Tickers: XCNQ:PKG, PINX:PTNYF
Tags: Technology, Transportation
Vancouver, British Columbia, Canada / TheNewswire / May 24, 2018 - ParcelPal Technology Inc. ("ParcelPal" or the "Company"), (PKG:CSE) (FSE:PT0) (OTC:PTNYF) ParcelPal Technology Inc. is pleased to announce that it has entered into a definitive agreement for partial acquisition and exclusive partnership with the marijuana seed-to-sale provider and online ordering system, TokeIt Technologies, Inc. (For more information please visit tokeitapp.com).
ParcelPal has experienced strong organic growth, which has been bolstered by strategic partnerships in key verticals. To further consolidate one of the nations fastest growing industries, marijuana, ParcelPal and TokeIt will complete the cycle from seed to last mile in both technology and delivery to the end consumer.
ParcelPal will offer all TokeIt engaged licensed dispensaries the ability to offer their consumers the choice of ordering marijuana directly through the ParcelPal or TokeIt application and have it delivered in an hour or less. This partnership grants access for ParcelPal to thousands of customers in neighborhoods across Vancouver and potentially Canada.
With the current restaurants and liquor stores on the ParcelPal platform, the addition of TokeIt clients will total over 300 establishments. Overall, customers can anticipate an even more reliable, convenient and discreet service when they order via the ParcelPal or TokeIt mobile app.
ParcelPal Technology Inc., has completed the partial acquisition of TokeIt Technology Inc. Under the terms of the agreement, ParcelPal will acquire 8% percent of TokeIt Technology and assume existing assets including:
- Exclusive delivery rights for all TokeIt businesses and clientele.
- Consumer Data rights.
- First right of refusal on forthcoming financings.
- Source code for Dispensary point of sale systems for integration into ParcelPal's ecosystem.
- Exclusive use and ability for ParcelPal to use TokeIt's technology in additional verticals.
Transaction Highlights:
- Experienced management team giving ParcelPal further reach into the Canadian cannabis market.
- Provides strong traction into the growing offline and online Canadian retail dispensary market.
- Existing base of revenue-generating assets in the adult use market.
- Opportunity to improve performance by deploying best-in-class operating procedures and branding strategies.
- Includes over 15,000+ customers on the TokeIt platform.
- TokeIt is provincially and federally compliant in Canada, making ParcelPal and TokeIt poised for expansion.
- Nearly 50 dispensaries partnered with TokeIt where ParcelPal currently operates.
- Of the dispensaries on the TokeIt Platform, the average dispensary produces over $250,000 per month.
Kelly Abbott President and CEO states, "Our philosophy is based on the Uberization of things and high profile consumables such as cannabis. Recognizing the consumer and industry trends for on demand logistics, this addition makes perfect sense to ParcelPal. The platform is all about serving the on-demand economy and we recognize cannabis will be a popular item going forward for delivery. The deal with TokeIt will provide scale and opportunity as cannabis moves toward deregulation and legalization in Canada and abroad. Our team saw this partnership as an excellent opportunity for continued growth in the most exciting retail cannabis markets in North America."
Shaun Sani, President and CEO of TokeIt Technologies states, "We are extremely excited about this partnership with ParcelPal. We want our customers to be confident in knowing where the product is coming from. This partnership allows the customer to know exactly where it has come from along the supply chain and allows consumers to have their products from each dispensary in an hour or less. Our marketing plan includes a number of strategic alliances and cross channel platforms to grow through organic campaigns."
The companies plan to integrate the technology and roll out in Vancouver as soon as possible.
The company also announces the resignation of Jason Moreau as a director of the company. Jason is pursing is busy pursuing his new company survale.com and cannot commit a fulltime effort to ParcelPal. We would like to thank Jason for all his efforts on behalf of the company and wish him all the best in his future endeavor.
About TokeIt Technologies Inc.
TokeIt Technologies is a 'seed to last mile' cannabis solution crafted around government compliance and regulation within the anticipated cannabis industry. TokeIt brings the most up-to-date technology solutions and services available to the market for complying dispensaries across Canada. Whether small, medium or large, the TokeIt ecosystem allows for operations of all scales enabling merchants to grow their business while staying in boundaries with local, provincial and federal regulations. TokeIt's ecosystem includes secured debit and credit payment processing, customer verification, invoicing and purchase order generation, "down to the gram" inventory management, human resource management capabilities with live track and trace store performance capabilities.
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 - peter@parcelpal.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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