ParcelPal Announces the Execution of Additional Customer Agreements with Two Larger Volume Corporate Clients
VANCOUVER, British Columbia, Aug. 20, 2020 (GLOBE NEWSWIRE) -- ParcelPal Technology Inc. (“ParcelPal” or the “Company”), (PKG:CSE) (FSE:PT0) (OTC:PTNYF) is pleased to announce as part of the Company’s ongoing growth plan, it has signed two larger volume customer agreements over the past week, which are in addition to the new customer agreements announced last week. The first such agreement is with a large flower subscription service based in Vancouver, which we expect to provide a minimum of 12,500 paid deliveries a year, with the higher end targeted range of approximately 35,000 paid deliveries per year. The second such agreement is with a Western Canada based grocer, which should provide the Company with a baseline of 12,500 yearly deliveries and high-side targets of 36,000 deliveries per year within 12 months. These new customer agreements also provide for higher margins, which will continue to help the Company drive not only its revenue, but also its improvement in operating performance.
ParcelPal will be providing same-day and next-day delivery services for these two companies to customers in multiple cities in which it operates. CEO Rich Wheeless stated, “I am very pleased to be able to sign these larger volume customers that will help us to continue to scale the Company’s revenue growth, achieve higher margins and further diversify our customer base. Both of these deals are with high quality companies, both of which have seen a significant uptick in their demand that I see continuing. Our team has been doing an amazing job of executing on our plan that was laid out, and I thank them for their tireless work and dedication during this time.”
The Company looks forward to providing a further update as we release our Q2 earnings this month.
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, Toronto and soon in major cities Canada-wide.
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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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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.
