Uncategorized - Parkit Enterprise Inc

Not for distribution in the United States newswire services or for dissemination in the United States

TORONTO, Jan. 26, 2021 – Parkit Enterprise Inc. (“Parkit” or the “Company”) (TSXV: PKT) (OTC: PKTEF), is pleased to announce that it has entered into an agreement with Stifel GMP and Scotiabank as joint bookrunners on their own behalf and on behalf of a syndicate of underwriters (collectively, the “Underwriters”), to increase the size of its previously announced bought deal private placement offering. Pursuant to the upsized deal terms, the Underwriters have agreed to purchase, on a bought deal private placement basis, 63,157,900 Common Shares of the Company (“Common Shares”) at a price of $0.95 per Common Share, for aggregate gross proceeds of $60,000,005 (the “Offering”).

The Underwriters have also been granted an option, exercisable in whole or in part any time up to 48 hours prior to the closing date of the Offering, to purchase for resale up to an additional 9,473,685 Common Shares at the Offering Price, for aggregate gross proceeds to the Company of $69,000,006 in the event the Underwriters exercise this option in full.

Concurrent with the Offering, the Company may issue and sell additional Common Shares for additional aggregate gross proceeds of up to $15,000,000 on the same terms as the Offering to subscribers designated by the Company.

The Company plans to use the net proceeds from the sale of Common Shares for future acquisitions and for general corporate purposes. The Offering is scheduled to close on or about February 17, 2021 (the “Closing Date”) and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange.

The Common Shares will be subject to a hold period under applicable Canadian securities laws expiring on the date that is four months and one day following the Closing Date.

The Common Shares will be offered on a private placement basis in all provinces and territories of Canada. The Common Shares will also be offered in the United States on a private placement basis pursuant to available exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the “1933 Act”), and in such other jurisdictions outside of Canada and the United States, as mutually agreed by the Company and the Underwriters, in each case in accordance with all applicable laws.

About Parkit Enterprise Inc.

Parkit Enterprise Inc. is engaged in the acquisition, optimization and asset management of income producing industrial real estate and parking facilities across Canada and the United States. Parkit’s Common Shares are listed on TSX-V (Symbol: PKT) and on the OTC (Symbol: PKTEF).

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 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.

For more information, please contact Mr. Steven Scott: Investor Relations, Contact Number: 604-424-8700, Email: ir@parkitenterprise.com

Toronto, Ontario — January 25, 2021- PARKIT ENTERPRISE INC. (TSXV: PKT) (OTC: PKTEF) (“Parkit” or the “Company”) is pleased to announce that it has entered into an asset purchase agreement (the “Purchase Agreement”), with a private company (the “Vendor”), pursuant to which Parkit has agreed to purchase one property, located at 5610 Finch Ave East, Toronto, Ontario (the “Property”), for an aggregate purchase price of $12,250,000, subject to customary adjustments (the “Proposed Acquisition”). It is anticipated that the Proposed Acquisition will be financed through existing cash resources and a mortgage on the Property. The Vendor is not a related party to Parkit and the Proposed Acquisition constitutes an arm’s length transaction for the purposes of the ‎TSX Venture Exchange (“TSXV”) policies. It is anticipated that the Proposed Acquisition will be completed on or before March 31, 2021.

Property and Expansion

The Property complements Parkit’s existing platform as it neighbor’s the Company’s 5600 Finch Road Ave East property. After closing the Proposed Acquisition, Parkit will own an additional Class A industrial property with 54,853 square feet of rentable space on 5.5 acres of land.

The Company plans to expand the Property by approximately 62,000 square feet of rentable industrial space.

Post closing of the Proposed Acquisition and completion of the planned expansions, the Company will own over 245,000 square feet of industrial space on over 11.6 acres of land on the combined 5600 and 5610 Finch Ave East properties.

Steven Scott, the Chair of Parkit, states, “The Proposed Acquisition is a natural purchase for Parkit as it not only supports the Company’s strategy of acquiring high-quality industrial properties in the Greater Toronto Area but provides for a valuable expansion opportunity and optionality in the future.”

About PARKIT

For more information, please contact:

Investor Relations

Email: ir@parkitenterprise.com

Forward-Looking Information: This press release contains “forward-looking information” within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, ” expects” or “does not expect”, “proposed”, “is expected”, “budgets”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. In particular, this press release contains forward-looking information in relation to: the completion of the Proposed Acquisition and the terms thereof; the anticipated closing date for the Proposed Acquisition; the potential expansion of the Property; and the funds to be used for the Proposed Acquisition. 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 all parties in relation to the Proposed Acquisition; the satisfactory fulfilment of all terms and conditions contained in the purchase agreement; the receipt of all required approvals for the Proposed Acquisition; 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, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Parkit to be materially different from those expressed or implied by such forward-looking information. Such risks and other 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 required 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; 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: 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 cautioned that the foregoing list of factors is not exhaustive. 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.

