Mr. Rick Underhill reports

PARCELPAL ANNOUNCES LATE FILING OF ITS ANNUAL FINANCIAL DISCLOSURE AND APPLICATION FOR MANAGEMENT CEASE TRADE ORDER

The filing of Parcelpal Logistics Inc.'s audited annual financial statements, management's discussion and analysis, and related chief executive officer and chief financial officer certifications for the year ended Dec. 31, 2022, will be delayed beyond the prescribed filing deadline of May 1, 2023.

The principal reason behind the issuer's delay in meeting its reporting deadline is the company has determined that it is unable to file, without unreasonable effort or expense, its required filings by the prescribed due date, as it requires additional time to gather necessary information for the preparation and completion of the required filings.

The company has made an application to the B.C. Securities Commission for a management cease trade order, which would restrict all trading in securities of the company, whether direct or indirect, by management of the company. The issuance of an MCTO does not generally affect the ability of shareholders who are insiders of the company to trade their securities. There is no certainty that the MCTO will be granted. In the event that the MCTO is not issued by the BCSC, the applicable Canadian securities authorities could issue a general cease trade order against the company for failure to file the required filings within the prescribed time period.

The company is working expeditiously with its auditor, BF Borgers CPA PC, to complete the audit as soon as possible. The company plans to remedy the default and file the required filings as soon as it is able to do so, and expects such filings to occur on or prior to May 17, 2023.

If the MCTO is granted, the company intends to comply with the provisions of the alternative information guidelines as set out in National Policy 12-203 (Management Cease Trade Orders) for as long as it remains in default, including the issuance of biweekly default status reports, each of which will be issued in the form of a news release. The company will also disclose any other material information concerning its affairs that has not been disclosed.

The company confirms that there are no insolvency proceedings against it as of the date of this press release. The company also confirms that there is no other material information concerning the affairs of the company that has not been generally disclosed as of the date of this press release.

About Parcelpal Logistics Inc.

Parcelpal, based in Vancouver, B.C., is a company that specializes in last-mile delivery service and logistics solutions. It is a customer-driven, courier and logistics company connecting people and businesses through its network of couriers in major Canadian cities, including Vancouver, Calgary and Toronto, as well as in the western region of the United States. Some of its verticals include pharmacy and health, meal kit deliveries, retail, groceries, and more.

We seek Safe Harbor.