ParcelPal Announces the Execution of a Service Agreement with Body Energy Club and the Resignation of Three Board Members

VANCOUVER, British Columbia, June 02, 2020 (GLOBE NEWSWIRE) -- ParcelPal Technology Inc. (“ParcelPal” or the “Company”), (PKG:CSE) (PT0.F) (PTNYF) is pleased to announce the signing of an agreement to provide delivery services with Body Energy Club (“Body Energy”). Body Energy Club is one of Canada’s leading and most trusted providers of vitamin and nutritional supplements in Canada. Body Energy Club operates a warehouse facility to support both its brick and mortar stores in the United States and Canada, as well as its online store, which is one of the largest online vitamin and nutritional supplement stores in Canada. Body Energy Club has a range of over 6,200 products with over $4 million in inventory.

ParcelPal will be providing same day and next day delivery services for Body Energy’s vitamin and nutritional supplements to customers in Vancouver, British Columbia and surrounding areas to start, with other cities to follow. CEO Rich Wheeless stated, “During the COVID-19 pandemic, most of us have been affected in one way or another by this pandemic. Many people around the country want to make sure they have access to what they need to be able to maintain their healthy lifestyles and fitness goals. Therefore, it is all the more important that they continue to have safe access to the vitamins and supplements that they need in a timely manner. I am extremely proud that we are able to work with the team at Body Energy Club to provide this vital service during this time and beyond.”

Also, as part of the Company’s broader plan to expand operations, further diversify its customer base and execute on additional profitable business engagements, ParcelPal has signed several other agreements over the past month, including a contract in the healthcare space that will allow the company to increase its focus in this vital market space.

Also as part of the company’s diversification and growth plan, three members of the Company’s board of directors have stepped down. Kelly Abbott, who was the former President & CEO, has stepped down as a board member as the transition has been completed. The Company sincerely appreciates the leadership and dedication Mr. Abbott has provided, guiding the Company from its early conceptual stage to its current form.

Peter Hinam, who was originally appointed the Chief Strategy Officer and a director, has stepped down from both roles. Lastly, Ian Tostenson has stepped down as a director of the company. These changes to our board of directors come as the Company continues to undertake the next phase in its operational diversification and growth. The Board wishes to thank both Mr. Hinam and Mr. Tostenson for their many contributions to the Company, and wishes them well for the future.

The Company also announces a settlement of debt in the sum of $27,000 by the issuance of 270,000 common shares at a price of $0.10, effective May 29, 2020.

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

Contact: re: Investor Inquiries -info@parcelpal.com

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.