VANCOUVER, Jan. 9, 2019 /CNW/ - ParcelPal Technology Inc. ("ParcelPal" or the "Company"), (CSE: PKG) (FSE: PT0) (OTC: PTNYF) - President and CEO Kelly Abbott gives a corporate update.
Dear fellow shareholders,
Happy New Year to you all. As I reflect on the past year, I am thrilled with how far we have come in such a short period of time. I would personally like to take this opportunity to thank all of our shareholders, partners, customers and other stakeholders for all of their support. We have had a very successful 2018 and I am extremely optimistic about ParcelPal exceeding our growth trajectory for 2019.
2018 was a year of establishing ParcelPal and expanding our footprint in Canada and the US. We had an exceptional year for 2018 and grew the business significantly and we are particularly pleased with Q4. Here are some of the significant accomplishments achieved over the last year:
- Signed Amazon.com Inc. contract for Vancouver, British Columbia and Everett, Washington and expanded our regions within the current cities significantly.
- Achieved and maintained Gold status as a fulfillment provider for Amazon.com
- Partnered with and invested in TokeIt (Centreel Systems) for distribution of Cannabis.
- Delivered over 1,500,000 packages.
- Launched beta and full version of the ParcelPal Android App.
- Entered the cannabis space with a contract for distribution with Choom (CSE:CHOO, OTC: CHOOF).
- Became the first on-demand delivery provider for Cannabis in Canada.
- Launched operations in two new Canadian Western cities: Saskatoon and Calgary.
- Improved our balance sheet significantly, whereby we ended the year with over $2 million in net working capital. This will allow for an 18 months expansionary run rate without the need to raise further capital.
- Improved our board & management team by the addition of: Cody Halovich, Devon Brown, Vikas Ranjan, Alain Duperes and Steve Winter.
- Closed 2018 year with a run rate of over 3.5 million.
We are continuously executing on our strategic plan, attracting potential partnerships, and looking at further city expansions. The opportunities are endless for evolution and revenue diversification within the on-demand delivery industry. We have been reinvesting into our technology platform and have begun to scale our service across Canada and now into the United States.
Looking into 2019, we will focus on achieving the following:
- Continued expansion into larger tier one and tier two Canadian and United States Cities such as: Toronto, Winnipeg, Regina, Edmonton, St. Johns, Spokane, Tacoma, Seattle, etc.
- Expand further into our geographical locations where we currently operate such as: Surrey, Langley, Lethbridge, etc.
- Expanding our revenue diversification through large eCommerce contracts, cannabis delivery and potential acquisitions.
- Continue our expansion into the Amazon ecosystem throughout Canada and the United States.
- Execute on-demand delivery of Cannabis across Canada.
- Integrate artificial intelligence and prediction algorithms into our platform to maximize revenue potential and streamline services.
- Add new verticals into our platform to further penetrate current and potential markets.
- Increase our run rate to over 12 million+ by the end of 2019.
- Improve overall margin by becoming a procurement & distribution partner to many of our exiting partners.
On behalf of the Board of Directors, the leadership team, the wider organization and myself, thank you for your continued support as we continue to elevate ParcelPal through the year ahead.
President and CEO,
ParcelPal Technology Inc.
About ParcelPal Technology Inc.
ParcelPal is a technology driven logistics company that connects consumers to the goods they love. Customers can shop at partner businesses and through the ParcelPal technology receive their purchased goods within an hour. The Company offers on-demand delivery of merchandise from leading retailers, restaurants, medical marijuana dispensaries and liquor stores in Vancouver and soon in major cities Canada-wide.
ParcelPal Website: http://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
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.
SOURCE ParcelPal Technology Inc.
For further information: Peter Hinam, Investor Relations - [email protected]