VANCOUVER, May 31, 2018 /CNW/ - Parkit Enterprise Inc. ("Parkit" or the "Company") (TSXV:PKT) (OTCQX:PKTEF)  announces that Joel Dumaresq and David Mullen have both resigned from the Company's Board of Directors (the "Board") effective May 29, 2018 in order to create vacancies for the appointment of two persons nominated by a group of the Company's shareholders led by Leonite Capital LLC.

Mr. Dumaresq has been a non-executive director of the Company and a member of the Audit Committee since January 2015, and Chairman of the Board since May 2015. Joel played a key role in Parkit's development at critical points during his tenure. Mr. Mullen has been on the Board of the Company since Spring 2015 and served on the Compensation Committee and Audit Committee of the Company. Mr. Mullen's guidance proved invaluable as the company navigated through various transitions.

Bryan Wallner, the Company's Chief Executive Officer, stated "on behalf of the Board and management of the Company, I would like to thank Joel and Dave for their dedication and significant contributions to Parkit. We have been fortunate to work with both Joel and Dave and wish them well in the future."

New Director Appointments

On May 30, 2018, the Board appointed Avi Geller and David Delaney as directors of the Company.

Avrohom Y. (Avi) Geller: Since 2017, Mr. Geller has served as Chief Investment Officer of Leonite Capital, a family investment office co-founded by Mr. Geller which focuses on real estate and capital markets. Mr. Geller also serves as a director on the board of Dealflow Financial Products and as chairman of Axios Mobile Assets. Prior to thereto, Mr. Geller was Chief Operating Officer at FirstFire Capital, a small cap focused hedge fund from 2015-2016, as well as a research analyst at FireRock Capital from 2012-2015.

David Delaney: Mr. Delaney is the president of Concord Investment Partners, an investment company focused on listed equities and real estate investment. Prior thereto, Mr. Delaney spent five years working in real estate development as a managing director at Firm Capital, a Toronto based real estate owner and lender, and at Freed Developments, a Toronto-based real estate development firm. From 2007 to 2011, Mr. Delaney trained and practiced as an architect at the University of Toronto and Diamond and Schmitt Architects. He has been a CFA Charterholder since 2016. Mr. Delaney has a Master of Architecture degree from the University of Toronto and a Bachelor of Arts degree from Acadia University.

Parkit is pleased to welcome Avi Geller and David Delaney to the Board. Avi and Dave represent significant shareholders in the Company and management anticipates that they will have an active role in setting the future course of the Company.

Retirement Agreements
Both Pesach (Pace) Goldman and Bryan Wallner have agreed that they will not stand for re-election as directors to the Board at the Company's next annual general meeting. The Company entered into retirement agreements with all four of the retiring directors in which the Company has agreed to provide the retiring directors with an indemnity against claims that might arise as a result of their service to the Company and to allow them up to one year following retirement to exercise outstanding stock options. Mr. Wallner continues to serve as the Company's Chief Executive Officer.

Annual Meeting
The Board has set the next annual meeting for 1pm in the afternoon of Wednesday, August 15, 2018 at the offices of Fogler Rubinoff LLP, 77 King Street West, Suite 3000, TD Centre North Tower, Toronto, Ontario, M5K 1G8. The record date for the meeting has been set as July 3, 2018.  The Company intends to file a notice of meeting and shareholder meeting materials in the normal course.

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, if any.

SOURCE Parkit Enterprise Inc.

View original content with multimedia: http://www.newswire.ca/en/releases/archive/May2018/31/c3578.html