VANCOUVER, May 31, 2018 /CNW/ - Parkit Enterprise Inc.
("Parkit" or the "Company") (TSXV:PKT)
(OTCQX:PKTEF) announces that Joel
Dumaresq and David Mullen
have both resigned from the Company's Board of Directors (the
"Board") effective May 29,
2018 in order to create vacancies for the appointment of two
persons nominated by a group of the Company's shareholders led by
Leonite Capital LLC.
Mr. Dumaresq has been a non-executive director of the Company
and a member of the Audit Committee since January 2015, and Chairman of the Board since
May 2015. Joel played a key role in
Parkit's development at critical points during his tenure. Mr.
Mullen has been on the Board of the Company since Spring 2015 and
served on the Compensation Committee and Audit Committee of the
Company. Mr. Mullen's guidance proved invaluable as the
company navigated through various transitions.
Bryan Wallner, the Company's
Chief Executive Officer, stated "on behalf of the Board and
management of the Company, I would like to thank Joel and Dave for
their dedication and significant contributions to Parkit. We have
been fortunate to work with both Joel and Dave and wish them well
in the future."
New Director Appointments
On May 30, 2018, the Board
appointed Avi Geller and
David Delaney as directors of the
Company.
Avrohom Y. (Avi)
Geller: Since 2017, Mr. Geller has served as
Chief Investment Officer of Leonite Capital, a family investment
office co-founded by Mr. Geller which focuses on real estate and
capital markets. Mr. Geller also serves as a director on the board
of Dealflow Financial Products and as chairman of Axios Mobile
Assets. Prior to thereto, Mr. Geller was Chief Operating Officer at
FirstFire Capital, a small cap focused hedge fund from 2015-2016,
as well as a research analyst at FireRock Capital from
2012-2015.
David Delaney: Mr.
Delaney is the president of Concord Investment Partners, an
investment company focused on listed equities and real estate
investment. Prior thereto, Mr. Delaney spent five years working in
real estate development as a managing director at Firm Capital, a
Toronto based real estate owner
and lender, and at Freed Developments, a Toronto-based real estate development
firm. From 2007 to 2011, Mr. Delaney trained and practiced as
an architect at the University of
Toronto and Diamond and Schmitt Architects. He has been
a CFA Charterholder since 2016. Mr. Delaney has a Master of
Architecture degree from the University of
Toronto and a Bachelor of Arts degree from Acadia University.
Parkit is pleased to welcome Avi
Geller and David Delaney to
the Board. Avi and Dave represent significant shareholders in
the Company and management anticipates that they will have an
active role in setting the future course of the Company.
Retirement Agreements
Both Pesach (Pace) Goldman and
Bryan Wallner have agreed that they
will not stand for re-election as directors to the Board at the
Company's next annual general meeting. The Company entered
into retirement agreements with all four of the retiring directors
in which the Company has agreed to provide the retiring directors
with an indemnity against claims that might arise as a result of
their service to the Company and to allow them up to one year
following retirement to exercise outstanding stock options. Mr.
Wallner continues to serve as the Company's Chief Executive
Officer.
Annual Meeting
The Board has set the next annual
meeting for 1pm in the afternoon of
Wednesday, August 15, 2018 at the
offices of Fogler Rubinoff LLP, 77 King Street West, Suite 3000, TD
Centre North Tower, Toronto,
Ontario, M5K 1G8. The record date for the meeting has been
set as July 3, 2018. The
Company intends to file a notice of meeting and shareholder meeting
materials in the normal course.
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, if any.
SOURCE Parkit Enterprise Inc.
