VANCOUVER, British Columbia, Sept. 30, 2021 (GLOBE NEWSWIRE) — ParcelPal Logistics Inc. (the “Company” or “ParcelPal”), (OTC:PTNYF) (CSE:PKG) (FSE:PT0) is pleased to announce that as part of the Company’s broader plan to continue to diversify its customer base and execute on additional profitable business engagements, it has signed another meal kit delivery customer. This new customer currently operates in British Columbia and Alberta.
ParcelPal will be delivering meal kits via our scheduled next day delivery service from this new customer’s facility to their end-customers. We are currently servicing the Vancouver metro area and hope to add additional cities as this scales. CEO Rich Wheeless stated, “Meal kit deliveries have been one of our fastest growing areas in the B2B space and being able to sign on yet another solid customer in this area should allow us to quickly gain an additional foothold in the space. I anticipate that this new customer will generate between $100K and $200K in revenue in the next 12 months on a profitable basis. While we continue to sign additional new customers and expand with our existing customers in Canada, we will also focus heavily on our further expansion and subsequent growth in the United States as additional new customer and acquisition opportunities arise, all in an effort to create additional value for our shareholders.”
Lastly, the board of directors has agreed to issue 13,000,000 common shares (each, a “Share”) to certain directors and officers of the corporation at a deemed price of $0.11 CAD per Share. The Company is relying on the prospectus exemption provided under Section 2.24 of National Instrument 45-106 – Prospectus Exemptions for the issuance of the Shares. The securities issuable are subject to a statutory hold period expiring four months and a day from the date of issue.
The Company looks forward to providing an additional material update in the coming days.
About ParcelPal Logistics Inc.
ParcelPal is a Vancouver, British Columbia based company that specializes in last-mile delivery service and logistics solutions. We are a customer-driven, courier and logistics company connecting people and businesses through our network of couriers in cities including Vancouver, Calgary, Toronto, Canada, and now also in the western region of the United States. Some of our verticals include pharmacy & health, meal kit deliveries, retail, groceries and more.
ParcelPal Website: www.parcelpal.com
Neither the Canadian Securities Exchange (“CSE”), the Securities and Exchange Commission nor any other securities regulatory authority has reviewed and do not accept responsibility for the adequacy or accuracy of this news release that has been prepared by management.
OTC – Symbol: PTNYF
CSE – Symbol: PKG
FSE – Symbol: PT0
Forward Looking Information
This news release contains forward looking statements relating to 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.