ParcelPal Technology Inc. (PKG:CSE; PTNYF:OTCQB; PT0:FSE) connects customers with businesses and offers delivery within the hour or the next day, in Vancouver, Calgary and Toronto, and plans on expanding to other Canadian cities. Retailers, restaurants, medical marijuana dispensaries and liquor stores are among the businesses offering on-demand delivery through ParcelPal.
And the firm looks set to achieve three consecutive months of profitability.
At the end of November, the company announced that October was the first profitable month in the history of the firm. CEO Rich Wheeless stated, "This is a major milestone for the company and I believe also a turning point for us."
Chairman of the Board Brian Storseth noted, "The board is extremely pleased with the continued progress that has been made and the amazing leadership shown by our CEO Rich Wheeless since being promoted to the position earlier this year. He has quickly turned around the company by focusing on profitability, streamlining our internal processes and expanding our customer base, which is already showing up in our bottom line."
The company noted the profitability was achieved through a "combination of cost cutting measures (right sizing the business), signing more profitable contracts, moving into new industries and markets and a renewed focus on what the company does best has led to this and has additionally strengthened our balance sheet."
This announcement was followed with the news that ParcelPal had achieved back to back profitable months—October and November—and also its profit in November was larger than October's. "This combination of reducing inefficiencies, signing more profitable contracts, moving into new industries and markets—with a renewed focus on what the company does best—has led to achieving these two months of profitability," Wheeless said.
This string of profitability appears set to continue because on December 17, in a news release, Wheeless stated, "We look forward to being able to finish out the rest of year strong, having our third consecutive profitable month and keeping the momentum going into 2021."
To that end, the company entered into a US$5 million equity line of credit with Tangiers Global LLC. The company noted that the equity line facility provides a "viable long-term platform to both grow its existing operations, develop other business activities under current consideration, and expansion into new areas as well as potential acquisitions."
ParcelPal Technology trades on the Canadian Securities Exchange under the symbol PKG, and currently has approximately 93 million shares outstanding.
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