Parkit Enterprise Inc.
TSX VENTURE : PKT
OTCQX : PKTEF

Parkit Enterprise Inc.

June 30, 2016 16:05 ET

Parkit Mails Information Circular and Blue Proxy to Re-Elect the Current Directors

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 30, 2016) - Parkit Enterprise Inc. ("Parkit" or "the Company") (TSX VENTURE:PKT)(OTCQX:PKTEF) today announced that it has filed an Information Circular on SEDAR in advance of its annual general meeting currently scheduled for Tuesday July 26, 2016 at 10:30 a.m. (Pacific Time) at Owen Bird Law Corporation, Suite 2900-595 Burrard Street, Vancouver, BC V7X 1J5. The Company is also mailing meeting materials to shareholders of record as of June 9, 2016, and urges shareholders to only vote their BLUE proxy.

The Company anticipates that a group of three dissident officers (the "Dissident Officers") will put forth nominees for an alternative slate of directors selected by the Dissident Officers. Your Board feels that the Dissident Officers' actions are motivated by their desire to insert a board that would be willing to approve the Dissident Officers' salary and contract demands and that will not hold the Dissident Officers accountable to shareholders. The Dissident Officers initiated the proxy battle in an effort to remove all of the five current independent directors and re-constitute the Board with directors that will better serve their agenda. The circular being mailed to shareholders clarifies the details surrounding the background of this proxy battle. The Board believes that it is in the best interests of the Company and its shareholders to proceed with the proxy contest and allow shareholders to make a fully informed decision about the future direction of the Company.

Your Board needs your support to prevent the Dissident Officers from taking control of Parkit. We urge you to support the current Board and to put the costly distraction of a proxy contest behind us and allow us to get back to building a stronger company. The Board wishes to assure shareholders that the Board and interim management of the Company have taken the necessary steps to ensure that all operations and financial/regulatory obligations of the Company are met well within their appropriate timelines. No matter how many shares you own, your vote is crucial to stop the Dissident Officers from taking control of your company. The outcome of the vote will be determined only by the shareholders who participate.

Please take the time when you receive the material using the proxy control number located on the BLUE proxy or BLUE voting instruction form to vote using one of the available methods provided. We recommend that you vote on the internet or via the telephone, to ensure your vote is received prior to the voting deadline of Friday July 22, 2016 at 10:30 a.m. (Pacific Time). If you require any assistance, please do not hesitate to contact our proxy solicitor, Shorecrest Group toll free at 1-888-637-5789 or collect 647-931-7454. For further updates, please visit the company's website at www.parkitenterprise.com.

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 VENTURE:PKT) and on the (OTCQX: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.

Contact Information

  • Shorecrest Group
    Toll Free: 1-888-637-5789
    Collect: 647-931-7454