The Acquisitions total 141,031 square feet, are located in Boisbriand, Quebec and London, Ontario.

Purchase Price and Payment
The aggregate purchase price for the Acquisitions is $17,000,000, subject to adjustments, and is payable by the issuance of up to approximately $2,500,000 of Parkit common shares for one of the assets based on an agreed upon VWAP ending three days prior to closing, with the remainder of the aggregate purchase price being paid with funds on hand and mortgage assumption. 

Steven Scott, Chair of Parkit, states, “The Acquisitions start the year off by adding a strategic asset in London, Ontario and to enter the Quebec market with a Class A industrial property located in the Montreal suburbs.”

Conditions Precedent to the Acquisitions
The obligations of Parkit to complete the Acquisitions are subject to conditions including, but not limited to: satisfactory due diligence and satisfactory environmental site assessment reports. The obligations of both Parkit and the Vendors to complete the closing of the Acquisitions are subject to the satisfaction of other customary closing conditions and include, for one of the Acquisitions, acceptance of the TSX Venture Exchange (“TSXV“). Neither of the two Vendor group Acquisitions are conditional or contingent on the completion of the other Acquisition. 

Other Information
There can be no assurance that the Acquisitions will be completed as proposed or at all. The TSXV has in no way passed upon the merits of the Acquisitions and has neither approved nor disapproved the contents of this news release. No new insiders will be created, nor will any change of control occur, as a result of the ‎Acquisitions. ‎

Issuance of Options
Certain officers, employees, consultants and directors have been issued an aggregate of 3,400,000 options pursuant to the Company’s option plan effective December 31, 2021 with each such option being exercisable into one common share at an exercise price of $1.50 at any time on or before the tenth anniversary of its issuance. Each of the options vested on grant.

Of the options granted above, 3,125,000 options were granted to directors and officers of the Company. The Company is relying on exemptions from the formal valuation and minority approval requirements of Multilateral Instrument 61-101 and TSX Venture Exchange Policy 5.9, for the issuance of these options, pursuant to Section 5.5(b) (Issuer Not Listed on Specified Markets) and Section 5.7(a) (Fair Market Value Not More Than 25% of Market Capitalization) of MI 61-101, respectively.

About Parkit Enterprise Inc. 
Parkit is an industrial real estate platform focused on the acquisition, growth and management of strategically located industrial properties across key markets in Canada, with a focus on the Greater Toronto Area+ (“GTA+”), Ottawa and Montreal, to complement its parking assets across the United States. Parkit’s Common Shares are listed on TSX-V (Symbol: PKT).

For more information, please contact Mr. Carey Chow, Mr. Iqbal Khan or Mr. Steven Scott: 

Investor Relations 
Contact Number: 1-888-627-9881
Email: ir@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 release.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the 1933 Act and applicable state securities laws or an exemption from such registration is available.

