VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 17, 2016) - Parkit Enterprise Inc. ("Parkit" or "the Company") (TSX VENTURE:PKT)(OTCQX:PKTEF) is pleased to provide an update on developments at the Company.
On September 29, 2016, the Company filed its financial and operational results for the quarter ended July 31, 2016 on www.sedar.com. For the quarter, the Company reported the following highlights:
- earnings from its investment in joint ventures of $263,424, as compared with $266,147 in the prior quarter ("Q2 2016"). The current quarter reflected a stronger contribution from PAVe (OP Holdings Joint Venture and Fly Away Airport Parking) of $339,511 (Q2 2016 - $265,428) that was partly offset by a loss of $76,087 from 880 Doolittle Dr. relating to one-off withholdings for taxes arising in connection with the sale of the Expresso assets in April 2015;
- asset management fees earned of $68,893, as compared with $70,718 in Q2 2016, which was unchanged in US$ terms;
- a net loss of $51,211, as compared to a net loss of $394,591 in Q2 2016. Adjusting for proxy solicitation costs of $320,516 incurred during the quarter, the Company generated net income from operations of $160,369, as compared to a loss of $71,504 in Q2 2016;
- cash generated of $107,351 (Q2 2016 - $101,179) and cash as at the end of Q3 2016 of $1,344,412; and
- a net asset value of $17,337,149 (Q2 2016 - $16,689,537).
"The Board is pleased to have the distraction of the proxy solicitation and related costs behind the Company," commented Bryan Wallner, CEO and Director. "I am also pleased with the initial progress to right-size overhead and reduce costs, and the performance of the Company's portfolio of parking assets to date. We anticipate further improving returns over time."
During the Proxy solicitation, the Board committed to initiate a review of the Company's business plan, and consider all options for increasing value to shareholders. With the change in management complete, this review is on-going and will be commented on in future periods" said Joel Dumaresq, Chairman of the Board.
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.