VANCOUVER, Oct. 4, 2018 /CNW/ - Parkit Enterprise
Inc. ("Parkit" or the "Company") (TSX-V:PKT;
OTCQX: PKTEF) has recently filed its interim financial statements
and management discussion and analysis for the quarter ended
July 31, 2018 ("Q3 2018") on SEDAR
(www.sedar.com). The financial highlights for the period
include:
- Revenue of $765,334, comprised of
fee income, profit from joint ventures and profit from
associate;
- Net income of $427,678, or
$0.01 per share, inclusive of a
foreign exchange gain of $46,457;
- Working capital of $2,019,904
(including cash of $1,841,228);
- Net asset value increased to $17,725,469, equivalent to $0.55 per share.
- One of the single purpose entities held by OP Holdings JV LLC
(the "Joint Venture") is under contract to be sold. The property
was bought by the Joint Venture in 2015 (consisting of an equity
investment of US $7 million) and is
under contract to be sold for approximately US$36.1 million. Should the sale close, the
property will generate an IRR to the Joint Venture of approximately
42%.
"The company looks forward to realizing the latent value in our
current joint venture and to re-deploying our capital through a
targeted and accretive acquisition strategy. This quarter
represents the first steps towards executing on both of these
goals", said Parkit's Executive Chairman, David Delaney.
For a more full explanation of the Company's Q3 2018 results,
please refer to the Company's interim filings on SEDAR or the
Company's website.
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.
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SOURCE Parkit Enterprise Inc.