Parkit Announces Payment of CAD $655,140 From OP Holdings JV, LLC

VANCOUVER, May 23, 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 $655,140 (USD $487,854) from OP Holdings JV, LLC (the "Joint Venture").  This payment is Parkit's effective 24.39% net share of a USD $2,000,000 distribution from the Joint Venture.  The payment resulted from the release of operating cash flow from the Joint Venture.

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, 2018 and the three month period ended January 31, 2019 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.

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SOURCE Parkit Enterprise Inc.