Forward-Looking Information: This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein is forward-looking information. In particular, this news release contains forward-looking information in relation to: statements regarding the proposed Acquisitions, including the closing and the timing thereof, the method of payment for the proposed Acquisitions and the satisfaction of conditions in relation to the proposed Acquisitions; and Parkit’s strategy and focus regarding acquiring high-quality and strategically located industrial properties with a focus on the ‎GTA+, Ottawa and Montreal. This forward-looking information reflects Parkit’s current beliefs and is based on information currently ‎available to Parkit and on assumptions Parkit believes are reasonable. These assumptions ‎include, but are not limited to: the completion of satisfactory due diligence by Parkit in relation to the ‎proposed Acquisitions‎; the satisfactory fulfilment of all of the conditions precedent to the proposed ‎Acquisitions including satisfactory due diligence‎ and satisfactory ‎environmental site assessment reports‎; the ‎receipt of all required approvals for the proposed Acquisitions‎, including any third ‎party consents; market acceptance of the ‎proposed Acquisitions‎; the receipt of, and accuracy of the value of, appraisals received for the proposed ‎Acquisitions; the level of activity in the industrial real estate ‎business and the economy generally; consumer interest in Parkit’s services and products; and Parkit’s continued response and ability to navigate the ‎COVID-19 pandemic being ‎consistent with, or better than, its ability and response to date‎. ‎Forward-looking information is subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in such forward-looking information. These risks, uncertainties, and factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions ‎and market prices for securities; delay or failure to receive third party or regulatory approvals; the actual ‎results of Parkit’s future operations; competition; changes in legislation, including environmental ‎legislation, affecting Parkit; the timing and availability of external financing on acceptable terms; ‎conclusions of economic evaluations and appraisals; lack of qualified, skilled labour or loss of key individuals; ‎risks related to the COVID-19 pandemic including various recommendations, orders and measures of ‎governmental authorities to try to limit the pandemic, including travel restrictions, border closures, non-‎essential business closures, service disruptions, quarantines, self-isolations, shelters-in-place, social ‎distancing and mandatory vaccination policies, disruptions to markets, economic activity, financing, supply chains and sales channels, and a ‎deterioration of general economic conditions including a possible national or global recession; and the impact ‎that the COVID-19 pandemic may have on Parkit which may include: a short-term delay in ‎payments from customers, an increase in accounts receivable and an increase of losses on accounts ‎receivable; decreased demand for the services that Parkit offers; and a deterioration of ‎financial markets that could limit Parkit’s ability to obtain external financing. A description of ‎additional risk factors that may cause actual results to differ materially from forward-looking information can ‎be found in Parkit’s disclosure documents on the SEDAR website at www.sedar.com. ‎Although Parkit has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Parkit as of the date of this news release and, accordingly, are subject to change after such date. However, Parkit expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

Toronto, Ontario – PARKIT ENTERPRISE INC. (TSXV: PKT) (“Parkit“) is pleased to announce that, further to its November 22, 2021 news release, it has completed the acquisition of 1485 Speers Rd, Oakville, Ontario.

Acquisition of 1485 Speers Rd, Oakville, Ontario
Parkit acquired 1485 Speers Rd, Oakville, Ontario (the “Property“) for an aggregate purchase price of $18,000,000 (the “Acquisition“). The Property is approximately 101,500 square feet on approximately 6.7 acres of land. Parkit plans to expand the gross leasable area on the Property.

Steven Scott, the Chair of Parkit, stated, “This high-quality acquisition in an excellent location follows our plan of adding great assets in strategic locations throughout Canada. With this transaction, Parkit has now completed $136 million of acquisitions over the last twelve months.”

Purchase Price and Payment
The purchase of the Property for $18,000,000, subject to standard adjustments, was satisfied through the issuance of 702,481 common shares in the capital of Parkit for $1,000,000 and $17,000,000 from funds on hand. The common shares issued in connection with the Acquisition will be subject to a hold period of four months and one day following the date of issuance.

About Parkit Enterprise Inc.
Parkit is an industrial real estate platform focused on the acquisition, growth, and management of strategically located industrial properties across key markets in Canada, with a focus on the Greater Toronto Area+ (“GTA+“), Ottawa and Montreal, to complement its parking assets across the United States. Parkit’s common shares are listed on TSX Venture Exchange (TSXV: PKT).

For more information, please contact Mr. Carey Chow, Mr. Iqbal Khan or Mr. Steven Scott: 

Investor Relations
Contact Number: 1-888-627-9881
Email: ir@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 release.

