Parkit Enterprise Inc. (Parkit) announced the immediate suspension with pay of each of Richard Baxter, President and Chief Executive Officer of Parkit, Patrick Bonney, the Chief Investment Officer of Parkit and Simon Buckett, the Chief Financial Officer of Parkit (the Dissident Officers) who are attempting to take control of the board of directors of the company at the upcoming annual and special meeting of shareholders currently scheduled to take place on June 21, 2016, by proposing a new slate of directors. The suspension will be in effect until the end of the AGM (the suspension period). The Board has determined that it is in the best interest of the company to take this step due to its concern that the Dissident Officers are conflicted and unable to properly exercise their fiduciary duties as officers of the Company at this time.

The Board has engaged Bryan Wallner, who is one of the current independent directors of the board, to serve as Interim CEO and Nigel Kirkwood to serve as Interim CFO during the Suspension Period. Mr. Wallner has over 27 years of parking industry experience across North America. Mr. Wallner began his parking career in 1987 as a parking operations manager and ultimately was appointed President and Chief Operations Officer of Imperial Parking (Impark).

Mr. Wallner is a director of the company and is also a director of Pacific Parklands Foundation. Mr. Kirkwood has over 20 years of international experience working in accounting, mergers and acquisitions and corporate finance advisory services. Mr. Kirkwood spent 16 years based in London, England where he was a Director at Citigroup focused on Mergers & Acquisitions and advised on projects with a completed value of $25 billion.