Vancouver, British Columbia — PARKIT ENTERPRISE INC. (TSXV: PKT) (OTC: PKTEF) (“Parkit“) is pleased to announce that it has completed its previously announced (see press release dated November 24, 2020) acquisition of two industrial properties, one located at 5600 Finch Ave East, Toronto, Ontario and the other at 4390 Paletta Court, Burlington, Ontario (the “Properties“), for an aggregate purchase price of $36,250,000. Concurrent with the closing of the acquisitions, Parkit also completed its previously announced $10,000,000 private placement of common shares. In connection with the completion of these transactions, Parkit’s board was reconstituted with the addition of Steven Scott, Iqbal Khan and Julie Neault. It is anticipated that Blair Tamblyn will be proposed as a nominee for election as a director of Parkit at its upcoming annual meeting of shareholders. Biographies of each of the directors can be found in Parkit’s November 24, 2020 press release. In connection with these additions, Brad Miller and Elie Norowitz have resigned from the Parkit board.

Focus on Industrial Properties

Beginning with the purchase of the Properties, Parkit intends to focus on the acquisition of high-quality industrial properties in key markets throughout Canada. Management believes that the industrial real estate market in Canada benefits from secular tailwinds, including but not limited to the proliferation of e-commerce, significant population growth, and the resilience of the asset class. Management believes that the additions to the Parkit board adds the depth of experience needed to capitalize on this opportunity. Management believes that a publicly traded industrial real estate growth vehicle will provide investors with compelling exposure to an increasingly important part of the real estate market.

Avi Geller, Parkit’s CEO, said, “We are excited to close the transaction and welcome Steven Scott, Iqbal Khan and Julie Neault to Parkit. We have had the chance to work with them over the course of this transaction and we are excited about Parkit’s future. In addition, I would like to thank Elie and Brad for the professionalism and talent that they exhibited on our board over the past few years. We greatly appreciate all that that they have done for the company and it has been a pleasure to serve with them.”

Steven Scott, the proposed incoming Chair of Parkit, states, “The last 5 years have shown tremendous demand for warehouse, logistics and ecommerce solutions. With historically low cost of debt and continued population growth, the proposed transaction positions Parkit to capitalize on these trends.”

Purchase Price and Payment

The purchase price for the acquisitions was $36,250,000, subject to adjustments. The Purchase price was satisfied as follows: (i) the sum of $10,000,000 by the issuance of 40,000,000 common shares of Parkit (“Common Shares“) at a deemed price of $0.25 per Common Share, with 20,000,000 of such Common Shares being issued to each of the vendors; (ii) the assumption of mortgages on the Properties totaling approximately $17,800,000 (“Mortgage Assumptions“); and (iii) Vendor take-back loans in the aggregate amount of approximately $8,450,000 (“Vendor Take-Back Loans“).

Properties

The two Properties total 230,000 square feet of rentable industrial space in the Greater Toronto Area. The Properties are fully leased with the leases having an average term remaining of 4.8 years. The Finch Avenue East Property has been owned by the vendor thereof since 1987, and the Paletta Court Property has been owned by the vendor thereof since 1995. The Properties have an appraised value of $36,425,000 from an arm’s length third party.

The Finch Avenue East Property is owned by NAWOC Holdings Limited, a private Ontario company which is controlled by Access Self Storage Inc., and the Paletta Court Property is owned by SRS Realty Group Inc., a private Ontario company controlled by Steven Scott.

Management

Avi Geller will continue as Chief Executive Officer of Parkit and JoAnne Odette will continue as Chief Financial ‎Officer of Parkit.‎

Concurrent with the completion of these transactions, Parkit entered into a property management agreement with Access Results Management Services Inc. (the “Manager“), an affiliate of one of the vendors, to manage the Properties. The management agreement among the Manager and Parkit has, subject to certain conditions, a term of 5 years from the closing date and results in industry standard (non-material) compensation payable to the Manager.

Private Placement

Concurrently with the closing of the acquisitions, Parkit completed a non-brokered private placement offering of 40,000,000 Common Shares at a ‎price of $0.25 per Common Share, for gross proceeds of $10,000,000 (the “Private Placement“). The net proceeds of the Private Placement will be used for future acquisitions, expansions and general working capital. ‎The securities issued in connection with the Private Placement were issued pursuant to applicable exemptions from the prospectus requirements under applicable securities laws. Such securities are subject to a four month hold period which will expire on April 30, 2021.

‎Pursuant to the Private Placement, Parkit issued Common Shares to certain purchasers that are considered to be “related parties” (within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions(“MI 61-101”)), making the Private Placement a “related party transaction” (within the meaning of MI 61-101) (the “Related Party Subscriptions“). Parkit was exempt from obtaining a formal valuation for, and minority approval of, the Related Party Subscriptions pursuant to Section 5.5(b) and 5.7(1)(b) of MI 61-101, respectively.

