Tickers: XCNQ:PKG, PINX:PTNYF
Tags: Technology, Transportation
Vancouver, British Columbia, Canada / TheNewswire / June 26, 2018 – ParcelPal Technology Inc. ("ParcelPal" or the "Company"), (PKG:CSE) (FSE:PT0) (OTC:PTNYF) is pleased to announce the appointment of Steve Winter to the role of Director of Business Development. Steve will be assessing markets across Canada for implementation of the ParcelPal service in multiple verticals, primarily cannabis, alcohol and grocery.
Steve Winter worked for over 30 years in the packaged goods industry. In 1978 Steve founded Terra Nova Brokers Limited, acquired an interest in Murray Spencer & Co and ultimately merged the two companies in 1996 forming the largest food broker in Atlantic Canada. Recognizing industry trends, Steve sold the operation to Ontario based Thomas, Large and Singer in 1999 with sales in excess of $ 125 million, employing 100+ Atlantic Canadians. In 2002, Acosta Inc, the largest food broker in the world, acquired the Canadian operation with Steve serving as Senior Vice President, Client Management for Acosta Canada Inc. until his departure in 2004.
In November 2004 Steve was appointed President and Chief Executive Officer of the Newfoundland Labrador Liquor Corporation ("NLC"). During his 13+ years as CEO and under his leadership and guidance, the NLC grew substantially and increased the Governments Dividend from $ 93,600,000 million in 2004 to $ 198,000,000 in 2017. Additionally, Steve was a key leader from the team that brought the cannabis giant, Canopy Growth to Newfoundland. His team negotiated a guaranteed supply and commitment to invest $ 50 million in a facility which would employ 145 full-time workers in the province.
For 12 years Steve was a Director of the Retail Council of Canada, a not-for-profit, industry-funded association representing more than 45,000 store fronts of all retail formats across Canada, including department, specialty, discount, independent stores, online merchants, grocery and which includes some of the largest independents in the country.
From 1987 to 1994, Steve served as a Director of the National Capital Commission, a federal crown corporation which is responsible for planning, stewarding and managing Canadian assets within the Capital region on behalf of all Canadians. Additionally, Steve was named by Atlantic Canada‘s Business Magazine as one of Atlantic Canada‘s Top 50 CEO‘s for five years running as well as being inducted into the Atlantic Business Magazine‘s Top 50 CEO Hall of Fame in 2014.
Steve Winter commented, "Times have changed, Canadian consumers now expect things on demand. To date, ParcelPal has serviced the Vancouver segment which has been a prelude to a broader national strategy. I intend to leverage my considerable network to access cannabis, liquor & grocery related businesses as well as other retail channels."
President and CEO Kelly Abbott Commented, "We are extremely excited to have Steve join our team. With his vast knowledge and expertise, we feel he will usher ParcelPal into a new stage of our growth cycle. With the skilled team we have in place, we are focusing on our national expansion strategy to be in additional markets soon. Additionally, with the imminent deregulation of the access to recreational marijuana, we are strategically positioned to deploy a national cannabis uberization model."
Additionally, the company has settled debt with shares with officers, directors and consultants in the Company for services provided to the company from October 2017 to March 2018. The aggregate amount of 285,000 common shares (the "Debt Shares") at a deemed price of $ 0.20 per Debt Share in settlement of the indebtedness to the Creditors in aggregate amount of $ 57,000. The issuance of the Debt Shares will not result in the creation of any new control person. The Debt Shares will be subject to a four month plus 1 day hold period.
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
OTC – Symbol: PTNYF
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.
The Company cannot guarantee that any forward looking statement will materialize and the reader is cautioned not to place undue reliance on any forward looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward looking statements contained in this news release are expressly qualified by this cautionary statement. The forward looking statements contained in this news release are made as of the date of this news release and the Company will only update or revise publicly any of the included forward looking statements as expressly required by Canadian securities laws.
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