ParcelPal Logistics Announces November 2023 Financial Results Led by Continued Record Margins and Increased Operational Profits

Vancouver, British Columbia--(Newsfile Corp. - December 7, 2023) - ParcelPal Logistics Inc. (OTCQB: PTNYF) (CSE: PKG) (FSE: PT0A) (the "Company" or "ParcelPal"), is pleased to announce that it had another consecutive month of operating profitability (approximately $28K USD) in its U.S. business led by a 30% gross margin for the month of November 2023. This is a great sign for the Company as we head into the last month of our fourth quarter, which is typically the strongest for the Company.

CEO Rich Wheeless stated, "I am happy with the continued improvement off of the heels of our best (third) quarter in the history of the Company, which we announced last week, and our renewed focus on what the Company does best, in the geographic regions that will be the focus of future growth as well. We are also seeing an unprecedented number of deliveries in multiple areas which has led to increased business and improved margins. I look forward to finishing up the quarter (and year) strong, and for 2024 to be an even stronger year for us, including with the numerous U.S. growth opportunities that exist."

We look forward to providing a further update 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. 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

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/190161