Leonite Capital LLC, a company controlled by Avi Geller, subscribed for a total of 2,000,000 Common Shares pursuant to the Private Placement. Mr. Geller is an officer and director of Parkit and a “related party” of Parkit (within the meaning of MI 61-101). Leonite Capital Ltd. and Mr. Geller now beneficially own, or exercise control or direction over, 8,717,205 Common Shares (or, approximately 7.6% of the issued and outstanding Common Shares).

KDI Corporation Ltd., a company controlled by David Delaney, subscribed for a total of 400,000 Common Shares pursuant to the Private Placement. Mr. Delaney is a director of Parkit and a “related party” of Parkit (within the meaning of MI 61-101). KDI Corporation Ltd. and Mr. Delaney now beneficially own, or exercise control or direction over, 903,142 Common Shares (or, approximately 0.8% of the issued and outstanding Common Shares).

B&M Miller Equity Holdings Inc., a company controlled by Brad Miller, subscribed for a total of 400,000 Common Shares pursuant to the Private Placement. Mr. Miller was a director of Parkit at the time of the closing of the Private Placement and a “related party” of Parkit (within the meaning of MI 61-101). B&M Miller Equity Holdings Inc. now beneficially owns, or exercises control or direction over, 1,044,827 Common Shares (or, approximately 0.9% of the issued and outstanding Common Shares).

Brad Dunkley subscribed for a total of 7,200,000 Common Shares pursuant to the Private Placement. Mr. Dunkley is a director of Parkit and a “related party” of Parkit (within the meaning of MI 61-101). Mr. Dunkley now beneficially owns, or exercises control or direction over, 11,368,568 Common Shares (or, approximately 9.9% of the issued and outstanding Common Shares).

The material change report to be filed in relation to the private placement will not be filed at least 21 ‎days prior to the issuance of the Common Shares under the Related Party Subscriptions, as ‎contemplated by MI 61-101. Parkit ‎believes that this shorter period is reasonable and ‎necessary in the circumstances as the ‎completion of the Private Placement occurred shortly before the issuance of the news release and the ‎upcoming filing of the material change report in relation to the Private Placement.‎

Early Warning Disclosure

As a result of the completion of the transactions described in this press release, NAWOC Holdings Limited beneficially owns and has control of 20,000,000 Common Shares which represents approximately 17.4% of the issued and outstanding Common Shares as calculated in accordance with National Instrument 62-104 Take-Over Bids and Insider Bids (“NI 62-104”). Prior to the completion of the transaction it did not own or have direct or indirect control over any Common Shares. NAWOC Holdings Limited 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. NAWOC Holdings Limited’s head office is located at 100 Canadian Rd, Scarborough, ON M1R 4Z5.

As a result of the completion of the transactions described in this press release, SRS Realty Group Inc. beneficially owns and has control of 20,000,000 Common Shares which represents approximately 17.4% of the issued and outstanding Common Shares as calculated in accordance with NI 62-104. Prior to the completion of the transaction it did not own or have direct or indirect control over any Common Shares. SRS Realty Group Inc. 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 Realty Group Inc.’s head office is located at 100 Canadian Rd, Scarborough, ON M1R 4Z5.

As a result of the completion of the transactions described in this press release Leonite Capital LLC’s holdings have fallen below 10% of the outstanding Common Shares which requires the filing of an update to Leonite’s previously filed early warning report. Following the filing of the early warning report Leonite will no longer file early warning reports in respect of its ownership of Parkit securities, except as may be required by applicable law. Prior to the completion of the transactions Leonite and its principal Avi Geller had ownership and control over 6,717,205 Common Shares representing approximately 19.2% of the outstanding Common Shares and following the completion of the transactions, Leonite and its principal Avi Geller have ownership and control of 8,717,205 Common Shares representing approximately 7.6% of the issued and outstanding Common Shares. Leonite 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. Leonite’s head office is located at 1 Hillcrest Center Dr., Suite 232, Spring Valley, NY USA 10977.

As a result of the completion of the transactions described in this press release Brad Dunkley’s holdings have fallen below 10% of the outstanding Common Shares which requires the filing of an update to Mr. Dunkley’s previously filed early warning report. Following the filing of the early warning report Mr. Dunkley will no longer file early warning reports in respect of his ownership of Parkit securities, except as may be required by applicable law. Prior to the completion of the transactions Mr. Dunkley had ownership and control over 4,168,568 Common Shares representing approximately 11.9% of the outstanding Common Shares and following the completion of the transactions, Mr. Dunkley has ownership and control of 11,368,568, Common Shares representing approximately 9.9% of the issued and outstanding Common Shares. Mr. Dunkley has a long-term view of his 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. Mr. Dunkley’s address is 1133 Yonge Street, 5th Floor, Toronto, Ontario M4T 2Y7.

A copy of the early warning reports referenced above will appear with Parkit’s filings on the System for Electronic Document Analysis and Retrieval (SEDAR) and may be obtained upon request from Parkit’s Chief Financial Officer at 604-424-8700. Parkit’s head office address is located at 666 Burrard Street, Suite 500, Vancouver, BC, Canada, V6C 2X8. The disclosure in this press release under the heading “Early Warning Disclosure” has been issued under the early warning provisions of applicable Canadian securities legislation.