Forward-Looking Information: This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein is forward-looking information. In particular, this news release contains forward-looking information in relation to: Parkit’s expansion plans for the gross leasable area for the Property and Parkit’s strategy and focus regarding acquiring high-quality and strategically located industrial properties with a focus on the ‎GTA+, Ottawa and Montreal. This forward-looking information reflects Parkit’s current beliefs and is based on information currently ‎available to Parkit and on assumptions Parkit believes are reasonable. These assumptions ‎include, but are not limited to: the ability to obtain all required permits and approvals for Parkit’s expansion plans for the Property; the level of activity in the industrial real estate ‎business and the economy generally; consumer interest in Parkit’s services and products; and Parkit’s continued response and ability to navigate the ‎COVID-19 pandemic being ‎consistent with, or better than, its ability and response to date‎. ‎Forward-looking information is subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in such forward-looking information. These risks, uncertainties, and factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; the inability to satisfy the permitting or approval conditions for Parkit’s expansion plans for the Property; general capital market conditions ‎and market prices for securities; delay or failure to receive third party or regulatory approvals; the actual ‎results of Parkit’s future operations; competition; changes in legislation, including environmental ‎legislation, affecting Parkit; the timing and availability of external financing on acceptable terms; ‎conclusions of economic evaluations and appraisals; lack of qualified, skilled labour or loss of key individuals; ‎risks related to the COVID-19 pandemic including various recommendations, orders and measures of ‎governmental authorities to try to limit the pandemic, including travel restrictions, border closures, non-‎essential business closures, service disruptions, quarantines, self-isolations, shelters-in-place and social ‎distancing, disruptions to markets, economic activity, financing, supply chains and sales channels, and a ‎deterioration of general economic conditions including a possible national or global recession; and the impact ‎that the COVID-19 pandemic may have on Parkit which may include: a short-term delay in ‎payments from customers, an increase in accounts receivable and an increase of losses on accounts ‎receivable; decreased demand for the services that Parkit offers; and a deterioration of ‎financial markets that could limit Parkit’s ability to obtain external financing. A description of ‎additional risk factors that may cause actual results to differ materially from forward-looking information can ‎be found in Parkit’s disclosure documents on the SEDAR website at www.sedar.com. ‎Although Parkit has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Parkit as of the date of this news release and, accordingly, are subject to change after such date. However, Parkit expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

Acquisition of Property

Parkit has entered into an asset purchase agreement, with an arms length vendor (the “Vendor“), pursuant to which Parkit has agreed to acquire 1485 Speers Road, Oakville, Ontario (the “Property“) for an aggregate purchase price of $18,000,000, subject to customary adjustments (the “Acquisition“). It is anticipated that the Acquisition will be completed on or before December 15, 2021. The Property is approximately 101,500 square feet on approximately 6.7 acres of land. Parkit will take vacant possession and plans to expand the gross leasable area on the Property.

Purchase Price and Payment

The purchase of the Property for $18,000,000, subject to standard adjustments, and is payable by the issuance of $1,000,000 of Parkit common shares based on the share price from the prior day to closing, with the remainder of the aggregate purchase price being paid with funds on hand.

Steven Scott, the Chair of Parkit, stated, “This high quality acquisition in an excellent location follows our plan of adding great assets in strategic locations throughout Canada.”

Other Information

The TSX Venture Exchange has in no way passed upon the merits of the Acquisition and has neither approved nor disapproved the contents of this news release. No new insiders will be created, nor will any change of control occur, as a result of the ‎Acquisition.

About Parkit Enterprise Inc.

Parkit is an industrial real estate platform focused on the acquisition, growth and management of strategically located industrial properties across key markets in Canada, with a focus on the GTA+, Ottawa and Montreal, to complement its parking assets across the United States. Parkit’s Common Shares are listed on TSX Venture Exchange (Symbol: PKT).

For more information, please contact Mr. Carey Chow, Mr. Iqbal Khan or Mr. Steven Scott:

Investor Relations
Contact Number: 1-888-627-9881
Email: ir@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 release.

