Parkit Completes Acquisition of Ottawa Property

Toronto, Ontario--(Newsfile Corp. - October 6, 2021) - PARKIT ENTERPRISE INC. (TSXV: PKT) ("Parkit") is pleased to announce that, further to its August 25, 2021 press release, it has completed the acquisition of a class A industrial property in Ottawa.

Acquisition of Ottawa Property

Parkit acquired 1151 Parisien St, Ottawa (the "Property") for an aggregate purchase price of $13,250,000 (the "Acquisition"). The Property is approximately 75,000 square feet of multi-tenanted light industrial space on approximately 4 acres of land.

Steven Scott, the Chair of Parkit, stated, "The Acquisition adds another urban industrial property with strong cash flows in the growing Ottawa market."

Purchase Price and Payment

The purchase of the Property for $13,250,000, subject to standard adjustments, and was satisfied through funds on hand.

About Parkit Enterprise Inc.

Parkit is an industrial real estate platform focused on the acquisition, growth and management of strategically located industrial properties across key markets in Canada, with a focus on the Greater Toronto Area+ ("GTA+"), Ottawa and Montreal, to complement its parking assets across the United States. Parkit's Common Shares are listed on TSX Venture Exchange (Symbol: PKT).

For more information, please contact Mr. Carey Chow, Mr. Iqbal Khan or Mr. Steven Scott:

Investor Relations
Contact Number: 1-888-627-9881
Email: ir@parkitenterprise.com

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.

Forward-Looking Information: This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein is forward-looking information. In particular, this news release contains forward-looking information in relation to: Parkit's strategy and focus regarding acquiring high-quality and strategically located industrial properties with a focus on the ‎GTA+, Ottawa and Montreal. This forward-looking information reflects Parkit's current beliefs and is based on information currently ‎available to Parkit and on assumptions Parkit believes are reasonable. These assumptions ‎include, but are not limited to: the level of activity in the industrial real estate ‎business and the economy generally; consumer interest in Parkit's services and products; and Parkit's continued response and ability to navigate the ‎COVID-19 pandemic being ‎consistent with, or better than, its ability and response to date‎. ‎Forward-looking information is subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in such forward-looking information. These risks, uncertainties, and factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions ‎and market prices for securities; delay or failure to receive third party or regulatory approvals; the actual ‎results of Parkit's future operations; competition; changes in legislation, including environmental ‎legislation, affecting Parkit; the timing and availability of external financing on acceptable terms; ‎conclusions of economic evaluations and appraisals; lack of qualified, skilled labour or loss of key individuals; ‎risks related to the COVID-19 pandemic including various recommendations, orders and measures of ‎governmental authorities to try to limit the pandemic, including travel restrictions, border closures, non-‎essential business closures, service disruptions, quarantines, self-isolations, shelters-in-place and social ‎distancing, disruptions to markets, economic activity, financing, supply chains and sales channels, and a ‎deterioration of general economic conditions including a possible national or global recession; and the impact ‎that the COVID-19 pandemic may have on Parkit which may include: a short-term delay in ‎payments from customers, an increase in accounts receivable and an increase of losses on accounts ‎receivable; decreased demand for the services that Parkit offers; and a deterioration of ‎financial markets that could limit Parkit's ability to obtain external financing. A description of ‎additional risk factors that may cause actual results to differ materially from forward-looking information can ‎be found in Parkit's disclosure documents on the SEDAR website at www.sedar.com. ‎Although Parkit has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Parkit as of the date of this news release and, accordingly, are subject to change after such date. However, Parkit expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/98836