VANCOUVER, British Columbia, June 21, 2019 (GLOBE NEWSWIRE) -- ParcelPal Technology Inc. (“ParcelPal” or the “Company”), (CSE: PKG) (FSE: PT0) (OTC: PTNYF) is pleased to announce they have achieved a major milestone of delivering over 2,500,000 packages to date. Furthermore, the Company has also had early success in Saskatchewan across all verticals including Cannabis. The company plans to engage in further partnerships, enter new cities and will report on progress in the near future. As time and regulations allow, ParcelPal’s cannabis network will continue to grow, with the goal of capturing a major piece of North America’s expected $60.0B legal cannabis market.
This milestone provides further validation that ParcelPal's innovative technology is revolutionizing the on-demand delivery space as consumers and merchants are turning to the company to make this process both simple and efficient. ParcelPal has shifted the paradigm from a simple on-demand delivery company to being a full comprehensive eCommerce platform that allows consumers in to purchase anything legal and have those goods delivered in under an hour. ParcelPal's go-forward plan includes pushing the ParcelPal platform on multiple consumer verticals in addition to further expanding their reach across Canada and the US.
We are continuously engaging in business development within Canada and the US to find other growth catalysts, whilst expanding existing partnerships in all verticals, including Cannabis and Liquor as these would result in higher margins and are significantly underserviced segments. The Company is still focusing their efforts on user acquisition, small business and large eCommerce contracts and various verticals for delivery. Since the launch of operations in late July 2017, the Company has grown revenue over 802% from 2017 to 2018. The Company expects this growth to continue as we expand our footprint across Canada and the US.
President and CEO, Kelly Abbott states, “We are extremely excited to have achieved this major milestone of 2,500,000. Our growth over the past year has been tremendous and we're looking forward to taking advantage of the many opportunities that have presented themselves for the remaining part of the year specifically in the liquor and Cannabis space with near-term plans to enter Ontario. I would especially like to thank my team for all of the hard work and dedication to continue achieving milestones.”
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, Investor Relations – peter@parcelpal.com
Forward Looking Information
We seek safe harbour
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.