Forward-Looking Information: This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein is forward-looking information. In particular, this news release contains forward-looking information in relation to: statements regarding the proposed Acquisition, including the closing and the timing thereof, the method of payment for the proposed Acquisition and the expansion of the gross leasable area on the Property; and Parkit’s strategy and focus regarding acquiring high-quality and strategically located industrial properties with a focus on the ‎GTA+, Ottawa and Montreal. This forward-looking information reflects Parkit’s current beliefs and is based on information currently ‎available to Parkit and on assumptions Parkit believes are reasonable. These assumptions ‎include, but are not limited to: the ‎receipt of all required approvals for the proposed Acquisition‎; market acceptance of the ‎proposed Acquisition; the level of activity in the industrial real estate ‎business and the economy generally; consumer interest in Parkit’s services and products; and Parkit’s continued response and ability to navigate the ‎COVID-19 pandemic being ‎consistent with, or better than, its ability and response to date‎. ‎Forward-looking information is subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in such forward-looking information. These risks, uncertainties, and factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions ‎and market prices for securities; delay or failure to receive third party or regulatory approvals; the actual ‎results of Parkit’s future operations; competition; changes in legislation, including environmental ‎legislation, affecting Parkit; the timing and availability of external financing on acceptable terms; ‎conclusions of economic evaluations and appraisals; lack of qualified, skilled labour or loss of key individuals; ‎risks related to the COVID-19 pandemic including various recommendations, orders and measures of ‎governmental authorities to try to limit the pandemic, including travel restrictions, border closures, non-‎essential business closures, service disruptions, quarantines, self-isolations, shelters-in-place, social ‎distancing and mandatory vaccination policies, disruptions to markets, economic activity, financing, supply chains and sales channels, and a ‎deterioration of general economic conditions including a possible national or global recession; and the impact ‎that the COVID-19 pandemic may have on Parkit which may include: a short-term delay in ‎payments from customers, an increase in accounts receivable and an increase of losses on accounts ‎receivable; decreased demand for the services that Parkit offers; and a deterioration of ‎financial markets that could limit Parkit’s ability to obtain external financing. A description of ‎additional risk factors that may cause actual results to differ materially from forward-looking information can ‎be found in Parkit’s disclosure documents on the SEDAR website at www.sedar.com. ‎Although Parkit has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Parkit as of the date of this news release and, accordingly, are subject to change after such date. However, Parkit expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

Toronto, Ontario – ‎Parkit Enterprise Inc. (TSXV: PKT) (“Parkit” or the “Company“) reported the Company’s third quarter results. Steven Scott, Chair, commented:

“Parkit has continued its transition into an industrial real estate platform as it grows its revenues and net rental income, advances its development properties, and continues to find accretive industrial asset acquisitions. Parkit has completed a total of $120 million of industrial assets acquisitions over the past 12 months and looks to continue this strength into the balance of 2021 and beyond.”

2021 Third Quarter Results and Recent Business Highlights

• Revenues and net rental income. Revenues and net rental income continued to increase as we onboard and integrate additional investment properties. The investment properties revenue for the three months ended September 30, 2021 rose to $1,741,371 compared to nil for the three months ended October 31, 2020. Net rental income for the three months ended September 30, 2021 rose to $1,046,586, compared to nil for the three months ended September 30, 2020.
• Significant liquidity position. Cash and cash equivalents were $56,305,690 for the quarter ended September 30, 2021, compared to $588,635 for the quarter ended October 31, 2020.
• Parking operations continues to be impacted by COVID-19. Parkit’s parking joint ventures reported a small loss of $6,547 for the 3 months ended September 30, 2021, compared to a loss of $4,054,601 for the 3 months ended October 31, 2020. The Company expects the parking results to continue to improve as the effects of the pandemic diminish.
• Loss for the period. The Company had a loss for the three months ended September 30, 2021 of $678,310, or a basic and diluted loss per share of $0.00, compared to a loss for the three months ended October 31, 2020 of $4,356,008, or a basic and diluted loss per share of $0.12. The loss for the quarter ended September 30, 2021 resulted from one-time transaction costs incurred on acquisitions, depreciation (non-cash item) and financing costs offset by rising net rental income from its investment properties.
• Funds from operations (“FFO”) increased for the period. Parkit had positive FFO, a non-IFRS measure‎, of $624,431 for the three months ended September 30, 2021, compared to a loss of $90,227 for the three months ended October 31, 2020.
• Subsequent to the quarter, Parkit completed the acquisition oftwo industrial properties, a 74,447 square foot multi-tenanted industrial facility on 4.0 acres of land in Ottawa, Ontario and 2.4 acres of land in Toronto, Ontario that neighbours an existing property in Parkit’s portfolio.
• Continued focus on environmental, social and governance (“ESG”) initiatives. Parkit continued its focus on ESG initiatives by prioritizing environmental investments in its development plans and reviewing its corporate policies.

