Access Results Management Services Inc. Purchases 3,000,000 Common Shares of Parkit Enterprise Inc.

Rhea-AI Summary

Parkit Enterprise Inc. (TSXV: PKT) announced that Access Results Management Services Inc. (ARMS) has acquired 3,000,000 common shares of Parkit on the open market for $0.68 per share, representing a total purchase price of $2,040,000. This acquisition now gives ARMS a 1.30% ownership stake in Parkit, with joint actors Steven Scott and SRS Realty Group Inc. owning a combined 13.44% ownership stake. ARMS has stated that it currently has no plans for further acquisitions but may consider it in the future based on market conditions.

Toronto, Ontario--(Newsfile Corp. - August 16, 2023) - PARKIT ENERPRISE INC. (TSXV: PKT) ("Parkit") announced today that it understands that Access Results Management Services Inc. ("ARMS") has acquired 3,000,000 common shares in the capital of Parkit on the open market through the facilities of Omega ATS ("Common Shares") at a price of $0.68 per Common Share, representing an aggregate purchase price of $2,040,000, and representing 1.30% of the issued and outstanding Common Shares of Parkit. Prior to the purchase, ARMS owned or controlled Nil Common Shares of Parkit. ARMS now owns or controls 3,000,000 Common Shares of Parkit or approximately 1.30% of the total issued and outstanding Common Shares of Parkit. Steven Scott and SRS Realty Group Inc. ‎("SRS") (a company wholly owned by Steven Scott) are ‎joint actors with ARMS (ARMS is owned and controlled by Mr. Scott and Iqbal Khan). Mr. Scott owns or controls (including through SRS) 28,123,606 ‎Common Shares of Parkit, representing approximately 12.14% of the issued and outstanding Common ‎Shares of Parkit. Mr. Scott also owns 2,547,500 options to purchase Common ‎Shares at an exercise price ranging from $1.05 to $1.50 per Common Share. Together, ‎Steven Scott and ARMS own or control 31,123,606 Common Shares of Parkit representing ‎‎approximately 13.44% of the issued and outstanding Common Shares ‎of Parkit. ‎Assuming the exercise of all of the Common Share purchase options held by Mr. Scott, ‎together, Mr. Scott and ARMS would own or control 33,671,106 Common Shares ‎representing approximately 14.38% of the issued and outstanding Common Shares of ‎Parkit.‎ The Common Shares were purchased by ARMS for investment purposes. Although ARMS ‎presently has no intention of acquiring any further securities ‎of Parkit, ARMS has a long-term ‎view of its investment in Parkit, and may, in the future, ‎acquire ‎additional securities of Parkit ‎including on the open market or through private acquisitions or ‎‎sell securities of Parkit including on ‎the open market or through private dispositions ‎depending on ‎market conditions and other relevant ‎factors. Any increase or decrease in ownership of securities of Parkit by ARMS will depend on ‎numerous conditions, including the price of the Common Shares ‎and general market conditions.‎ The head office address for both Parkit and ARMS is 100 Canadian Road, Toronto, Ontario M1R 4Z5.

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 urban markets in Canada, 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.‎

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/177484

FAQ

Who acquired common shares in Parkit?

Access Results Management Services Inc. (ARMS) acquired 3,000,000 common shares of Parkit.

What was the purchase price of the common shares?

The common shares were purchased at a price of $0.68 per share, totaling $2,040,000.

What is the ownership stake of ARMS in Parkit?

ARMS now owns approximately 1.30% of the issued and outstanding common shares of Parkit.

Who are the joint actors with ARMS?

Steven Scott and SRS Realty Group Inc. are joint actors with ARMS.

What is the combined ownership stake of Steven Scott and ARMS?

Together, Steven Scott and ARMS own approximately 13.44% of the issued and outstanding common shares of Parkit.

Does ARMS have plans for further acquisitions?

ARMS currently has no intention of acquiring any further securities of Parkit, but may consider it in the future based on market conditions.

What is the address of Parkit and ARMS?

The head office address for both Parkit and ARMS is 100 Canadian Road, Toronto, Ontario M1R 4Z5.