Vancouver, British Columbia – October 06, 2020 – ParcelPal Technology Inc. (“ParcelPal” or the “Company”), (PKG:CSE) (FSE:PT0) (OTC:PTNYF) is pleased to announce that effective at the opening of the market yesterday October 5, the Company’s common shares are eligible for primary trading on the OTCQB Venture Marketplace under the symbol “PTNYF” following the approval by the OTC of our primary listing application (“Listing Application”). This is an important distinction and upgrade from the secondary Pink® market the Company was previously listed on. Namely, this primary listing on the OTCQB allows us to offer and sell securities for the first time directly to investors, whereas prior to this, only those securities traded by investor to investor or broker to broker (secondary trading) were permitted.
Simultaneous with this listing, we will have obtained automatic effectiveness of our Form 20-F registration statement (“Registration Statement”), which we initially filed with the Securities and Exchange Commission (the “SEC”) in August 2020. While our Registration Statement is now effective, it remains under customary review by the SEC, and we hope to have addressed all of the SEC’s queries to their satisfaction in the near term.
The Registration Statement and Listing Application will allow ParcelPal to pursue a dual listing of its common shares on the OTCQB to complement its current listing on the Canadian Securities Exchange (“CSE”).
CEO Rich Wheeless commented, “Listing on the OTCQB is a significant milestone for ParcelPal. While we will continue to trade on the CSE, our OTCQB listing will provide greater exposure to institutional investors and a broader shareholder base while providing our current and future shareholders, particularly those residing in the United States, with easier trading and access to ParcelPal’s shares. Additionally, we are committed to upholding best corporate governance practices and financial reporting as we continue to accelerate our strategic plan to further grow our market share and continue to penetrate new markets, including in the United States. Upgrading to the OTCQB Market from the Pink market, and complying with the stringent disclosure and filing requirements of the SEC, demonstrates our commitment to transparency and professionalism, and is an important step towards improving liquidity in our stock as we continue to drive shareholder value.”
The OTCQB is recognized by the United States Securities and Exchange Commission as an “established public market” and is a leading market for U.S. and international companies in the entrepreneurial and development stage. To be approved for listing, companies must be current in their financial reporting, pass a minimum bid price test, and undergo an annual company verification and management certification process. Investors can find Real-Time quotes and market information for the Company on www.otcmarkets.com.
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.
CSE – Symbol: PKG
FSE – Symbol: PT0
OTC – Symbol: PTNYF
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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.