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ParcelPal Announces the Execution of a Service Agreement with One of Canada’s Leaders in the Specialty Pharmacy Services Space

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ParcelPal Technology Inc.
·4 min read
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VANCOUVER, British Columbia, Nov. 24, 2020 (GLOBE NEWSWIRE) -- ParcelPal Technology Inc. (“ParcelPal” or the “Company”), (PKG:CSE) (FSE:PT0) (OTC:PTNYF) is pleased to announce the signing of an agreement to provide delivery services with one of Canada’s fastest growing and trusted providers of comprehensive specialty pharmacy services and solutions. The company operates a rapidly growing national network of pharmacy fulfilment centres throughout Canada.

ParcelPal will be providing same day and next day prescription delivery to different facilities in the Edmonton, Alberta and Calgary, Alberta 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 have multiple chronic health conditions, and as such, they are particularly vulnerable to COVID-19, among other medical conditions. Therefore, it is all the more important that they continue to have safe access to the medications that they need in a timely manner. I am extremely proud that we are able to provide this vital service during this time and beyond.”

Additionally, the Company will be relying on the temporary blanket relief provided by the Canadian Securities Administrators, including under BC Instrument 51-516, to postpone the filing of its executive compensation disclosure required under applicable securities laws, which we expect to file prior to December 31, 2020.

The Company has also been granted an extension of six months by the Registrar of Companies, to hold its Annual General Meeting ("AGM") for the year 2020 under section 182(4) of the Business Corporations Act. The six months extension is from December 31, 2020, to June 30, 2021. With the challenges related to COVID-19, the Company's management determined that postponing the AGM would be in the best interest of its shareholders.

The Company looks forward to providing a further update before the end of the 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.

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.