Vancouver, British Columbia--(Newsfile Corp. - July 26, 2023) - ParcelPal Logistics Inc. (OTCQB: PTNYF) (CSE: PKG) (FSE: PT0A) (the "Company" or "ParcelPal") is pleased to announce that the Company has added eight late model (newer and mixed size, including larger) vehicles to its FedEx fleet. To address our past demand needs, the Company had been placed in the less desirous position of renting and/or increased maintenance on existing vehicles, causing a significant increase in operating costs. We expect to see related vehicle operating costs to decrease by as much as 80% a month (for our FedEx operations). Going forward, the Company plans to acquire additional vehicles, which we believe will lead to further cost savings as the Company plans on adding more vehicles to its fleet to address an increase in profitable routes that we are experiencing in our service areas.
Rich Wheeless, CEO of ParcelPal, states: "This is an important step for us to be able to continue to add a variety of newer vehicles to our fleet. This not only brings us cost savings by replacing older vehicles, but it also allows us to be able to ramp up for the large increase in business we have seen. We believe this trend will continue throughout the remainder of 2023."
The Company looks forward to providing additional material updates as they occur.
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 release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should" or "would" occur. Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this press release. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Important factors that may cause actual results to vary, include, without limitation: general business, economic and social uncertainties; litigation, legislative, environmental, and other judicial, regulatory, political, and competitive developments; and other risks outside of the Company's control.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. These forward-looking statements are made as of the date of this news release and, unless required by applicable law, the Company assumes no obligation to update these forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/174902
