Plus8 Global Ventures Announces Letter of Intent to Acquire Disruptive Urban Package Delivery Mobile App Technology ‘ParcelPal’
Vancouver, British Columbia – October 15, 2015 – Plus8 Global Ventures Ltd. (the “Company”), (CSE: PGT) is pleased to announce the Company has entered into a non-binding letter of intent (“LOI“) to purchase all of the assets related to a parcel delivery mobile app technology platform known as “ParcelPal” from a Vancouver based software developer (the “Proposed Transaction”). In accordance with the terms of the LOI, the Company has agreed to acquire all of the assets related to ParcelPal in exchange for the issuance of 2,000,000 common shares of the Company. Although initial due diligence has been completed, the Proposed Transaction remains subject to several closing conditions including execution of a mutually acceptable definitive agreement and obtaining CSE approval.
ParcelPal is compatible with iOS and Android devices and the Proposed Transaction would position the Company to compete in the on-demand delivery service. Assuming completion of the Transaction, Plus8’s initial roll-out plan for ParcelPal would start in Vancouver and soon after would include Calgary, Edmonton, Montreal, Toronto and Ottawa. Individuals are now able to apply to become a delivery person from the ParcelPal.com website or directly using the ParcelPal Driver App which is available in the Apple App Store or Google Play Android store. After completing a screening test, delivery people will utilize the ParcelPal Driver App to engage with customers wanting delivery services using the ParcelPal Deliver App. It is intended that ParcelPal will be used for delivering items such as documents from legal firms, stationary, groceries, take-out food among other personal and business to business items. The Company plans to develop business relationships to provide same-day delivery of merchandise for leading retailers across Canada. The Company also intends to make ParcelPal available in select cities in the United States following the pilot program in Canada.
“This is a very timely acquisition for Plus8 in light of Uber’s announcement of UberRush on October 13th. We are delighted to have the opportunity to acquire these mobile apps and we are excited to execute our plans to implement a national parcel delivery service upon closing,” stated Jason Moreau, CEO of Plus8 Global Ventures Ltd. “We expect to have a successful roll- out in Canada and have our sights set on a US roll-out in the future.”
The Canadian Securities Exchange (“CSE”) or any other securities regulatory authority has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release that has been prepared by management.
CSE – Symbol: PGT
Shares issued: 16,054,850
Contact: Jason Moreau, President, Plus8 Global Ventures, Ltd. – 778-823-2460
Forward Looking Information
This news release contains forward looking statements relating to the Proposed Transaction,and the future potential of ParcelPal. Forward looking statements are often identified by terms such as “will”, “may”, “should”, “intends”, “anticipates”, “expects”, “plans” and similar expressions. All statements other than statements of historical fact, included in this release are forward looking statements that involve risks and uncertainties. These risks and uncertainties include, without limitation, the risk that the Proposed Transaction will not be completed due to, among other things, failure to execute definitive documentation, failure to complete satisfactory due diligence, failure to receive the approval of the CSE and the risk that ParcelPal will not be successful due to, among other things, general risks relating to the mobile application industry, failure of ParcelPal to gain market acceptance and potential challenges to the intellectual property utilized in ParcelPal. There can be no assurance that any forward looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
The Company cannot guarantee that any forward looking statement will materialize and the reader is cautioned not to place undue reliance on any forward looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward looking statements contained in this news release are expressly qualified by this cautionary statement. The forward looking statements contained in this news release are made as of the date of this news release and the Company will only update or revise publicly any of the included forward looking statements as expressly required by Canadian securities laws.