Vancouver, British Columbia, Canada – February 7, 2018 – ParcelPal Technology Inc. (“ParcelPal” or the “Company”), (PKG:CSE) (FSE:PT0) (OTC:PTNYF) – President and CEO Kelly Abbott gives a corporate update.
We have come a long way since our launch. 2018 is proving to be a breakout year for ParcelPal, as 2017 was a year about growth and seizing opportunity in front of us. We will be filing our year end statements and we will be recording a record quarter for the company in terms of growth and revenue. As we move forward I wanted to share some news, developments and plans for how 2018 is going to be an exceptional year for ParcelPal and our shareholders. With these developments in motion I am pleased to provide some further insight into the bright future immediately ahead of ParcelPal.
Building Shareholder Value
The Board of Directors, the management team and I take our fiduciary responsibility to our shareholders very seriously. The management of ParcelPal is committed to building a company that is diversified to maximize delivery volume and revenue by developing advanced technology solutions that bring value to the logistics industry as a whole. This is evidenced by our launch of the ParcelPal Application last July and our recent contract with Amazon.com Inc. This particular piece of technology is the building blocks for what we believe will shape future consumer purchasing and delivery. To this end, ParcelPal has entered into a rapidly changing landscape where we are at the forefront of logistics technology by keeping true to our business model and letting our passion for innovation show. We believe in minimizing general expenses and developing strategic partnerships with companies that share the vision of ParcelPal, having an efficient and effective worldwide delivery network. Management and I see 2018 being the break out year for the company through further technological advances and expansion of operations.
When we launched our consumer app last July, we brought the market a completely new technology. This technology that enables customers to shop locally, purchase and have their item delivered right to them in an hour or less. All of this is driven by the power of our technology. We have grown to over 100 restaurants and thousands of ParcelPal users using the app to have their food or alcohol delivered.
On January 23rd we were happy to announce that we signed a contract with the largest online retailer in the world Amazon.com Inc. (NASDAQ:AMZN). Our organization has seen steady growth and revenue from both our app and the Amazon contract. Starting in mid-November, we began delivering only a couple hundred packages daily. Operating out of one warehouse, in a mere month we quickly accommodated for demand and scaled from 12 employees to over 100 employees to deliver thousands of packages 7 days a week (excluding holidays).
We have built a strong relationship with Amazon as they are pleased with our performance, growth and key metrics. This is a very robust and fruitful long term contract that brought in nearly $400,000 of revenue for the last quarter – Q4.
The contract signed involves delivering for Amazon ‘Core’ services. This entails delivering Amazon merchandise to Greater Vancouver residents. We are aiming to expand on both the existing ‘Core’ business and Amazon ‘Prime’ services. This services gives users access to two-day and same day delivery on purchases.
We have proven the potential and usability of our initial products and the team and I are very excited for future prospects. However, it is important to note that these first products within our technology platform are just the beginning of our roadmap for technology and revenue diversification. Because our platform connects users with merchants, the innovation possibilities and solutions we can provide are unmatched in the current marketplace.
While the delivery space itself is a competitive industry, we have differentiated ourselves from local and regional players with our technology and platform unlike any other. When businesses integrate with our technology platform, we allow them an inexpensive route to the online marketplace that facilitates order taking, payment and delivery – all in a single place.
Our technology platform will allow us to bypass traditional integrations with POS systems and expensive implementations enables even the smallest or largest merchant to compete in the ambiguous online world of eCommerce. This technology increases the value of our systems for merchants and improves our merchant adoption rate. Additionally, this will open up further revenue opportunities from real-time targeted advertising and big data analytics. This complementary addition to our platform will enable businesses to not only have delivery logistics, but a full suite solution for marketing and an efficient, yet simple experience for the customer.
In essence, we are not competing for delivery business, but rather we are creating demand by enabling any business to participate in the on demand economy.
2018 Breakout Strategy
We have an aggressive expansion plan for 2018. Since our software has launched live in Vancouver, we plan on adding as many verticals as possible to diversify our revenue and take advantage of growth opportunities in various sectors that are available to us.
As part of our strategic plan, ParcelPal will begin further marketing efforts in Vancouver and expand our reach into other Canadian cities. We will simultaneously ramp up recruitment of drivers in these select cities to accommodate anticipated demand. As strategic growth and expansion are the key priorities for ParcelPal, we intend to reinvest heavily into the company’s on-demand operations and advancement into our technology and various verticals.
As we are on the progressive front of technology and innovation, we have identified four verticals we see as the largest opportunity in the near future: Federally regulated medical marijuana (and soon recreational), casual and fast food, grocery and retail. We have aimed our sites on the B2B and B2C markets, focusing on Omni channel sales via eCommerce by brick and mortar storefronts of all kinds. Pushing the boundaries of local commerce is the just the start for ParcelPal. Additionally, we are looking forward to capitalizing on our relationship with Amazon.com Inc. and expanding the business exponentially in this area where operations are best suited.
We intend to pursue rapid commercialization of our platform in the aforementioned verticals and take full advantage of the current opportunities developed by current industry partners. ParcelPal plans to expand to every major city, Canada wide and enter the US market.
On behalf of the Board of Directors, the leadership team, the wider organization and myself, thank you for your continued support as we continue to elevate ParcelPal through the year ahead.
About ParcelPal Technology Inc.
ParcelPal is a technology driven logistics company that connects consumers to the goods they love. Customers can shop at partner businesses and through the ParcelPal technology receive their purchased goods within an hour. The Company offers on-demand delivery of merchandise from leading retailers, restaurants, medical marijuana dispensaries and liquor stores in Vancouver and soon in major cities Canada-wide.
ParcelPal Website: www.parcelpal.com
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.
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FSE – Symbol: PT0
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Contact: Peter Hinam, Investor Relations – firstname.lastname@example.org
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.