VANCOUVER, BC / ACCESSWIRE / November 29, 2018 / ParcelPal Technology Inc. ("ParcelPal" or the "Company"), (PKG: CSE) (FSE: PT0) (OTC: PTNYF) ParcelPal Technology Inc. is pleased to announce the results of Q2. ParcelPal technology has provided the unaudited financial statements for the third quarter and has filed the statements on SEDAR.
Q3 Financial Highlights:
- The total unaudited gross revenue for the third quarter of fiscal year 2018 was $822,456.
- Total gross revenue up 120% in Q3 versus the year ended Q4, December 31st 2017.
- Total cash on hand of $2,019,815 as at September 30, 2018 with $375,337 in accounts receivables.
- 9 months Gross profits of $579,154 representing a gross profit margin of 26%.
- Received $848,503 from exercising of 5,241,611 warrants for Q3
- Loss and comprehensive loss for the period of $569,932 is comprised of non-cash related expenses such as Share-based compensation of $74,657, amortization of $136,339 and interest expense of $53,380. (representing an EBITDA of $(305,556) for the quarter)
President and CEO Kelly Abbott, states, "I am extremely pleased with the progress of our operations and our financial position ending Q3, 2018. We will continue to push the business in our current market and strive to engage new markets and new verticals (namely Cannabis & Alcohol deliveries) within this year. We remain well capitalized with over $3M in net working capital and accordingly are well positioned to achieve our goals of expansion."
ParcelPal intends to pursue a number of technologies, products and marketing initiatives to continue to drive further growth in 2018. The company's strategic priorities include:
- Grow monthly recurring revenues by engaging new and acquired customers.
- Continue to launch multiple delivery verticals within the application.
- Capitalizing on various opportunities within the cannabis space.
- Further grow the technology platform and offer ParcelPal on multiple platform such as web and Android.
- Broaden our geographic footprint across Canadian cities and build on our current market in Vancouver.
- Continue leveraging on our partnership with Amazon across Canada as well as the US.
The operational and financial information in this release is based on the consolidated figures in accordance with International Financial Reporting Standard (IFRS)
About ParcelPal Technology Inc.
ParcelPal is a technology driven logistics company that connects consumers to the goods they love. Customers can shop at partner businesses and through the ParcelPal technology receive their purchased goods within an hour. The Company offers on-demand delivery of merchandise from leading retailers, restaurants, medical marijuana dispensaries and liquor stores in Vancouver and soon in major cities Canada-wide.
ParcelPal Website: www.parcelpal.com
The Canadian Securities Exchange ("CSE") or any other securities regulatory authority has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release that has been prepared by management.
CSE -- Symbol: PKG
FSE -- Symbol: PT0
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Contact: Peter Hinam, Investor Relations -- email@example.com
Forward Looking Information
This news release contains forward looking statements relating to the Proposed Transaction, and 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 due to, among other things, failure to execute definitive documentation, failure to complete satisfactory due diligence, failure to receive the approval of the CSE and the risk that ParcelPal will not be successful due to, among other things, general risks relating to the mobile application industry, failure of ParcelPal to gain market acceptance and potential challenges to the intellectual property utilized in ParcelPal. 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.
SOURCE: ParcelPal Technology Inc.