ParcelPal Announces the Execution of its First Warehouse to Support its Continued Company Growth and Expansion
VANCOUVER, British Columbia, July 06, 2021 (GLOBE NEWSWIRE) — ParcelPal Logistics Inc. (the “Company” or “ParcelPal”), (OTC:PTNYF) (CSE:PKG) (FSE:PT0) is pleased to announce the signing of an agreement for its first warehouse in the Vancouver area to help with its continued growth.
As part of the Company’s continued expansion and growth plan, the Company has executed a lease agreement for a sizable (5,083 square feet) warehouse in Coquitlam. This will allow us to service many of the new customer agreements more efficiently and more cost-effectively. This will also have the added benefit of enabling us to expand and scale faster. As a result of our added warehousing and delivery capabilities, this will enable us to service the larger clients that have approached us in the recent months. Additionally, based on an anticipated surge of online delivery needs and expanded business opportunities in the second half of the year, we may have the need for an additional larger warehouse in one of our other major cities in which we operate, which is subject to a number of factors and consideration in the normal course of an operating business; however, we will provide a future update if and when we execute on such second warehouse facility.
CEO Rich Wheeless stated, “I am not only pleased with the new customers that we are continuously onboarding, but also very excited to have our first warehouse to better service our larger customers. This has been an important goal of mine as not only do I believe warehousing is a major growth area in the logistics space, but it marks a major growth milestone for the Company. With this, it will also help us to have higher margins and be more efficient in our route planning and execution. We have been putting important pieces of our business puzzle in place to be able to continue to be an increasingly trusted leader in this space.”
The Company looks forward to providing further material updates in the coming days and weeks.
About ParcelPal Logistics Inc.
ParcelPal is a Vancouver, British Columbia based company that specializes in last-mile delivery service and logistics solutions. We are a customer-driven, courier and logistics company connecting people and businesses through our network of couriers in cities including Vancouver, Calgary, Toronto and soon in other major cities Canada-wide. Some of our verticals include pharmacy & health, meal kit deliveries, retail, groceries and more.
ParcelPal Website: www.parcelpal.com
Neither the Canadian Securities Exchange (“CSE”), the Securities and Exchange Commission nor any other securities regulatory authority has reviewed and do not accept responsibility for the adequacy or accuracy of this news release that has been prepared by management.
OTC – Symbol: PTNYF
CSE – Symbol: PKG
FSE – Symbol: PT0
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.