Concerned Shareholders of Parkit Enterprise Inc.

May 18, 2016 09:00 ET

Concerned Shareholders of Parkit Enterprise Inc. Announce Steps to Reconstitute Board of Directors

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 18, 2016) - Richard Baxter, Patrick Bonney and Simon Buckett, key shareholders (collectively, the "Concerned Shareholders") and senior officers of Parkit Enterprise Inc. (the "Company"), announced today that they have provided notice to the Company of their intention, at the Company's annual general meeting of shareholders to be held on June 21, 2016 (the "Meeting"), to propose resolutions for shareholder approval to (i) fix the number of directors on the Company's board of directors (the "Board") at four, as opposed to the number of six proposed in the information circular of the Company dated May 10, 2016 (the "Company Circular"), and (ii) elect four directors, including the Company's President and Chief Executive Officer, Rick Baxter, and three new independent directors, to the Board.

The Concerned Shareholders believe that the Company is poised for rapid growth and will be best positioned to execute on its strategic plan with a four person board of directors that offers the following critical skill sets:

  1. seasoned industry experience with skills complementary to the expertise of management and the Company's strategic partners;
  2. independent oversight and leadership of publicly traded real estate companies;
  3. a track record of successful stewardship of both high growth businesses and acquisition and optimization of real estate assets; and
  4. strong alignment with shareholder interests, balanced with continuity of leadership of the Company.

The Concerned Shareholders also believe that decreasing the number of directors from six to four will permit more efficient decision making, will reduce costs and will enhance the Company's ability to pursue its acquisition and growth strategies in a timely manner.

The Highly Qualified Proposed Nominees

The Concerned Shareholders intend to nominate the four experienced and highly qualified individuals listed below (collectively, the "Proposed Nominees"). The Concerned Shareholders believe that the Proposed Nominees offer the complementary skill sets set out above and have the experience and qualifications necessary to provide the Company with the leadership, stewardship and oversight required to enhance shareholder value and enable management to advance the Company's interests.

  • Richard Baxter. Mr. Baxter is the President and Chief Executive Officer of the Company and is also a member of the Board. He was instrumental in the development and implementation of the Company's business model, and integral to the administration of the Company's joint venture. As such, the Concerned Shareholders believe that Mr. Baxter is best placed to oversee the continuing growth of the company's assets. He is an experienced entrepreneur and strategic business leader with more than 25 years of operational knowledge in aviation and transportation. He brings stability and continuity of leadership and experience in pursuing the Company's business and maximizing shareholder value to the Company's board. He previously served on the Canadian Advisory Board for Marsh and McLennan Companies, parent company of Marsh and Mercer. Mr. Baxter was also a member of Tourism Vancouver's Board for 12 years and the Chairman of the Board during the 2010 Olympic Winter Games. Born and raised in Vancouver, Mr. Baxter is an active member of YPO and has been recognized as one of Canada's Top 40 under 40, a national program designed to promote mentorship and professional development. He holds an Economics degree from the University of B.C., and has completed the Executive Leadership Course at the Stanford Graduate School of Business.
  • Robert King. Mr. King is a very experienced public company director with a proven track record of strong governance and stewardship of real estate public companies. He has been immersed in real estate acquisition and finance for 20 years and has been an integral part of managing exceptional growth in publicly traded real estate enterprises. Mr. King is the President of Westbridge Finance Inc., a private equity firm involved in corporate and real estate investment and finance. From March 2006 to present, he has served on the Board of Directors of Wall Financial Corporation, a TSX listed real estate investment and development company. Mr. King is a Trustee of Pure Industrial Real Estate Trust and is the Chairman of Pure Multi Family REIT, each of which is listed on the TSX. Operationally, Mr. King will be bring with him years of experience sourcing, underwriting and negotiating real estate transactions, which will help contribute to the Company's anticipated high rate of growth through acquisitions. He holds a Master of Business Administration degree from Dalhousie University and a Bachelor of Arts degree from the University of British Columbia. He is also a graduate of the ICD-Rotman Directors education program and holds the designation of ICD.D.
  • Kevin Carpenter. Mr. Carpenter brings over 20 years of experience with Onni Group and with CB Richard Ellis. Mr. Carpenter has been sourcing and underwriting real estate deals for 13 years as the Senior Vice President of Acquisitions for Onni Group. In this role, Mr. Carpenter has overseen transactions with a total value of over $1.5 billion in Vancouver, Toronto, Chicago, Los Angeles, Phoenix, Seattle and Mexico. Prior to joining Onni Group, Mr. Carpenter worked in the Investment Division of CB Richard Ellis' Vancouver office for 13 years where he specialized in the brokerage of residential investment and development properties. Mr. Carpenter will provide valuable oversight over the Company's partner outreach and deal sourcing activities. He holds a Bachelor of Commerce degree (majoring in Finance and Urban Land Economics) from the University of British Columbia.
  • Roy King. Mr. King is a long term shareholder of the Company, who will bring a strong, independent perspective that is aligned with the Company's shareholders. Mr. King is a serial entrepreneur with several successful business start-ups to credit in a career spanning 30 years. He is currently the President of Lens and Shutter Holdings Limited, a photographic equipment retail group based in British Columbia, and has a substantial track record with successful entrepreneurial enterprises. He has in-depth knowledge of property acquisition and development and navigating the unique issues arising from rapid growth. He will be an important advocate to promote and advance the interests of shareholders. Mr. King holds a Bachelor of Arts in Business Studies from Sheffield University and a Diploma in Marketing from the Institute of Marketing. He is also a licensed real estate broker.

