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ParcelPal Logistics Inc. (PTNYF) specializes in last-mile delivery services and logistics solutions with operations in the United States. The company recently announced progress on securing a viable site in the southern U.S. for hosting antmining machines. This natural gas-powered site could potentially generate significant revenue. The CEO, Rich Wheeless, highlighted the importance of this property's scalability and favorable energy rates, aiming to launch the business line in the second fiscal quarter of 2024.
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ParcelPal Logistics Inc. announces the retention of Richard Underhill to develop its Warehousing Division, with a fee of $10,000 USD per month for three months and potential extension. Mr. Underhill to receive shares upon establishment of warehouse and crypto mining facilities.
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ParcelPal Logistics Inc. has signed a non-binding Letter of Intent with a data center equipment manufacturing company to expand its warehousing footprint and related revenues in 2024. The company plans to lease a U.S. based hybrid facility and sublease space to the client for setting up 10,000 antminer machines. The goal is to diversify the business and achieve 100% occupancy and net profitable operations.
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ParcelPal Logistics Inc. (PTNYF) has experienced its largest volume days in the history of the Company, with a 20% higher volume in the United States than originally projected. The CEO remains bullish for 2024, citing unprecedented business and growth opportunities. The Company has also been granted a six-month extension to hold its 2023 Annual General Meeting.
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ParcelPal Logistics Inc. (PTNYF) reports consecutive month of operating profitability with a 30% gross margin in November 2023, following their best third quarter in company history. CEO Rich Wheeless anticipates a strong finish to the year and foresees even stronger growth opportunities in 2024.
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ParcelPal Logistics Inc. (PTNYF) announced record Q3 2023 financial results with a 39% revenue growth to approximately $3.7M, 39.6% gross margins, and a 91% decrease in net loss. The company's largest Q3 of gross revenue and operational efficiencies are expected to lead to a fully profitable Q4 2023.
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ParcelPal Logistics Inc. (PTNYF) announces the extension of its contract with its second largest customer, accounting for 20% of its revenue, for at least another year. The renewed contract includes more favorable terms for ParcelPal, with increasing rates on deliveries and higher package counts. CEO Rich Wheeless anticipates accelerated growth with this customer for the remainder of 2023 and into 2024, with plans to obtain additional sites outside of existing geographic locations.
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ParcelPal Logistics Inc. (PTNYF) announces another month of operating profitability in its U.S. business, with a record 28% gross margin for October 2023, driven by more profitable business with its second largest customer. CEO Rich Wheeless expressed optimism for the rest of Q4 and 2024, highlighting the company's renewed focus and future growth opportunities.
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ParcelPal Logistics Inc. has acquired 20 electric delivery vehicles in the United States, aiming to have 50% of its delivery fleet be composed of electric vehicles by the end of 2024 and fully electric by the end of 2026. The use of electric vehicles not only contributes to environmental sustainability but also saves approximately one hour per day on driver's routes due to the vehicles' interface with the delivery app.
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ParcelPal Logistics Inc. announces a shift in focus and resources to its growing U.S. operations, terminating its largest Canadian contract. The company's revenue growth and record margins have been driven by expansion in the U.S. market. The U.S. operations have achieved net profitability since June 2023, while the Canadian side has sustained substantial net operating losses. The strategic decision to focus on the U.S. operations is expected to result in a higher return on investment and greater shareholder value. The company will continue to pursue high margin customers in Canada.
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ParcelPal Logistics Inc. announces record Q2 2023 financial results with revenue growth of 17% to $2.9M, record gross margins of 27%, and a 92% decrease in net loss. US operations turned net positive in June 2023. Strategic priorities include improving operating performance, expanding in Canada and the US, and signing quality partners.
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FAQ
What is the current stock price of Parcelpal Logistics (PTNYF)?
The current stock price of Parcelpal Logistics (PTNYF) is $0.000001 as of February 14, 2025.
What is the market cap of Parcelpal Logistics (PTNYF)?
The market cap of Parcelpal Logistics (PTNYF) is approximately 345.1K.
What are ParcelPal Logistics Inc.'s core services?
ParcelPal specializes in last-mile delivery services and logistics solutions.
What recent announcement did ParcelPal make regarding a new site?
ParcelPal announced progress on securing a viable site in the southern U.S. for hosting antmining machines.
What is the significance of the potential processing power of the new site?
The site could host up to 38,000 antmining machines with a maximum processing power of 100 Megawatts.
Who is leading the efforts at ParcelPal?
Rich Wheeless, the CEO, is actively working to secure the new property for expanding the company's operations.
What is ParcelPal's revenue projection at the new site?
ParcelPal estimates the gross revenue at the new site to be approximately $3,400,000.00 per month.
When does ParcelPal plan to launch the antminer hosting business line?
ParcelPal aims to have the business line operational in the second fiscal quarter of 2024.
What sets the new site apart from previous considerations?
The site is a natural gas site with more favorable energy rates, allowing for more antminers and quicker scalability.
Why did ParcelPal undergo a reverse stock split?
ParcelPal decided on a reverse stock split to position the company favorably for growth, capital needs, and to meet minimum share price compliance requirements.
What is ParcelPal's plan to address the delayed financial statements?
ParcelPal has engaged a new auditor and is diligently working to complete the required filings by the specified deadline.
What challenges has ParcelPal faced with its previous auditor, BF Borgers?
ParcelPal's previous auditor, BF Borgers, was terminated as a participating audit firm, leading to delays in the required financial filings.
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