ParcelPal Technology Inc.'s three convertible debt financing instruments entered into in fiscal (FY) 2020 have been converted and retired, including the $525,000 (U.S.) convertible debenture that was issued by the company in September, 2020. As of the date of this news release, we currently have approximately $500K cash on hand, and an untapped equity facility of $5M available to us at our discretion.
ParcelPal's CEO Rich Wheeless commented, "Our management team is proud of both the fundamental progress the Company has made over the past year, as well as perseverance required, especially given the turnaround in burn rate, growth in top-line revenue with the addition of new customers and the current volatile global market conditions. Over that period, the Company has stayed true to the vision we have laid out, which we believe has built and will continue to build a more valuable brand, continue to increase revenue, diversify our customer base and strengthen our corporate balance sheet. The Company is continually focused on building shareholder value through a combination of organic growth, expansion and potential acquisitions, joint ventures or other strategic transactions as they present themselves, and I look forward to continuing the progress that has been made."
The Company looks forward to providing additional updates in the coming weeks.
About ParcelPal Technology 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 cities including Vancouver, Calgary, Toronto and soon in other major cities Canada-wide. Some of our verticals include pharmacy & health, meal kit deliveries, retail, groceries and more.