ParcelPal Technology, Inc. Reports Fiscal Year End 2019 Results Highlighted by Record Revenue Numbers

VANCOUVER, British Columbia, June 09, 2020 (GLOBE NEWSWIRE) -- ParcelPal Technology Inc. (“ParcelPal” or the “Company”), (PKG:CSE) (FSE:PT0) (OTC:PTNYF) is pleased to announce its FY 2019 financial results again highlighted by revenue record numbers. 

Overview

In FY 2019, the Company expanded into new geographic areas and achieved record growth, which was driven by revenue growth of nearly 42% to approximately $4.8 million (up from $3.4 million in FY 2018). Some highlights of the year included the Company delivering well over 2 million packages, a significant increase in business with Amazon and securing a distribution agreement with Aphria Inc. for delivery of medical cannabis to patients.

Additionally, we completed a private placement, invested in our product development, signed an important agreement with Aphria, added to our bench strength with a talented sales executive, and expanded into new markets.

"The past actions we took to increase our revenue and rebuild our product have placed our Company in a better position to deliver value to our customers during the crisis caused by the COVID-19 pandemic," said ParcelPal’s CEO Rich Wheeless. "During a time when we have seen massive layoffs globally, our lean, nimble and talented team has continued to work hard to provide customers a way to have what they want delivered, many times within an hour or less, in a way that solves the problem of paying from a safe social distance."

The past investment we made in upgrading our technology has streamlined our development process and has helped to accelerate our introduction of new product features.

As businesses begin reopening after being in a state of lockdown, they will need innovative and creative solutions to operate their businesses while maintaining social distancing to keep customers and staff safe. In addition to new sanitation guidelines and physical distancing signage, innovative technologies such as mobile ordering and no-touch contactless delivery will play an important role in improving staff and customer safety.

"We have more work to do, and we will continue to take actions to strengthen our business," said ParcelPal’s CEO Rich Wheeless.  “Since I came aboard on March 1 of this year, the Company has made significant progress in reducing expenditures at the same time as aligning our strategy with execution and marketing plans.  We will achieve this by right-sizing the Company to respond to our business needs more efficiently with reduced head office expenses and improved accountability and visibility across teams.  This will be a 12 to 18 month transformation and I remain confident that we will unlock value for our stakeholders as our Company's transformation accelerates.  We have quickly expanded into new markets and have experienced continued growth, accelerated by the COVID-19 pandemic.  One of my main goals along with the expansion into new markets, an increasingly diversified customer base and continuing to engage higher margin customers is to get the company to break even by the end of FY 2021.”