ParcelPal Announces Uptick in Business with a Subscription Based Beer and Wine Company

Rhea-AI Summary

ParcelPal Logistics Inc. has experienced a 40% increase in business with a customer in Vancouver for beer and wine deliveries. The customer is a subsidiary of a group that owns multiple hospitality ventures. Although the customer contributes relatively small revenue, it has high margins and the company hopes to replicate and expand this success.

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• ParcelPal Logistics Inc. has seen a 40% uptick in business with a customer in Vancouver for beer and wine deliveries. The customer is a subsidiary of a group that owns multiple hospitality ventures. This positive trend indicates potential for higher margins and future growth.

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• None.

Vancouver, British Columbia--(Newsfile Corp. - August 16, 2023) - ParcelPal Logistics Inc. (OTCQB: PTNYF) (CSE: PKG) (FSE: PT0A) (the "Company" or "ParcelPal"), is pleased to announce that it has seen an over 40% uptick in the frequency and total business with subscription beer and wine deliveries with an existing customer in the Vancouver area. The customer is a subsidiary of a group which owns a collection of unique hospitality ventures and their team operates over 20 businesses. While this customer is a relatively small topline revenue customer, the trend is a positive one with a higher margin customer that the Company hopes to replicate and expand upon.

CEO Rich Wheeless stated, "We are pleased to be working with a high caliber company delivering beverage products to local businesses and homes. This industry saw a major uptick during the COVID-19 pandemic, and many experts expect this trend to continue as consumer habits have changed for the longer term. While this is not currently a large topline revenue customer, it has consistently been one of our highest margin customers, and we look forward to continuing to expand our relationship with them."

The Company looks forward to providing additional 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 major Canadian cities including Vancouver, Calgary, and Toronto, as well as in the western region of the United States. 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.

OTCQB - Symbol: PTNYF
CSE - Symbol: PKG
FSE - Symbol: PT0A

Contact Information

Investor Contact

investors@parcelpal.com
T: (587) 883-9811

Company Contact

Rick Underhill, Director of Investor Relations
ParcelPal Logistics Inc.
investors@parcelpal.com
T: (587) 883-9811

Forward-Looking Information

This news release contains forward-looking statements relating to 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 or on time due to, among other things, failure to agree to the terms set forth in the definitive documentation, withdrawal at any time by the target company, failure to receive, be satisfied with or complete delivery of satisfactory due diligence documents and information, failure to receive the approval of the CSE, if and as needed, and the risk that ParcelPal will not be successful due to, among other things, general risks relating to the logistics industry, failure of ParcelPal to gain market acceptance of the transaction, and potential challenges related to expansion into a new country, or with the intellectual property utilized in ParcelPal and its acquisition target(s). 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. The risk of the discontinuation of business by third party customers of the acquired business(es) cannot be guaranteed, and is a business risk that is, in large measure, out of the control of the Company. 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/177376

FAQ

What is the recent business growth for ParcelPal Logistics Inc.?

ParcelPal Logistics Inc. has experienced a 40% increase in business with a customer in Vancouver for beer and wine deliveries.

Who is the customer that ParcelPal Logistics Inc. is working with?

ParcelPal Logistics Inc. is working with a customer that is a subsidiary of a group owning multiple hospitality ventures.

What are the expectations for the future of the beer and wine delivery industry?

Experts predict that the beer and wine delivery industry will continue to grow as consumer habits have changed due to the COVID-19 pandemic.

What are the revenue prospects for ParcelPal Logistics Inc. from this customer?

Although the customer contributes relatively small revenue, it has high margins, indicating potential for profitability and growth.

What are the future plans of ParcelPal Logistics Inc.?

ParcelPal Logistics Inc. looks forward to expanding its relationship with the customer and providing additional updates in the coming days and weeks.