Mr. Carey Chow reports

PARKIT COMPLETES SALE OF WINNIPEG PROPERTY AND ADDS TO INVESTMENT IN PROREIT

Parkit Enterprise Inc. has completed the sale of its remaining property located in Winnipeg, Man., to Pro Real Estate Investment Trust for proceeds of $5.35-million, subject to customary adjustments. Parkit received $2.14-million of the proceeds in the form of 345,161 trust units of Pro REIT priced at $6.20 per trust unit. Postclosing, Parkit owns in aggregate approximately 10.4 per cent of the trust units and the special voting units of Pro REIT. The transaction constitutes a non-arm's-length transaction for the purposes of the policies of the TSX Venture Exchange, as Steven Scott, the chair of the board of directors of Parkit, is a trustee on Pro REIT's board of trustees.

Property and sale price

The property is one building with 24,665 square feet of gross leasable area located at 555 Camiel Sys, Winnipeg, Man. The sale price for the transaction is $5.35-million or $217 per square foot, subject to adjustments.

Steven Scott, chairman of Parkit's board, stated, "We are excited to add to our investment in Pro REIT and look forward to continue to work with Gord and his team on future opportunities."

Early warning disclosure

As a result of the completion of the transaction, the company beneficially owns and has control of 4,305,674 trust units and 2,675,000 Class B LP units of Pro REIT LP (a subsidiary of Pro REIT) (Class B units). Each Class B unit is exchangeable for one trust unit and is attached to a special voting unit of Pro REIT providing for a voting right in Pro REIT. Parkit now owns and controls approximately 10.4 per cent of the issued and outstanding trust units and the special voting units of Pro REIT for a total of 6,980,674 voting units of Pro REIT. Prior to the completion of the transaction, Parkit owned 3,960,513 trust units and 2,675,000 Class B units, and collectively, 6,635,513 voting units, representing in aggregate approximately 9.9 per cent of the issued and outstanding voting units. The company has a long-term view of its investment in Pro REIT and may acquire additional securities of Pro REIT including on the open market or through private acquisitions or may sell the securities including on the open market or through private dispositions in the future depending on market conditions and other relevant factors.

Parkit will file an early warning report which will appear on Pro REIT's filings on SEDAR+. A copy of the early warning report referenced above may be obtained upon request from Parkit's chief financial officer at the number referenced below. Parkit is incorporated in Ontario and its head office is located at 100 Canadian Rd., Toronto, Ont., M1R 4Z5. The disclosure in this press release under the heading early warning disclosure has been issued under the early warning provisions of applicable Canadian securities legislation.

About Parkit Enterprise Inc.

Parkit Enterprise is an industrial real estate platform focused on the acquisition, growth and management of strategically located industrial properties across key urban markets in Canada. In addition, Parkit has parking assets across various markets in the United States of America. Parkit's common shares are listed on TSX Venture Exchange (symbol: PKT).

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