TORONTO, May 11, 2018 (GLOBE NEWSWIRE) -- Leonite Capital LLC, 1 Hillcrest Center Drive, Suite 232, Spring Valley, NY 10977 ("Leonite" or the "Acquiror"), announced today that it has filed an early warning report in respect of (i) its acquisition of 619,660 common shares of Parkit Enterprise Inc. (the "Company") whose head office is located at Suite 500, 666 Burrard Street, Vancouver, B.C., V6C 2X8 and (ii) the entering into of voting support agreements with certain shareholders holding an aggregate of 4,250,400 common shares. The common shares acquired by the Acquiror were purchased through the facilities of the TSX Venture Exchange and also through the OTC quotation system at an average price of $0.37 per common share or a total of approximately $229,274. Pursuant to the terms of the voting support agreements the shareholders have agreed to vote in favour of the board nominees that may be proposed by the Acquiror at the next meeting of shareholders of the Issuer.
Prior to the filing of the early warning report, Leonite had ownership, acting jointly, over 5,196,327 common shares of the Company, representing approximately 16.09% of the then issued and outstanding shares of the Company. Following the transactions described herein Leonite, acting jointly, has ownership of 5,815,987 common shares of the Company, representing approximately 18% of the issued and outstanding shares of the Company. When the 5,815,987 common shares is combined with the 4,250,400 common shares held by the shareholders who have entered into voting support agreements the Acquiror's holdings together with joint actors is 10,808,687 common shares representing approximately 33.45% of the issued and outstanding common shares of the Issuer.
The common shares acquired by the Acquiror were purchased by the Acquiror for investment purposes. The Acquiror may acquire additional securities of the Issuer in the future depending on market prices and compliance with applicable securities laws. In addition, the Acquiror and the joint actors are not satisfied with the current board of directors and are contemplating putting forth an alternative slate of directors at the Issuer's next annual meeting of shareholders. In connection with such potential change in the board of directors the Acquiror may engage in the solicitation of proxies. A final determination has not yet been made in respect of the foregoing. The Acquiror's above intention represents a change in a material fact from the last early warning report filed by the Acquiror.
This news release is issued pursuant to National Instrument 62-103 - The Early Warning System. A copy of the Early Warning Report will appear with the Company's documents on the SEDAR website at www.sedar.com.
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.
For further information:
Avi Geller
Leonite Capital LLC
Telephone: 845.517.2340
avi@leonitecap.com