About PARKIT

Parkit Enterprise Inc. is engaged in the acquisition, optimization and asset management of income producing industrial real estate and parking facilities across Canada and the United States . Parkit’s Common Shares are listed on TSX-V (Symbol: PKT) and on the OTC (Symbol: PKTEF).

For more information, please contact:

Investor Relations
Email: ir@parkitenterprise.com

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. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, ” expects” or “does not expect”, “proposed”, “is expected”, “budgets”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. In particular, this press release contains forward-looking information in relation to: Parkit’s new focus on industrial real estate and the potential opportunities of such new focus; the impact that the new board members will have on the development of Parkit; the intention to add Blair Tamblyn to the Parkit board at Parkit’s next AGM; the use of proceeds of the Private Placement, including potential future acquisitions and expansions‎. 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: market acceptance of the acquisitions and the Private Placement; the anticipated need for industrial properties; 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, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Parkit to be materially different from those expressed or implied by such forward-looking information. Such risks and other 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 shareholder, board, 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; 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: 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 cautioned that the foregoing list of factors is not exhaustive. 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) (OTC: PKTEF) (“Parkit” or the “Company“) today announced that the Riccio parking lot in Connecticut, USA, which was held within the OP Holdings Joint Venture, has been disposed of at a price of USD $4,550,000. Parkit’s share of the proceeds is approximately USD $2,000,000 with such funds remaining in the joint venture.

About PARKIT
Parkit Enterprise Inc. is engaged in the acquisition, optimization and asset management of income producing parking facilities and industrial real estate across the United States and Canada. Parkit’s Common Shares are listed on TSX-V (TSXV: PKT) and on the OTC (OTC: PKTEF).

For more information please contact:

Avi Geller
Interim Chief Executive Officer
Tel. (845) 517-2340
Email: ir@parkitenterprise.com

Toronto, Ontario–(Newsfile Corp. – November 24, 2020) – PARKIT ENTERPRISE INC. (TSXV: PKT) (OTC Pink: PKTEF) (“Parkit“) has entered into an asset purchase agreement dated November 24, 2020 (the “Purchase Agreement“), with two private companies (collectively, referred to as the “Vendors“), pursuant to which Parkit has agreed to purchase two properties, located at 5600 Finch Ave East, Toronto, Ontario and 4390 Paletta Court, Burlington, Ontario (the “Properties“), for an aggregate purchase price of $36,250,000, subject to customary adjustments (the “Proposed Acquisition“). The Vendors are not related parties to Parkit and the Proposed Acquisition constitutes an Arm’s Length Transaction for the purposes of the ‎TSX Venture Exchange (“TSXV“) policies. Concurrent with the closing of the Proposed Acquisition, Parkit also intends to complete a $10,000,000 private placement of Common Shares as more fully described below.

Focus on Industrial Properties

Beginning with the purchase of the Properties, Parkit will focus on the acquisition of high-quality industrial properties in the Greater Toronto Area and surrounding regions. Management believes that the industrial real estate market in Canada benefits from secular tailwinds, including but not limited to the proliferation of ecommerce, significant population growth, and the resilience of the asset class. The additions to our board adds the depth of experience needed to capitalize on this opportunity. Management believes that a publicly traded industrial real estate vehicle will provide investors with compelling exposure to an increasingly important part of the real estate market.

David Delaney, Parkit’s Chairman, noted, “This proposed transaction signals an important milestone for Parkit. We will be acquiring two fantastic properties, but more importantly, we will be building a team of highly experienced professionals that are capable of rapidly growing Parkit to the benefit of all shareholders.”

Avi Geller, Parkit’s Interim CEO, said, “We are excited with the proposed transaction and the prospect of welcoming Steven Scott and his team to Parkit. We have been following Steven’s successes from afar and we are very pleased to be working together on this transaction. Industrial real estate has been the top performing real estate asset over the past 5 years and has clearly shown its resilience through the pandemic.”

Purchase Price and Payment

The purchase price for the Proposed Acquisition is $36,250,000, subject to adjustments. The Purchase price will be satisfied as follows: (i) the sum of $10,000,000 by the issuance of 40,000,000 common shares of Parkit (“Common Shares“) at a deemed price of $0.25 per Common Share, with 20,000,000 of such Common Shares being issued to each of the Vendors; (ii) the assumption of mortgages on the Properties totaling approximately $17,800,000 (“Mortgage Assumptions“); and (iii) Vendor take-back loans in the aggregate amount of approximately $8,450,000 (“Vendor Take-Back Loans“). Depending on the satisfaction of certain conditions, Closing is expected to occur on or before December 31, 2020 (“Closing Date“).