Financial Information

A summary of the results of operations for the three and nine months ended September 30, 2021 and the three and nine months ended October 31, 2020 is set forth below:

Operational Highlights

Parkit continues to execute on its operational objectives:

• Leasing at elevated rental spreads. Tenants have renewed at market rental rates, >40% over the prior rental rates.
• Low vacancies. Parkit only has vacancies in its development properties and does not have any current vacancy at its investment properties.
• Advancing its development. Parkit continues to advance its development properties and maximize property density.
• Strong rent collections. Parkit’s rent collections remain resilient through the pandemic as the Company increased its collections for the three months and nine months ended September 30, 2021 up to 100% and 99%, respectively.

Parkit is focused on continuing its shift into industrial real estate by growing its portfolio and maximizing cash flows from its investment properties, while stabilizing its parking operations.

Further Information

For comprehensive disclosure of Parkit’s performance for the three months and nine months ended September 30, 2021 and its financial position as at such date, please see Parkit’s Condensed Consolidated Interim Financial Statements and Management’s Discussion and Analysis for the three months and nine months ended September 30, 2021 filed on SEDAR at www.sedar.com.

Non-IFRS Financial Measures

Management uses both IFRS and non-IFRS Measures to assess the financial and operating performance of the Company’s operations. These non-IFRS Measures are not recognized measures under IFRS, do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures presented by other companies. The non-IFRS Measures referenced in this news release include the following:

1. Funds from Operations (“FFO“) – is a non-IFRS measure of operating performance as it focuses on cash flow from operating activities. REALPAC is the national industry association dedicated to advancing the long-term vitality of Canada’s real property sector. REALPAC defines FFO as net income (calculated in accordance with IFRS), adjusted for, among other things, depreciation, transaction costs, gains and losses from property dispositions, foreign exchange, as well as other non-cash items, and this is how the Company determines FFO. The Company believes that FFO can be a beneficial measure, when combined with primary IFRS measures, to assist in the evaluation of the Company’s ability to generate cash and evaluate its return on investments as it excludes the effects of real estate amortization and gains and losses from the sale of real estate, all of which are based on historical cost accounting and which may be of limited significance in evaluating current performance.

FFO should not be viewed as an alternative to, in isolation from, or superior to, net income or cash flow from operations, or results from Parkit’s comprehensive operations, respectively, or other measures calculated in accordance with IFRS. FFO should not be interpreted as an indicator of cash generated from operating activities and is not indicative of cash available to fund operating expenditures, or for the payment of cash distributions. FFO is simply an additional measure of operating performance which highlight trends in Parkit’s core business that may not otherwise be apparent when relying solely on IFRS financial measures. Parkit’s management also uses these non-IFRS measures in order to facilitate operating performance comparisons from period to period and to prepare operating budgets. In addition, the Company’s definition of FFO may differ from that of other issuers.

About Parkit Enterprise Inc.

Parkit is an industrial real estate platform focused on the acquisition, growth and management of strategically located industrial properties across key markets in Canada, with a focus on the Greater Toronto Area+ (“GTA+“), Ottawa and Montreal, to complement its parking assets across the United States. Parkit’s Common Shares are listed on TSXV (Symbol: PKT).

