VANCOUVER, British Columbia, November 14, 2018 /PRNewswire/ --
ParcelPal Technology Inc. ("ParcelPal" or the "Company"), (CSE: PKG) (CSE: PKG.CN) (FSE: PT0) (OTC: PTNYF) is pleased to provide a corporate update from Kelly Abbott, CEO of ParcelPal.
It has been several months since I have given an update to my shareholders. I am happy to report that the state of the company is strong and growing despite market conditions, especially within the cannabis industry over the past month. Over the past 2 months the Company has:
- - Boosted our balance sheet by over CDN $2,000,000 through a combination of warrant exercise as well as CDN $1,000,000 strategic financing at $0.35 per share.
- - Launched in two new Western Canadian cities (Calgary and Saskatoon).
- - Expanded our footprint with Amazon.com into the United States, whereby the company will be servicing Everett this month and expand to additional cities in the near future.
- - Became the only Canadian delivery company that will provide cannabis delivery in an hour or less by signing a LOI distribution agreement with Choom (CSE:CHOO).
- - Achieved another milestone of delivering a further ~500,000 packages, brining the total to over 1.5 million deliveries.
ParcelPal is continuously executing on all of our plans and we are continuing to attract potential partners, city expansions and expanding on existing partnerships. With more developments in motion, I am pleased to provide some further insight into active operations of ParcelPal.
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. We have begun marketing campaigns in all operational cities and potential expansion cities within Canada. As our presence in Western Canada grows, we will begin our expansion effort to Eastern Canada as well as other tier one cities in the near future. As the company continues to expand across Canada, we will also seek to expand our presence in parallel within the United States.
The cannabis industry has seen progress in both the United States and Canada. On October 17th 2018, Canada became the second country in the world to fully legalize marijuana. We are still actively engaging local, federal and municipal governments as we begin in this industry. Our first delivery will begin in Saskatchewan, Canada. We are currently building out security requirements for our facility and will begin deliveries as early as the middle of this month.
We are continuously engaging in business development within Canada and the US to find other growth catalysts. We are still focusing our efforts on user acquisition, small business and large eCommerce contracts and various verticals for delivery. After successfully launching ParcelPal into multiple markets, we are proud to announce we have achieved another milestone of delivering a further 500,000 more packages in less than 4 months bringing the total to over 1.5 million deliveries.
I look forward to sharing more with you over the coming weeks and months. Thank you for your continued support.
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.
CSE - Symbol: PKG
FSE - Symbol: PT0
OTC - Symbol: PTNYF
Contact: Peter Hinam, Director-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.
Peter Hinam, Director