Properties

Upon the closing of the Proposed Acquisition, Parkit will own two Class A industrial properties totaling 230,000 square feet of rentable industrial space in the Greater Toronto Area. The Properties are fully leased with the leases having an average term remaining of 4.8 years. The Finch Avenue East Property has been owned by the Vendors since 1987, and the Paletta Court Property has been owned by the Vendors since 1995. The Properties have an appraised value of $36,425,000 from an arm’s length third party.

Private Placement

Concurrently with the closing of the Proposed Acquisition, Parkit intends to complete a non-brokered private placement offering of 40,000,000 Common Shares at a ‎price of $0.25 per Common Share, for gross proceeds of $10,000,000 (the “Private Placement“). The Private Placement is expected to close concurrently with the Proposed Acquisition on the Closing Date. The net proceeds of the Private Placement will be used for future acquisitions, expansions and general working capital. ‎

‎It is anticipated that certain current insiders and shareholders, and their affiliates, of Parkit (collectively “Parkit Investors“) will purchase up to $2,500,000 of the Private Placement. Participation by Parkit Investors in the Private ‎‎Placement will be on the same terms as arm’s length investors. There is no minimum aggregate ‎‎subscription amount for the Private Placement, but completion of the Private Placement is subject to ‎‎all regulatory approvals, including the TSXV acceptance. Depending on market conditions, ‎the ‎gross proceeds of the Private Placement could be increased or decreased. All securities issued in ‎connection with the Private Placement will be subject to a hold period of four months and one day ‎from the date of closing.‎

Material Conditions Precedent to the Proposed Acquisition

The obligations of Parkit and the Vendors to complete the Proposed Acquisition are subject to the satisfaction of initial conditions including: (i) TSXV acceptance of the Proposed Acquisition and the Private Placement; (ii) shareholder approval; (iii) completion of due diligence in respect of the Properties (a condition solely for Parkit) and completion of due diligence of Parkit (a condition solely for the Vendors); and (iv) creditor consent in respect of the Mortgage Assumptions (collectively, the “Initial Conditions“). The closing of the Proposed Acquisition is also subject to the satisfaction of other customary closing conditions prior to the Closing Date, as set forth in the Purchase Agreement, including, but not limited to: the accuracy of representations and warranties in the Purchase Agreement; terms, covenants and conditions of the Purchase Agreement having been performed; and no material adverse change having occurred prior to the Closing Date.

Other Terms of the Purchase Agreement

Pursuant to the Purchase Agreement, Avi Geller will continue as CEO of Parkit and JoAnne Odette will continue as Chief Financial ‎Officer of Parkit.‎ In addition, the Vendors and Parkit have agreed that, in conjunction with the closing of the Proposed Acquisition, the Board of Directors of Parkit will be reconstituted and shall be composed of Avi Geller, Brad Dunkley, David Delaney, Julie Neault, Iqbal Khan, Blair Tamblyn, and Steven Scott as Chair of Parkit.

Set forth below are brief biographies of each of the proposed new directors as well as those directors that will remain:

New Directors

Steven Scott, Toronto, Ontario, Steven is the Chair and Chief Executive Officer of StorageVault Canada Inc., a self storage company listed on the TSXV. Mr. Scott is also Chair and Chief Executive Officer of The Access Group of Companies focusing on the ownership, acquisition and development of storage, multi-residential and commercial real estate in Canada. Mr. Scott currently also serves as a director of Timbercreek Financial Corp. and Park Lawn Corporation. Mr. Scott is also a Director and Treasurer of the Canadian Self Storage Association.

Julie Neault, Toronto, Ontario, Julie is the Managing Director, Global Credit of Timbercreek Asset Management. Prior to joining Timbercreek, Ms. Neault was Vice President, Origination at Harbour Mortgage Corporation, and held various roles at MCAP and CIBC Mortgages Inc. Ms. Neault is a graduate of the University of Toronto.

Iqbal Khan, Toronto, Ontario, Iqbal is the Chief Financial Officer and a director of StorageVault, a self storage company listed on the TSXV. Mr. Khan is also a Principal and Chief Financial Officer of The Access Group of Companies focusing on the ownership, acquisition and development of storage, multi-residential and commercial real estate in Canada. Mr. Khan is also the Chair of the Canadian Self Storage Association Tax Committee.

Blair Tamblyn, Toronto, Ontario: Blair is the Chief Executive Officer and Co-Founder of Timbercreek Asset Management. Mr. Tamblyn is also Chair and CEO of Timbercreek Financial Corp. Mr. Tamblyn has served on numerous public boards. Prior to founding Timbercreek in 1999, Mr. Tamblyn worked with Connor, Clark & Company where he was licensed as a securities trader. Mr. Tamblyn is a graduate of the University of Western Ontario and completed the small/medium sized Enterprise Board Effectiveness Program offered by Rotman, together with the Institute of Corporate Directors.

