Parkit Enterprise Inc.

Parkit Enterprise Inc.

June 02, 2016 19:31 ET

Parkit Enterprises Inc. Suspends Richard Baxter, Patrick Bonney and Simon Buckett as Officers and Announces Engagement of Advisors

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 2, 2016) - Parkit Enterprise Inc. ("Parkit" or "the Company") (TSX VENTURE:PKT)(OTCQX:PKTEF) announced today the immediate suspension with pay of each of Richard Baxter, President and Chief Executive Officer of Parkit, Patrick Bonney, the Chief Investment Officer of Parkit and Simon Buckett, the Chief Financial Officer of Parkit (the "Dissident Officers") who are attempting to take control of the board of directors (the "Board") of the Company at the upcoming annual and special meeting of shareholders (the "AGM"), currently scheduled to take place on June 21, 2016, by proposing a new slate of directors. The suspension will be in effect until the end of the AGM (the "Suspension Period").

The Board has determined that it is in the best interest of the Company to take this step due to its concern that the Dissident Officers are conflicted and unable to properly exercise their fiduciary duties as officers of the Company at this time.

The Board has engaged Bryan Wallner, who is one of the current independent directors of the board, to serve as Interim CEO and Nigel Kirkwood to serve as Interim CFO during the Suspension Period.

Bryan Wallner, B.S. Business Administration

Mr. Wallner 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, MA, CPA, CA

Mr. Kirkwood 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.

Joel Dumaresq, Chair of the Board stated, "We are confident that Messrs. Wallner and Kirkwood will do an excellent job of overseeing the operation of the Company during this period."

The Company engaged Goodmans LLP and Shorecrest Group Ltd. as advisors in order to assist in connection with the AGM.


Parkit Enterprise Inc. is engaged in the acquisition, optimization and asset managementof 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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