Parkit Enterprise Inc.
TSX VENTURE : PKT
OTCQX : PKTEF

Parkit Enterprise Inc.

August 16, 2016 18:42 ET

Parkit Enterprises Inc. Announces Change of Management

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 16, 2016) - Parkit Enterprise Inc. ("Parkit" or "the Company") (TSX VENTURE:PKT)(OTCQX:PKTEF) is pleased to announce that it has appointed Bryan Wallner as its President and Chief Executive Officer and Nigel Kirkwood as its Chief Financial Officer, effective immediately.

Bryan Wallner has served as the Company's interim CEO since June 2, 2016 and has over 27 years of parking industry experience across North America. Mr. Wallner began his parking career in 1987 as a parking operations manager and ultimately was appointed President and Chief Operations Officer of Imperial Parking (Impark). Under his tenure, Impark grew into one of the largest parking management companies in North America with in excess of 2,000 leased/managed parking locations, consisting of more than 400,000 parking spaces, in over 25 markets throughout Canada and the United States. As COO of Impark, Mr. Wallner oversaw gross revenue growth of 233%. Mr. Wallner was part of the management team that took Impark public in 2000 and then completed a privatization of the company in 2005.

Following the restructuring of Impark in 2009, Mr. Wallner consulted in the parking industry for the duration of his non-compete agreement with Impark before joining Standard Parking as a senior executive responsible for strategic planning, key account management and acquisition integration. Most recently, Mr. Wallner undertook the role of CEO at the Roofing Contractors Association of British ColumbiaRoofing Contractors Association of British Columbia.

Mr. Wallner is a director of the Company and is also a director of Pacific Parklands Foundation, a non-profit organization dedicated to the preservation and enhancement of Metro Vancouver's regional parks.

Nigel Kirkwood has served as the Company's interim CFO since June 2, 2016 and has over 20 years of international experience working in accounting, mergers and acquisitions and corporate finance advisory services. Mr. Kirkwood spent 16 years based in London, England where he was a Director at Citigroup focused on Mergers & Acquisitions and advised on projects with a completed value of $25 billion. In 2009, Mr. Kirkwood relocated to Vancouver where he provides consulting and management services to several companies listed on the TSX and TSX Venture Exchanges.

Since December 2012, Mr. Kirkwood has been the CFO at Baja Mining Corp. acting as a key figure in the restructuring of the company. More recently, in May 2015, Mr. Kirkwood undertook the role of CFO at Levon Resources Ltd. where his experience and leadership contributed greatly to the management team during the reverse take-over transaction with SciVac Therapeutics Ltd. (now VBI Vaccines Inc.;) and simultaneous spin-out of the exploration mining businesses to a newly incorporated and listed entity, renamed Levon Resources.

The Company also announces that Richard Baxter, Patrick Bonney and Simon Buckett have left the Company. The Company wishes them success in their future endeavors.

About PARKIT

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