Parkit Enterprise Inc.
TSX VENTURE : PKT
OTCQX : PKTEF

Parkit Enterprise Inc.

June 30, 2015 15:14 ET

Parkit Announces Results for the Second Quarter of 2015

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 30, 2015) - Parkit Enterprise Inc. ("Parkit") (TSX VENTURE:PKT)(OTCQX:PKTEF) is pleased to announce its financial and operational results for the six month period ended April 30, 2015.

Highlights

  • On April 22, 2015, announced the formation of a joint venture investment vehicle ("the joint venture") that will seek to acquire and aggregate approximately $500 million in income-producing parking assets.
  • Sale of Canopy and Expresso parking facilities into the joint venture resulted in gains of $13.4 million and $1.2 million, respectively, after adjusting for minority interests.
  • Net assets increased to $20.4 million ($0.8 million as at April 30, 2014), reflecting the completion of the joint venture.
  • Second quarter property revenue of $2.7 million, a 20% increase when compared to the second quarter of 2014.

"I am pleased with Parkit's results for the second quarter, which demonstrate both revenue growth and a focus on cost control," stated Rick Baxter, the Company's Chief Executive Officer. "However, while these results do provide evidence of the quality of the assets, they do not fully capture the scope of our business, which has undergone significant changes since the final week of the second quarter. The joint venture announced on April 22 is a transformative transaction, crystalizing the value of our prior investments and establishing a profitable foundation for our long-term development. While the impact of this transaction is visible on Parkit's balance sheet, which witnessed a $19.6 million increase in our net assets relative to this point last year, the joint venture's benefits have not yet been fully realized in our income statement. I look forward to sharing Parkit's results for the third quarter."

Please refer to Parkit's Interim Financial Statements and Management's Discussion and Analysis at www.sedar.com for detailed financial information and analysis.

ABOUT PARKIT

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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