For more information, please contact Mr. Steven Scott, Mr. Iqbal Khan or Mr. Carey Chow:

Investor Relations
Contact Number: 1-888-627-9881
Email: ir@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 release.

Forward-Looking Information: This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein is forward-looking information. In particular, this press release contains forward-looking information in relation to: the Company’s strategy and focus, including a continuing shift into industrial real estate by growing its portfolio of investment properties while stabilizing its parking operations, and also regarding expanding existing properties and acquiring strategically located industrial properties with a focus on the ‎GTA+, Ottawa and Montreal; Parkit’s continued focus on ESG initiatives by prioritizing environmental investments; Parkit’s expectation that parking results will continue to improve as the effects of the pandemic ‎diminish; and Parkit’s continuing advancement of it development properties by maximizing property density.‎ This forward-looking information reflects the Company’s current beliefs and is based on information currently ‎available to the Company and on assumptions the Company believes are reasonable. These assumptions ‎include, but are not limited to: the level of activity in the industrial real estate ‎business and the economy generally; continued consumer interest in the Company’s services and products; the Company’s continued ability to acquire properties that are in-line with its strategic focus, including prioritizing environmental investments; the Company’s continuing ability to grow its portfolio of investment properties; the Company’s past results continuing to be an indicator of future results; the diminishing effects of the COVID-19 pandemic in Canada, the United States, and elsewhere; and the Company’s continued response and ability to navigate the ‎COVID-19 pandemic being ‎consistent with, or better than, its ability and response to date‎. ‎Forward-looking information is subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in such forward-looking information. These risks, uncertainties, and factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions ‎and market prices for securities; delay or failure to receive third party or regulatory approvals; the actual ‎results of the Company’s future operations; competition; changes in legislation, including environmental ‎legislation affecting the Company; the timing and availability of external financing on acceptable terms; ‎conclusions of economic evaluations and appraisals; lack of qualified, skilled labour or loss of key individuals; ‎risks related to the COVID-19 pandemic including various recommendations, orders and measures of ‎governmental authorities to try to limit the pandemic, including travel restrictions, border closures, non-‎essential business closures, service disruptions, quarantines, self-isolations, shelters-in-place, social ‎distancing and mandatory vaccination policies, disruptions to markets, economic activity, financing, supply chains and sales channels, and a ‎deterioration of general economic conditions including a possible national or global recession; and the impact ‎that the COVID-19 pandemic may have on the Company which may include: a short-term delay in ‎payments from customers, an increase in accounts receivable and an increase of losses on accounts ‎receivable; decreased demand for the services that the Company offers; and a deterioration of ‎financial markets that could limit the Company’s ability to obtain external financing. A description of ‎additional risk factors that may cause actual results to differ materially from forward-looking information can ‎be found in the Company’s disclosure documents on the SEDAR website at www.sedar.com. ‎Although Parkit has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions, or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking information contained in this press release is expressly qualified by this cautionary statement. The forward-looking information contained in this press release represents the expectations of Parkit as of the date of this press release and, accordingly, are subject to change after such date. However, Parkit expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

PARKIT ENTERPRISE INC. (TSXV: PKT) (“Parkit“) is pleased to announce that, further to its August 12, 2021 press release, it has completed the acquisition of a neighbouring industrial property in Toronto, Ontario.

Acquisition of 720 Tapscott Road and Expansion

Parkit acquired 720 Tapscott Road, Toronto (the “Property“) for an aggregate purchase price of $3,600,000 (the “Acquisition“). The Property complements Parkit’s existing platform as it neighbours two of Parkit’s properties, 5600 and 5610 Finch Ave East. With the acquisition of this Property, Parkit now owns a contiguous 14 acre parcel of land. 

