Parkit Enterprise Inc.

Parkit Enterprise Inc.

March 01, 2016 08:00 ET

Parkit Announces Record Year End Results

VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 1, 2016) - Parkit Enterprise Inc. ("Parkit" or "the Company") (TSX VENTURE:PKT)(OTCQX:PKTEF) yesterday reported its financial and operational results for the fiscal year ended October 31, 2015.

In 2015, Parkit established itself as both a specialized asset manager and a significant investor in an institutional JV. In the process, the Company achieved record profits and transformed the balance sheet.

Operational highlights:

  • Sold Canopy, recognizing a gain of $13.6 million
  • Sold Expresso, recognizing a gain of $1.2 million
  • Invested $7.6 million into OP Holdings, its institutional JV
  • Invested $886,000 into Fly-Away Parking, Nashville

Financial highlights:

  • Record profit of $15.0 million (includes gain on sale of assets)
  • Investments of $15.6 million
  • Increased cash to $1.2 million; decreased liabilities to $0.6 million
  • Increased net asset value to $16.4 million.

"2015 was a transformative year for Parkit. The realization of our institutional JV set the stage for long-term value gains. Our pipeline is healthy and our team remains focused on acquiring, optimizing, and aggregating parking facilities across North America." - Rick Baxter, CEO

Full Financials available on Sedar


Parkit Enterprise Inc. is engaged in the acquisition, optimization and asset management of income producing parking facilities across the United States.

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 news 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. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them.

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