Business
Parkit Announces Strategic Acquisition and Q2 2018 Results
Parkit Announces Strategic Acquisition and Q2 2018 Results Canada NewsWire VANCO...
About this update from Parkit Enterprise Inc.
[{"type":"text","content":"\n\n\n\nParkit Announces Strategic Acquisition and Q2 2018 Results\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, July 6, 2018\n\n\n\nVANCOUVER, July 6, 2018 /CNW/ - Parkit Enterprise Inc. (\"Parkit\" or the \"Company\") (TSXV: PKT; OTCQX: PKTEF) is pleased to announce that it has purchased the operating assets of Smart Parking Solutions Canada Inc.(\"Smartpark\") and employed its principals, Steve Strauss and Avi Minkowitz, all effective July 1, 2018.\n\n\n \n \n\n \nSmartpark is engaged in the parking management business and this strategic acquisition both expands Parkit's footprint and provides additional expertise to source and acquire parking assets. The purchase includes 5 parking management agreements in the Greater Toronto Area, as well as 10 permit management agreements with municipal and institutional clients in the United States including the City of Aspen CO, Arlington County VA and the Durham NH Police Department.\n\nParkit paid cash for the Smartpark assets in an amount that was not material to Parkit.   Further, the Company will retain the employment of Steve Strauss and Avi Minkowitz. While continuing to serve their existing clients, Steve Strauss and Avi Minkowitz will focus on working with Parkit's Board and management to source and acquire new parking related opportunities.  \"I am pleased to announce this acquisition and the addition of Avi and Steve to our management team, as they bring energy and entrepreneurial experience that we intend to use in our efforts to accelerate our growth\", said Bryan Wallner, CEO of Parkit.\n\n\"We believe this transaction is beneficial to our existing clients, and we are excited to join Parkit and look forward to focusing on growing the business going forward\", said Steve Strauss, on behalf of the sellers.\n\nAdditionally, the Company has recently filed its interim financial statements and management discussion and analysis for the quarter ended April 30, 2018 (\"Q2 2018\") on SEDAR (www.sedar.com). The financial highlights for the period include:\n\n\nRevenue of $18...