Parkit plans to augment its expansion of 5610 Finch Ave East by adding an additional 60,000 plus square feet of rentable industrial space on 5610 Finch Ave East and 720 Tapscott Rd. Upon completion, the total rentable industrial space on these two properties will be at least 175,000 square feet.

On completion of the planned expansions‎ (collectively, the “Expansions“)‎, Parkit will own over 300,000 square feet of industrial space on 14 acres of land on the combined 5600 Finch Ave East, 5610 Finch Ave East and 720 Tapscott Rd properties.

Steven Scott, the Chair of Parkit, stated, “This acquisition is a continuation of our strategy to acquire high-quality industrial properties in the Greater Toronto Area. The property provides a valuable expansion opportunity and optionality in the future.”

Purchase Price and Payment 
The purchase of the Property for $3,600,000, subject to standard adjustments, was satisfied through the issuance of 61,552 common shares in the capital of the Company at a deemed aggregate consideration of $100,000 and $3,500,000 from funds on hand. The common shares issued in connection with the Acquisition will be subject to a hold period of four months and one day following the date of issuance.

About Parkit Enterprise Inc. 
Parkit is an industrial real estate platform focused on the acquisition, growth and management of strategically located industrial properties across key markets in Canada, with a focus on the Greater Toronto Area+ (“GTA+“), Ottawa and Montreal, to complement its parking assets across the United States. Parkit’s Common Shares are listed on TSX Venture Exchange (Symbol: PKT).

For more information, please contact Mr. Carey Chow, Mr. Iqbal Khan or Mr. Steven Scott: 

Investor Relations 
Contact Number: 1-888-627-9881
Email: ir@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 release.

Forward-Looking Information: This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein is forward-looking information. In particular, this news release contains forward-looking information in relation to: the planned Expansions, including the forecasted rentable industrial space on completion of the Expansions and the potential effect of the Expansions; and Parkit’s strategy and focus regarding acquiring high-quality and strategically located industrial properties with a focus on the ‎GTA+, Ottawa and Montreal. This forward-looking information reflects Parkit’s current beliefs and is based on information currently ‎available to Parkit and on assumptions Parkit believes are reasonable. These assumptions ‎include, but are not limited to: the ability to obtain all required permits and approvals for the Expansions; the level of activity in the industrial real estate ‎business and the economy generally; consumer interest in Parkit’s services and products; and Parkit’s continued response and ability to navigate the ‎COVID-19 pandemic being ‎consistent with, or better than, its ability and response to date‎. ‎Forward-looking information is subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in such forward-looking information. These risks, uncertainties, and factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; the inability to satisfy the permitting and approval conditions for the Expansions; general capital market conditions ‎and market prices for securities; delay or failure to receive third party or regulatory approvals; the actual ‎results of Parkit’s future operations; competition; changes in legislation, including environmental ‎legislation, affecting Parkit; the timing and availability of external financing on acceptable terms; ‎conclusions of economic evaluations and appraisals; lack of qualified, skilled labour or loss of key individuals; ‎risks related to the COVID-19 pandemic including various recommendations, orders and measures of ‎governmental authorities to try to limit the pandemic, including travel restrictions, border closures, non-‎essential business closures, service disruptions, quarantines, self-isolations, shelters-in-place and social ‎distancing, disruptions to markets, economic activity, financing, supply chains and sales channels, and a ‎deterioration of general economic conditions including a possible national or global recession; and the impact ‎that the COVID-19 pandemic may have on Parkit which may include: a short-term delay in ‎payments from customers, an increase in accounts receivable and an increase of losses on accounts ‎receivable; decreased demand for the services that Parkit offers; and a deterioration of ‎financial markets that could limit Parkit’s ability to obtain external financing. A description of ‎additional risk factors that may cause actual results to differ materially from forward-looking information can ‎be found in Parkit’s disclosure documents on the SEDAR website at www.sedar.com. ‎Although Parkit has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Parkit as of the date of this news release and, accordingly, are subject to change after such date. However, Parkit expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.