Concerned Shareholders' Proxy Circular and Voting

Further information relating to the Proposed Nominees and other important information on voting is set out in the Concerned Shareholders' proxy circular (the "Concerned Shareholders' Circular") that will be mailed to shareholders, has been filed on SEDAR at www.sedar.com and is available at http://www.laurelhill.com/parkitconcernedshareholders.

The Concerned Shareholders urge you to review the Concerned Shareholders' Circular and vote the YELLOW proxy form or YELLOW voting instruction form, as applicable, accompanying the Concerned Shareholders' Circular. Shareholders may vote online, by telephone, by fax or any other applicable voting methods set out in the Concerned Shareholders' Circular and the voting materials. The Concerned Shareholders urge shareholders to NOT use the proxy or voting instruction form, as applicable, that was included with the Company Circular. Shareholders are urged to discard that proxy or voting instruction form and follow the instructions on the YELLOW proxy form or voting instruction form, as applicable, and submit it by the required time set out in the Concerned Shareholders' Circular in order to ensure that their votes are counted at the Meeting.

About the Concerned Shareholders

Richard Baxter is the President and Chief Executive Officer of the Company and is a member of the Board. Patrick Bonney is the Chief Investment Officer of the Company. Mr. Buckett is the Chief Financial Officer of the Company. The Concerned Shareholders collectively beneficially own or control 3,072,058 common shares of the Company, representing approximately 9.53% of its outstanding common shares.

Proxy Solicitation

Proxies for the Meeting will be solicited by or on behalf of the Concerned Shareholders pursuant to the Concerned Shareholders' Circular. Proxies may be solicited by mail, telephone or other electronic means, as well as by way of public broadcast, including press release, speech or publication and any other manner permitted under applicable law. The Concerned Shareholders have retained McCarthy Tétrault LLP as their legal advisor and Laurel Hill Advisory Group as their proxy solicitation agent. In connection with these services, Laurel Hill will receive customary fees (up to $120,000) plus taxes and reasonable out-of-pocket expenses. The costs incurred in such solicitation will be borne by the Concerned Shareholders. However, the Concerned Shareholders intend to seek, subject to the approval of the Board, reimbursement from the Company of certain of the expenses, including certain proxy solicitation expenses and legal fees, in the event that the Board is successfully reconstituted.

Proxies are being solicited and the Concerned Shareholders' Circular is being provided by and on behalf of the Concerned Shareholders, each in his capacity as a shareholder, and is NOT being provided (i) by or on behalf of the Board or the management of the Company or (ii) by or on behalf of any Concerned Shareholder in his capacity as an employee or officer of the Company.

Proxies may be revoked by registered shareholders (i) by completing and signing a proxy bearing a later date and depositing it in accordance with the instructions set out in the Circular; (ii) by depositing an instrument revoking the proxy executed by the shareholder or by the shareholder's attorney authorized in writing at the registered office of the Company at Suite 2900 - 595 Burrard Street, Vancouver, BC, V7X 1J5 at any time up to and including the last business day preceding the date of the Meeting, or any adjournment of the Meeting, at which the proxy is to be used, or with the chairman of the Meeting prior to the commencement of the Meeting on the day of the Meeting or any adjournment of the Meeting; or (iii) in any other manner permitted by applicable law. A non-registered shareholder should follow the instructions provided to it by its intermediary to revoke a form of proxy or voting instruction form.

Except as otherwise disclosed in the Concerned Shareholders' Circular or any documents referenced therein, to the knowledge of each of the Concerned Shareholders, none of the Concerned Shareholders, any of the Proposed Nominees or any of their associates or affiliates has any material interest, direct or indirect, by way of beneficial ownership of securities or otherwise, in any matter to be acted on at the Meeting.

About the Company

Parkit Enterprise Inc. is engaged in the acquisition, optimization and asset management of income producing parking facilities across the United States. Its registered office is located at Suite 2900 - 595 Burrard Street, Vancouver, BC, V7X 1J5.

Further Information or Assistance

For more information or if you require assistance with voting, please contact Laurel Hill Advisory Group, proxy solicitation agent for the Concerned Shareholders, at:

Laurel Hill Advisory Group
North America Toll Free: 1-877-452-7184
Collect Calls Outside North America: 416-304-0211
Email: assistance@laurelhill.com

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this news 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, including, without limitation, risks and uncertainties related to actions taken by the Company or shareholders in connection with the Meeting. No assurance can be given that any of the events or outcomes anticipated by any forward-looking statement will occur.

Contact Information

  • Laurel Hill Advisory Group
    North America Toll Free: 1-877-452-7184
    Collect Calls Outside North America: 416-304-0211
    assistance@laurelhill.com