Vancouver, British Columbia – September 17, 2020 – ParcelPal Technology Inc. (“ParcelPal” or the “Company”), (PKG:CSE) (FSE:PT0) (OTC:PTNYF) is pleased to announce that, as part of the Company’s continuing growth plan, it has signed two additional customer agreements over the past week, which are in addition to the numerous customer agreements and expansion arrangements in the past month. The first such agreement is with Adele Ray Florist Ltd., another flower subscription service based in Vancouver, for which we will be providing delivery services in Burnaby, Vancouver and numerous surrounding Lower Mainland areas. The second such agreement is with Discover Dogs, a pet supply store for which we will be providing delivery services in the greater Vancouver area. ParcelPal will be providing same-day and next-day delivery services for these two companies.
Additionally, as part of the Company’s continued expansion and growth plan, we are in the process of executing a lease agreement for a large warehouse in Vancouver. This will allow us to service some of the new customer agreements more efficiently and more cost-effectively. This will also have the added benefit of enabling us to expand and scale faster. In this regard, the Company has recently acquired numerous new vehicles to help with the demand and the increased growth we have experienced, and which we anticipate will experience as a result of our added warehousing and delivery capabilities. We believe that, based on an anticipated surge of holiday online delivery needs and expanded business opportunities, we may have the need for an additional larger warehouse in one of our other major cities in which we operate, which is subject to a number of factors and consideration in the normal course of an operating business; however, we will provide a future update if and when we execute on such second warehouse facility.
CEO Rich Wheeless stated: “I am not only pleased to be able to sign these new customer agreements, but also very excited to have our first warehouse to better service our larger customers. This has been an important goal of mine since I was appointed CEO, as it marks a major growth milestone for the Company. With this, it will also help us to have higher margins and be more efficient in our route planning and execution. As I have mentioned in the past, we have seen a significant uptick in our demand that I see continuing beyond this year and into 2021. We have been putting important pieces of our business puzzle in place to be able to continue to be an increasingly trusted leader in this space.”
The Company looks forward to providing a further update in the coming weeks.
About ParcelPal Technology Inc.
ParcelPal is a leader in the growing technology and logistics industry. ParcelPal seamlessly connects consumers to businesses, where they have access to the goods they love, anytime, anywhere. Customers can shop at partner businesses and through the ParcelPal technology receive their purchased goods within an hour or the same day. The Company offers on-demand delivery of merchandise from leading retailers, restaurants, medical marijuana dispensaries and liquor stores in Vancouver, Calgary, Saskatoon 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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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.