Parkit Enterprise Releases Q1 2019 Results

VANCOUVER, March 29, 2019 /CNW/ - Parkit Enterprise Inc. ("Parkit" or the "Company") (TSX-V:PKT; OTCQX: PKTEF) has recently filed its interim financial statements, and management's discussion and analysis for the quarter ended January 31, 2019 ("Q1 2019") on SEDAR (www.sedar.com). The financial highlights for the period include:

• Revenue of $108,650, comprised of parking services revenue, fee income, profit from joint ventures and profit from associate;
• Net loss of $255,172, or $(0.01) per share, inclusive of a foreign exchange loss of $6,723;
• Free cash flow in the quarter of $511,921 consisting of cash flow from operations of $(256,002) and cash flow from investing activities of $767,923.
• Working capital of $1,099,205 (including cash of $3,023,732);
• Net asset value increased to $21,237,718 equivalent to $0.61 per share.

"This quarter the Company positioned itself to take advantage of the cash flows it will receive from our joint venture.  As we continue to monetize assets, we believe we will generate significant unencumbered cash that can be used for future acquisitions or to return to shareholders," stated Parkit's Executive Chairman, David Delaney.     

For a more full explanation of the Company's Q1 2019 results, please refer to the Company's interim filings on SEDAR or the Company's website.  For a copy of the Company's updated investor presentation please click here:
https://bit.ly/parkitenterprise-20190328.

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 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.

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