VANCOUVER, Feb. 11, 2019 /CNW/ - Parkit Enterprise Inc.
("Parkit" or the "Company") (TSXV: PKT; OTCQX: PKTEF)
is pleased to announce that it has received a payment of CAD
$561,569 (USD $423,506) from OP Holdings JV, LLC (the "Joint
Venture"). This payment resulted from the release of an
environmental trust that was established for the sale of Expresso
Airport Parking (the "Property"). The Property was sold in
October 2018 and the Department of
Toxic Substances Control (California,
U.S.A) released the environmental trust after the purchaser
of the Property established its own environmental trust for the
Property. This payment will add cash of approximately CAD
$0.016 per share to Parkit's
treasury.
"We believe that this payment represents the first of many
distributions that Parkit will receive from the Joint
Venture. As set out in the Company's press release dated
October 19, 2018, the Joint Venture
reached its 15% internal rate of return ("IRR") target owed
to the Managing Member of the Joint Venture. As a result, all
future cash flows from sales and refinances within the Joint
Venture will flow to Parking Acquisition Ventures, LLC
("PAVe"), an entity in which Parkit has an 82.83% interest
until PAVe has received a 15% IRR. From that point,
additional capital proceeds from asset sales and refinances will
flow through the Joint Venture's waterfall with further benefit to
Parkit," stated David Delaney,
Parkit's Executive Chairman. "Our Joint Venture is making
significant progress in realizing the value of its assets and we
look forward to continuing this asset monetization. Parkit
would like to thank our Joint Venture partners for their dedication
and effort in continuing to realize the value in our collective
assets."
For more information on the Joint Venture and the priority of
future payments, please refer to the OP Holdings JV, LLC limited
liability company agreement posted to the Company's SEDAR profile
on April 23,
2018.
For further information on the Company please see the Company's
financial statements and related management's discussion and
analysis for the year ended October 31,
2017 and the nine month period ended July 31, 2018 available under the Company's
profile on www.sedar.com.
About PARKIT
Parkit Enterprise Inc. is engaged in the acquisition,
optimization and asset management of income producing parking
facilities across the United
States and Canada. 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 contained in this news release constitute
forward-looking information under applicable securities law. These
statements relate to future events or future performance, including
statements as to: the Company's belief regarding anticipated
distributions from the Joint Venture. Such statements are not
guarantees of future performance and actual results or developments
may differ materially from those expressed in, or implied by, this
forward-looking information. Factors that could cause actual
results to differ materially from those in forward-looking
statements include such matters as the operations of the Joint
Venture and its ability to complete asset sales and refinancings.
Any forward-looking statements are expressly qualified in their
entirety by this cautionary statement. The information contained
herein is stated as of the current date and subject to change after
that date and the Company does not undertake any obligation to
update publicly or to revise any of the forward-looking statements,
whether as a result of new information, future events or otherwise,
except as may be required by applicable securities laws.
SOURCE Parkit Enterprise Inc.
