NOT FOR DISTRIBUTION IN THE UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, Dec. 18, 2018 /CNW/ - Parkit Enterprise Inc. (TSXV: PKT; OTCQX: PKTEF) (the "Company" or "Parkit") is pleased to announce the closing of its rights offering (the "Rights Offering") announced on November 7, 2018. A total of $718,270.55 was raised in the Rights Offering. Parkit intends to use the proceeds of the Rights Offering for identification and evaluation of new projects.

Parkit offered each shareholder resident in Canada 0.5336 of one right (each whole right, a "Right") for each common share ("Share") held on November 14, 2018, entitling the holder to purchase one Share for each Right at a price of C$0.29 per Share.

As previously announced, KDI Corporation Ltd., B&M Miller Equity Holdings Inc. Leonite Capital LLC (an entity controlled by Avi Geller), and Brad Dunkley entered into standby purchase agreements with Parkit, pursuant to which they each agreed to purchase $700,000 in Units. In connection with such agreements, the standby-guarantors acquired 2,413,790 Shares.  As Leonite Capital LLC is resident in the United States it satisfied its commitment to purchase 862,068 Shares through a non-brokered private placement and as a result the Shares issued to Leonite are subject to a hold period that will expire on April 19, 2019.  The completion of the private placement remains subject to receipt of the final approval of the TSX Venture Exchange.

The Standby Guarantors are considered to be "related parties" (within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101")), making the Rights Offering a "related party transaction" (within the meaning of MI 61-101) (the "Related Party Subscriptions"). The Company is exempt from obtaining a formal valuation for, and minority approval of, the Related Party Subscriptions pursuant to Section 5.5(b) and 5.7(b) of MI 61-101, respectively.

Following completion of the Rights Offering, there are now 34,854,257 Shares issued and outstanding.

About Parkit

Parkit Enterprise Inc. is engaged in the acquisition, optimization and asset management of income producing parking facilities across North America. The Company's shares are listed on TSX-V (Symbol: PKT) and on the OTCQX (Symbol: PKTEF).

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 intention to complete the Rights Offering and the timing thereof; the exercise price of the rights offered under the Rights Offering; the rights offering notice and the rights offering circular and delivery of such documents by intermediaries; the guaranteed minimum proceeds from the Rights Offering; and the use of proceeds of the Rights Offering. 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 availability and cost of funds, the closing of the Rights Offering, uncertainty associated with estimating costs to complete the Rights Offering and other risks related to the business of the Company, the Rights Offering and the Standby Guarantees. 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.

This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States. The securities offered hereby have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or the securities laws of any state of the United States. This rights offering notice does not constitute an offer to sell or a solicitation of an offer to buy any of the securities offered hereby within the United States or to U.S. persons and, subject to certain limited exceptions, the securities offered herein may not be offered or sold in or into the United States or to U.S. persons. "United States" and "U.S. person" are as defined in Regulation S under the U.S. Securities Act.

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.

SOURCE Parkit Enterprise Inc.

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