VANCOUVER, Aug. 20, 2018 /CNW/ - Parkit Enterprise
Inc. ("Parkit" or "the Company") (TSX-V: PKT; OTCQX: PKTEF) is
pleased to announce that it held its Annual General and Special
Meeting on August 15, 2018, and
that all of the motions proposed in the Notice of Annual General
and Special Meeting dated July 12,
2018, which was filed on SEDAR together with Management's
Information Circular on July 18,
2018, were approved by the shareholders. The Company would
like to thank its shareholders for their participation in the
Meeting. The Company would also like to welcome Brad Miller to the board of directors. Mr.
Miller is President and owner of the AdvanTec Global Innovations
group of companies specializing in marine and industrial
manufacturing with a focus on clean tech manufacturing. Under
the direction of the newly constituted board of directors,
consisting of Brad Miller,
Elie Norowitz, Brad Dunkley, David
Delaney and Avi Geller, the
Company intends to aggressively pursue acquisitions in the parking
related real estate space and increase its asset base.
Bryan Wallner, Parkit's CEO has
tendered his resignation, effective September 30, 2018. The Company would like to
offer its sincere thanks to Mr. Wallner for his service, both as
the CEO and as one of the Company's directors. Mr. Wallner has
agreed to stay on through September 30,
2018 in order to assist the board with a smooth transition
to new senior management.
Effective September 30, 2018,
Avi Geller and David Delaney will assume executive director
roles at Parkit on an interim basis as the Company searches for a
new CEO. Both David and Avi will be responsible for managing
Parkit to ensure that value is realized from the Company's current
participation in the OP Holdings JV LLC as well as to pursue
parking related real estate investments. Mr. Delaney has also been
elected as Chairman of the board.
The Company believes that it has a strong asset base consisting
of six cash flowing parking real estate assets from which to grow.
Furthermore, the Company believes that the value of its direct and
indirect real estate assets is substantially higher than the
current market capitalization of the Company. The Company is
excited to realize this value and increase its asset base by a
targeted acquisition strategy. David
Delaney, Parkit's Executive Chairman, had this to say: "We
have reconstituted the board with a strong slate of directors
including two of the Company's largest shareholders. I am very
pleased with the progress we have begun to see recently with our
SmartPark acquisition and our deal flow has increased exponentially
in the last quarter."
About PARKIT
Parkit Enterprise Inc. is engaged in the
acquisition, optimization and asset management of income producing
parking facilities across North
America. 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.
Forward-looking statements in this press release include those
concerning the Company's intent to aggressively pursue acquisitions
and increase its asset base using a targeted acquisition strategy,
anticipation of a smooth management transition, and that the
Company is well positioned to move forward with strong stewardship.
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, including the
risks disclosed in the Company's public filings on SEDAR. 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, if any, the Company might obtain from them.
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SOURCE Parkit Enterprise Inc.