Incumbent Directors and Officers

Avi Geller, Spring Valley, New York: Avi Geller has been a director of Parkit since May 2018 and the Interim CEO since October 2018. Avi has extensive experience in the small and microcap markets and has worked on a variety of debt, equity and hybrid deals across multiple industries. Since 2017 Avi has been the Chief Investment Officer of Leonite Capital LLC, a diversified family office investment vehicle with extensive holdings in real estate, venture capital, private equity, public equities (with a focus on small-cap and micro-cap public companies), alternative lending, and hedge funds. Mr. Geller is also a Non-Executive Director of Nova Minerals Ltd., a mining company based in Australia focused on gold exploration, a member of the board of directors of Australis Capital Inc., a company operating in the U.S. cannabis industry and a member of the board of directors of DealFlow Financial Products Inc., an information services provider to investment banks, investment funds and financial services companies.

David Delaney, Toronto, Ontario: David Delaney has been a director of Parkit since May 2018. He has served as Chair since August 2018, and served as Executive Chairman from August 2018-November 2019. Mr. Delaney is the President of Concord Investment Partners, an investment company focused on listed equities and midmarket private companies. Prior thereto, Delaney spent five years working for a Toronto based real estate developer and a Toronto based lender. From 2007 to 2011, he trained and practiced as an architect at the University of Toronto and Diamond and Schmitt Architects, respectively. Delaney has been a CFA Charterholder since 2016. He has a Master of Architecture degree from the University of Toronto and a Bachelor of Arts degree from Acadia University. Delaney is a director of Canada’s National Ballet School.

Brad Dunkley, Toronto, Ontario: Brad Dunkley has been a director of Parkit since May 2017. Brad is a Co-Founder, Co-CEO and Portfolio Manager at Waratah Capital Advisors Ltd., a Toronto-based alternative asset manager. Prior to co-founding Waratah in 2010, Mr. Dunkley spent 12 years at Gluskin Sheff + Associates. Mr. Dunkley holds a Bachelor’s degree in business administration from Wilfrid Laurier University and is a CFA charterholder. He is a member of the Board of Directors of Beautiful World Canada and a trustee of the Dunkley Charitable Foundation.

JoAnne Odette, Vancouver, British Columbia: JoAnne Odette, has been the CFO of Parkit since August 2017. Ms. Odette has held a number of senior financial roles both in Canada and internationally, including the CFO in Canadian publicly traded issuers Levon Resources Ltd. (August 2017 to August 2019) and Butte Energy Inc. (January 2018 to October 2020). Ms. Odette is a CPA and a graduate of the University of Alberta with a Bachelor of Commerce degree..

Concurrent with the completion of Proposed Acquisition, it is anticipated that Access Results Management Services Inc. (the “Manager“), an affiliate of one of the Vendors, will be retained to manage the Properties. The management agreement among the Manager and Parkit will, subject to certain conditions, have a term of 5 years and result in industry standard (non-material) compensation payable to the Manager.

Trading Halt

Trading in Parkit’s Common Shares on the TSXV is halted and will remain halted until documentation required by the TSXV in relation to the Proposed Acquisition has been reviewed and accepted by the TSXV.

Other Information

Completion of the Proposed Acquisition is subject to a number of conditions as disclosed above and as set forth in the Purchase Agreement, including, but not limited to, TSXV acceptance, shareholder approval, completion of due diligence, and creditor consent. Where applicable, the transaction cannot close until the required shareholder approval is obtained.‎ ‎There can be no assurance that the Proposed Acquisition or the Private Placement will be completed as proposed or at all. The TSXV has in no way passed upon the merits of the Proposed Acquisition and has neither approved nor disapproved the contents of this press release. Parkit will be making an application for an exemption from the TSXV sponsorship requirements based on the significant public company experience of the incoming board members. The Proposed Acquisition is subject to the sponsorship requirements of the TSXV, unless an exemption from the sponsorship requirement is available or a waiver is granted. Parkit intends to apply for an exemption to the sponsorship requirement. There is no assurance that an exemption from this requirement will be obtained.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Parkit should be considered highly speculative.

About PARKIT

Parkit Enterprise Inc. is engaged in the acquisition, optimization and asset management of income producing parking facilities and industrial real estate across the United States and Canada. Parkit’s Common Shares are listed on TSX-V (Symbol: PKT) and on the OTC (Symbol: PKTEF).

For more information please contact:

Investor Relations
Email: ir@parkitenterprise.com

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. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, ” expects” or “does not expect”, “proposed”, “is expected”, “budgets”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. In particular, this press release contains forward-looking information in relation to: the completion of the Proposed Acquisition and the Private Placement and the terms thereof; the Closing Date for the Proposed Acquisition and the Private Placement; Parkit’s new focus on industrial real estate; the composition of the purchase price for the Proposed Acquisition and the availability; ‎the size of the Private Placement, the participation of Parkit Investors in the Private Placement and the use of proceeds of the Private Placement, including potential future acquisitions and expansions; the description of the Properties; the continuance of the current management upon completion of the Proposed Acquisition and the appointment of new directors in connection with the Proposed Acquisition; the execution of the management agreement among Parkit and the Manager; and the Proposed Acquisition and the Private Placement resulting in the creation of new insiders and not resulting in a change of control or reverse takeover of Parkit‎. 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 all parties in relation to the Proposed Acquisition; the satisfactory fulfilment of all terms and conditions contained in the Purchase Agreement; the receipt of all required approvals for the Proposed Acquisition and the Private placement including regulatory, TSXV, third party, creditor and, if applicable, shareholder approvals; the issuance of Parkit common shares as part of the purchase price for the Proposed Acquisition; market acceptance of the Proposed Acquisition and the Private Placement; acceptable financing to complete the Proposed Acquisition, including Mortgage Assumptions and Vendor Take-Back Loans; 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, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Parkit to be materially different from those expressed or implied by such forward-looking information. Such risks and other 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 shareholder, board, 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; 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: 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 cautioned that the foregoing list of factors is not exhaustive. 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.

Vancouver, British Columbia, July 03, 2020 — Parkit Enterprise Inc. (“Parkit” or the “Company”) (TSXV: PKT; OTC: PKTEF) has recently filed its interim financial statements and management discussion and analysis for the quarter ended April 30, 2020 (“Q2 2020”) on SEDAR (www.sedar.com). The financial highlights for the period include the following:

Loss of $322,927 from joint venture for the quarter.
Net loss of $374,383 for the quarter, representing a $0.01 loss per share.
Reduced general and administrative expenses to $191,345, representing a 36% reduction versus the comparative period in the prior year of $297,471.
Book value decreased for the quarter by $372,255, representing a $0.01 loss per share, to $20,161,939, and currently stands at the equivalent of $0.58 per share.
Working capital of $1,032,915; cash represents approximately $0.02 per share.
For the six months ended April 30, 2020, cash distributions received from the joint venture of $418,275 have funded cash used in operations of $395,561.

“COVID-19 has negatively impacted parking operations in the Company’s joint venture beginning in the second half of March 2020. We are grateful to our joint venture partners for the measures they have implemented to address health and safety concerns, and to mitigate losses during these challenging times. Although the full extent of the impact of COVID-19 on Parkit and the joint venture is still unknown and depends on future developments that are uncertain and unpredictable, we are hopeful as we have begun to see improvements in the business as the economy and air travel recovers. In order to extend the Company’s cash runway, the directors have all elected to accrue their compensation, and other officers have either reduced their hours or accrued part of their salary. We thank them for their incredible dedication and support”, said Parkit’s Interim CEO, Avi Geller.

For a more fulsome explanation of the Company’s Q2 2020 results, please refer to the Company’s interim filings on SEDAR or the Company’s website.

For further information please contact:

Avi Geller
Interim Chief Executive Officer
Tel. (845) 517-2340
Email: avig@parkitenterprise.com

About PARKIT

Parkit Enterprise Inc. is engaged in the acquisition, optimization and asset management of income producing parking facilities across the United States and Canada. The Company’s shares are listed on TSX-V (Symbol: PKT) and on the OTC (Symbol: PKTEF).

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Disclaimer for Forward-Looking Information

Certain statements in this release are forward-looking statements. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. These risks, uncertainties, and factors may include, but are not limited to general business uncertainties, and in particular uncertainties relating to the impact and duration of COVID-19 on future financial performance. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what impacts they will have on the Company.

Vancouver, British Columbia, September 16, 2019 — Parkit Enterprise Inc. (“Parkit” or the “Company”) (TSXV: PKT; OTCQX: PKTEF) would like to announce that effective November 30, 2019, David Delaney will step down as Executive Chairman of the Company. David Delaney will continue to serve on the Board of Directors of the Company and will continue to act as the Chairman of the Board of Directors. Avi Geller will continue to act as Chief Executive Officer of the Company.

For further information please contact:

David Delaney
Executive Chairman
Tel. (647) 347-8952
Email: david@parkitenterprise.com;

Avi Geller
Interim Chief Executive Officer
Tel. (845) 517-2340
Email: avig@parkitenterprise.com

About PARKIT

Vancouver, British Columbia, September 6, 2019 — Parkit Enterprise Inc. (“Parkit” or the “Company”) (TSXV: PKT; OTCQX: PKTEF) has granted 50,000 incentive stock options to each of Steven Strauss and Avi Minkowitz, officers of the Company, exercisable at the price of $0.27 per share for a period of 5 years, vesting over the first 12 months in 4 equal quarterly instalments. This grant of options is subject to TSX Venture Exchange acceptance.

For further information please contact:

David Delaney
Executive Chairman
Tel. (647) 347-8952
Email: david@parkitenterprise.com;

Avi Geller
Interim Chief Executive Officer
Tel. (845) 517-2340
Email: avig@parkitenterprise.com

About PARKIT

Vancouver, British Columbia, September 4, 2019 — Parkit Enterprise Inc. (“Parkit” or the “Company”) (TSXV: PKT; OTCQX: PKTEF) is pleased to announce that it held its Annual General and Special Meeting (the “Meeting”) on August 22, 2019. All of the motions proposed in the Notice of Annual General and Special Meeting dated July 16, 2019, (which was filed on SEDAR together with Management’s Information Circular on July 24, 2019,) were approved by the shareholders.

