PKG Announces Signing of Another Meal Kit Delivery Company VANCOUVER, British Columbia, Sept. 30, 2021 (GLOBE NEWSWIRE) -- ParcelPal Logistics Inc. (the “Company” or “ParcelPal”), (OTC:PTNYF) (CSE:PKG) (FSE:PT0) is pleased to announce that as part of the Company’s broader plan to continue to diversify its customer base and execute on additional profitable business engagements, it has signed another meal kit delivery customer. This new customer currently operates in British Columbia and Alberta.
ParcelPal will be delivering meal kits via our scheduled next day delivery service from this new customer’s facility to their end-customers. We are currently servicing the Vancouver metro area and hope to add additional cities as this scales. CEO Rich Wheeless stated, “Meal kit deliveries have been one of our fastest growing areas in the B2B space and being able to sign on yet another solid customer in this area should allow us to quickly gain an additional foothold in the space. I anticipate that this new customer will generate between $100K and $200K in revenue in the next 12 months on a profitable basis. While we continue to sign additional new customers and expand with our existing customers in Canada, we will also focus heavily on our further expansion and subsequent growth in the United States as additional new customer and acquisition opportunities arise, all in an effort to create additional value for our shareholders.”
Lastly, the board of directors has agreed to issue 13,000,000 common shares (each, a “Share”) to certain directors and officers of the corporation at a deemed price of $0.11 CAD per Share. The Company is relying on the prospectus exemption provided under Section 2.24 of National Instrument 45-106 – Prospectus Exemptions for the issuance of the Shares. The securities issuable are subject to a statutory hold period expiring four months and a day from the date of issue.
The Company looks forward to providing an additional material update in the coming days.