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VANCOUVER, British Columbia, Nov. 25, 2020 (GLOBE NEWSWIRE) -- ParcelPal Technology Inc. (“ParcelPal” or the “Company”), (PKG:CSE) (FSE:PT0) (OTC:PTNYF) is pleased to announce that for the month of October 2020, it turned its first profit in the history of the Company.
CEO Rich Wheeless stated, “This is a major milestone for the Company and I believe also a turning point for us. This has also been a personal mission of mine since the day the board promoted me to CEO in April, and while no one can guarantee every month to be a profitable one, this remains a significant positive event for our Company. A combination of cost cutting measures (right sizing the business), signing more profitable contracts, moving into new industries and markets and a renewed focus on what the company does best has led to this and has additionally strengthened our balance sheet. I am extremely proud of the work the team has accomplished during this time especially given the challenging global environment we have all been faced with. I look forward to finishing up the quarter (and year) strong, and for 2021 to be an even stronger year for us.”
“Chairman of the Board Brian Storseth added, the board is extremely pleased with the continued progress that has been made and the amazing leadership shown by our CEO Rich Wheeless since being promoted to the position earlier this year. He has quickly turned around the Company by focusing on profitability, streamlining our internal processes and expanding our customer base, which is already showing up in our bottom line. We look forward to the rest of this quarter."
In addition to our Q3 report being released by month-end, we anticipate issuing a further press release to report on our November 2020 performance in December.
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
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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.