At the Meeting, shareholders approved the re-election of the five director nominees of Brad Miller, Avi Geller, Elie Norowitz, David Delaney and Brad Dunkley.

The Company would like to thank its shareholders for their continued support and participation in the Meeting.

For further information please contact:

David Delaney
Executive Chairman
Tel. (647) 347-8952
Email: david@parkitenterprise.com;

Avi Geller
Interim Chief Executive Officer
Tel. (845) 517-2340
Email: avig@parkitenterprise.com

About PARKIT

Vancouver, British Columbia, May 29, 2018 – Parkit Enterprise Inc. (“Parkit” or the “Company”) (TSXV: PKT; OTCQX: PKTEF), a real estate company engaged in the acquisition, asset management and disposition of niche real estate assets, today announced that Executive Chairman, David Delaney, will present at the 9th annual LD Micro Invitational on June 4, 2019 at 3:00 PM Pacific Time at the Luxe Hotel located at 11461 Sunset Boulevard in Los Angeles, California. A copy of the Company’s slide presentation will be available on the investor relations section of the Company’s website at www.parkitenterprise.com from Thursday May 30.

Investors attending the conference who wish to meet with Parkit Management should contact Shoni Bernard at shoni@parkitenterprise.com.

For further information on the Company please see the Company’s financial statements and related management’s discussion and analysis for the three months ended January 31, 2019 available under the Company’s profile on www.sedar.com.

For more information please contact:

David Delaney
Executive Chairman
Tel. (416) 951-9214
Email: david@parkitenterprise.com;

Avi Geller
Interim Chief Executive Officer
Tel. (845) 517-2340
Email: avig@parkitenterprise.com

About PARKIT

Parkit Enterprise is a real estate investment company engaged in the acquisition, asset management and disposition of niche real estate assets. Currently the company has investments in income producing parking facilities in New Haven, East Granby, Nashville and Denver. As asset manager and investor, the company has several sources of revenue including management fees, acquisition fees, and earnings in equity. The company’s investment strategy is to realize the value of in its portfolio of assets through selective monetization, and to redeploy the capital into higher yielding investments. The Company’s shares are listed on TSX-V (Symbol: PKT) and on the OTCQX (Symbol: PKTEF).

Disclaimer for Forward-Looking Information

Certain statements contained in this news release constitute forward-looking information under applicable securities law. These statements relate to future events or future performance, including statements as to: the Company’s belief regarding anticipated distributions from the Joint Venture. Such statements are not guarantees of future performance and actual results or developments may differ materially from those expressed in, or implied by, this forward-looking information. Factors that could cause actual results to differ materially from those in forward-looking statements include such matters as the operations of the Joint Venture and its ability to complete asset sales and refinancings. Any forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

Vancouver, British Columbia, May 23, 2019 — Parkit Enterprise Inc. (“Parkit” or the “Company”) (TSXV: PKT; OTCQX: PKTEF) is pleased to announce that it has received a payment of CAD $655,140 (USD $487,854) from OP Holdings JV, LLC (the “Joint Venture”). This payment is Parkit’s effective 24.39% net share of a USD $2,000,000 distribution from the Joint Venture. The payment resulted from the release of operating cash flow from the Joint Venture.

For more information on the Joint Venture and the priority of future payments, please refer to the OP Holdings JV, LLC limited liability company agreement posted to the Company’s SEDAR profile on April 23, 2018.

For further information on the Company please see the Company’s financial statements and related management’s discussion and analysis for the year ended October 31, 2018 and the three month period ended January 31, 2019 available under the Company’s profile on www.sedar.com.

David Delaney
Executive Chairman
Tel. (416) 951-9214
Email: david@parkitenterprise.com;

Avi Geller
Interim Chief Executive Officer
Tel. (845) 517-2340
Email: avig@parkitenterprise.com

About PARKIT

Disclaimer for Forward-Looking Information

Vancouver, British Columbia, March 19, 2019 — Parkit Enterprise Inc. (“Parkit” or the “Company”) (TSXV: PKT; OTCQX: PKTEF) is pleased to announce that it has met the requirements of Tier 1 on the TSX Venture Exchange and that it will move to Tier 1 effective on Wednesday, March 20, 2019. Tier 1 of the TSX Venture Exchange is reserved for the most advanced issuers with the most significant financial resources.

David Delaney, the Company’s Executive Chairman commented that “The graduation to Tier 1 demonstrates the Company’s financial development and we look forward to continuing to strengthen our business through targeted dispositions and through seeking new acquisition opportunities.”

For further information please contact:

David Delaney
Executive Chairman
Tel. (647) 347-8952
Email: david@parkitenterprise.com;

Avi Geller
Executive Director
Tel. (845) 517-2340
Email: avig@parkitenterprise.com

About PARKIT