ParcelPal Provides Update on Status of MCTO
ParcelPal Provides Update on Status of MCTO
Vancouver, British Columbia – June 12, 20 24 – ParcelPal Logistics Inc. (the “ Company” or
“ParcelPal”), (OTC:PTNYF) (CSE:PKG) (FSE:PT0) is providing an update on the status of a
management cease trade order (the "MCTO") application that was announced on April 16, 2024
(the "Announcement") with its principal regulator, the British Columbia Securities Commission,
who issued the MCTO on May 1, 2024. The Company applied for the MCTO in order to secure
additional time for the Company to file its audited annual financial statements and the related
management’s discussion and analysis for the fiscal year ended December 31, 2023, (the “Annual
Filings”), which were originally due on April 29, 2024. Preparation of the Annual Filings is also
affecting the timely completion of the Company's interim f inancial statements, accompanying
management's discussion and analysis and related certifications for the three months ended
March 31, 2024 (the "Interim Filings").
The Company and its newly appointed auditors are working diligently to complete the Annual
Filings and Interim Filings as soon as possible. However, due to the Company’s previous auditor
BF Borgers, having been terminated as a participating audit firm by the Canadian Public
Accountability Board and their suspension by the US Public Company Accounting Oversight
Board, the Company’s new ly appointed auditor must complete a full two-year audit of the
Company’s prior financial statements. The primary reason for this is that the Company’s former
auditor can no longer provide their consent to the previous financial statements. The Company
is not aware of any material deficiencies or reportable events pertaining to the previously audited
financial statements. This additional review will increase the time needed to complete and
approve the Annual Filings and The Interim Filings. As a result of the foregoing, the Company now
anticipates that it will be in a position to file the Annual Filings and Interim Filing on or before
August 31, 2024 (collectively, the "Required Filings").
The MCTO prohibits all trading in the capital of the Company, whether directly or indirectly, by
the Company’s CEO and CFO until such time as the Required Filings have been filed by the
Company and the MCTO has been lifted. The MCTO does not affect the abi lity of other
shareholders to trade in the securities of the Company.
The Company confirms that since the date of the Announcement: (i) other than as described
above, there has been no material change to the information set out in the Announcement that
has not been generally disclosed; (ii) other than as described above, there has been no failure by
the Company in fulfilling its stated intentions with respect to satisfying the provisions of the
alternative information guidelines set out in NP 12 -203; (iii) there has not been any othe r
specified default by the Company under NP 12 -203; and (iv) there is no other material
information concerning the affairs of the Company that has not been generally disclosed.
The Company will continue to satisfy the provisions of the alternative information guidelines
under NP 12 -203 by issuing bi -weekly default status reports in the form of news releases until
the Required Filings are posted and the MCTO has been lifted.
About ParcelPal Logistics Inc.
ParcelPal is a Vancouver, British Columbia company, with operations in the United States, that
specializes in last-mile delivery service and logistics solutions. We are a customer-driven, courier
and logistics company connecting people and businesses through our network of couriers. Some
of our verticals include pharmacy & health, meal kit deliveries, retail, groceries and more.
ParcelPal Website: www.parcelpal.com
Neither the Canadian Securities Exchange (“CSE”), the Securities and Exchange Commission nor
any other securities regulatory authority has reviewed and do not accept responsibility for the
adequacy or accuracy of this news release that has been prepared by management.
OTCQB – Symbol: PTNYF
CSE – Symbol: PKG
FSE – Symbol: PT0A
Contact Information
Investor Contact
T: (587) 883-9811
Company Contact
T: (587) 883-9811
Forward-Looking Information
This news release contains forward-looking statements relating to 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 Required Filings will not be completed or on time due to, among other things, failure to agree to
the terms with the new auditor, failure to receive the approval of the CSE, if and as needed, and the risk that
ParcelPal will not be successful due to, among other things, general risks relating to the logistics industry, failure of
ParcelPal to gain market acceptance, and potential challenges related to expansion, or with the intellectual property
utilized in ParcelPal and its acquisition ta rget(s). 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. The risk of the discontinuation of business by third
party customers of the acquired business(es) cannot be guaranteed, and is a business risk that is, in large measure,
out of the control of the Company. 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 thi s 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.