Parkit completes acquisition of Two Industrial Assets for $17,000,000; Leasing Update and Change in Auditor
TORONTO, Feb. 22, 2022 (GLOBE NEWSWIRE) -- Parkit Enterprise Inc. (“Parkit” or the “Company”) (TSXV: PKT), is pleased to announce that, further to its January 4th, 2022 news release, it has completed the acquisition of two industrial assets from two vendor groups (collectively, the “Vendors”) for an aggregate purchase price of $17,000,000, subject to customary adjustments (the “Acquisitions”). Both Acquisitions are arm’s length.
Acquisition of 568 Second Street, London, ON and 1665 Boul. Lionel-Bertrand, Boisbriand, QC
Parkit acquired 568 Second Street, London, ON and 1665 Boul. Lionel-Bertrand, Boisbriand, QC (the “Properties”) for an aggregate purchase price of $17,000,000 (the “Acquisition”). The Properties are approximately 141,000 square feet on 5.6 acres of land.
Purchase Price and Payment
The aggregate purchase price for the Acquisitions is $17,000,000, subject to adjustments, and was satisfied through the issuance of 2,000,744 common shares of Parkit for $2,500,000 and $14,500,000 from funds on hand. The common shares issued in connection with the Acquisition will be subject to a hold period of four months and one day following the date of issuance.
Steven Scott, Chair of Parkit, states, "The Acquisitions start the year off by adding a strategic asset in London, Ontario and to enter the Quebec market with a Class A industrial property located in the Montreal suburbs."
Leasing Update
Parkit continues to maximize its cash flow by signing Walmart Canada as a tenant at its 5610 Finch Ave East, Toronto property. The property continues ongoing development, with permitting and zoning, for the construction of a warehouse and distribution facility.
Change of Auditor
Parkit has appointed RSM Canada LLP as auditor of Parkit effective February 22, 2022. RSM is the 5th largest firm by revenue in North America and has over 13,000 employees in Canada and the US.
About Parkit Enterprise Inc.
Parkit is an industrial real estate platform focused on the acquisition, growth and management of strategically located industrial properties across key markets in Canada, with a focus on the Greater Toronto Area+ (“GTA+”), Ottawa and Montreal, to complement its parking assets across the United States. Parkit's common shares are listed on TSX Venture Exchange (Symbol: PKT).
For more information, please contact Mr. Carey Chow, Mr. Iqbal Khan or Mr. Steven Scott:
Investor Relations
Contact Number: 1-888-627-9881
Email:
Neither the 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.
Forward-Looking Information: This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein is forward-looking information. In particular, this news release contains forward-looking information in relation to: statements regarding the continuing development of the 5610 Finch Ave East, Toronto property, including permitting and zoning for the construction of a warehouse and distribution facility; and Parkit’s strategy and focus regarding acquiring high-quality and strategically located industrial properties with a focus on the GTA+, Ottawa and Montreal. This forward-looking information reflects Parkit’s current beliefs and is based on information currently available to Parkit and on assumptions Parkit believes are reasonable. These assumptions include, but are not limited to: the receipt of all required approvals, permitting and zoning for the continuing development of the 5610 Finch Ave East, Toronto property; the level of activity in the industrial real estate business and the economy generally; consumer interest in Parkit’s services and products; and Parkit’s continued response and ability to navigate the COVID-19 pandemic being consistent with, or better than, its ability and response to date. Forward-looking information is subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in such forward-looking information. These risks, uncertainties, and factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; the inability to satisfy the conditions for the approvals, permitting or zoning relating to the continuing development of the 5610 Finch Ave East, Toronto property; general capital market conditions and market prices for securities; delay or failure to receive third party or regulatory approvals; the actual results of Parkit’s future operations; competition; changes in legislation, including environmental legislation, affecting Parkit; the timing and availability of external financing on acceptable terms; conclusions of economic evaluations and appraisals; lack of qualified, skilled labour or loss of key individuals; risks related to the COVID-19 pandemic including various recommendations, orders and measures of governmental authorities to try to limit the pandemic, including travel restrictions, border closures, non-essential business closures, service disruptions, quarantines, self-isolations, shelters-in-place, social distancing and mandatory vaccination policies, disruptions to markets, economic activity, financing, supply chains and sales channels, and a deterioration of general economic conditions including a possible national or global recession; and the impact that the COVID-19 pandemic may have on Parkit which may include: a short-term delay in payments from customers, an increase in accounts receivable and an increase of losses on accounts receivable; decreased demand for the services that Parkit offers; and a deterioration of financial markets that could limit Parkit’s ability to obtain external financing. A description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in Parkit’s disclosure documents on the SEDAR website at Although Parkit has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Parkit as of the date of this news release and, accordingly, are subject to change after such date. However, Parkit expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.
