Mr. Rich Wheeless reports

PARCELPAL ANNOUNCES PROFITABLE OPERATIONS IN THE U.S. BEGINNING IN JUNE 2023

Beginning in June, 2023, Parcelpal Logistics Inc.'s U.S. operations were fully profitable for the first time ever, and the company anticipates that to continue moving forward. This is another major milestone for the company.

This was driven by a focus in further adjusting and improving the company's FedEx operations, which it took over one year ago. These operations had faced significant unexpected challenges, which caused losses in months prior; however, the adjustments and persistent efforts resulted in the company turning a small net profit in June, 2023, including resulting gross margins of approximately 18 per cent. Parcelpal's U.S. Amazon operations continue to be profitable as well. The company expects the trend of its operations in the United States to continue being profitable the rest of the year. It is important to note that the company's growing U.S. operations currently account for approximately 60 per cent of its total revenues. The company is continuing to focus on its Canadian operations in parallel, including potential profitable customer diversification opportunities to achieve net profitability within its Canadian operations.

Chief executive officer Rich Wheeless commented: "I am very excited about these improvements and resulting profits following some major changes and realignment within the company. This has made us a more disciplined company in a volatile economy. As a result, our gross margins have continued to improve, resulting in achieving profitability in our U.S. operations. We believe this has placed the company in the strongest position to finish the back half of the year stronger than ever for future growth and further diversification that will spur higher revenues, margins and increased operating performance."

The company looks forward to providing a further update in the coming days.

About Parcelpal Logistics Inc.

Parcelpal is a Vancouver-based 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 the company's verticals include pharmacy and health, meal kit deliveries, retail, groceries, and more.

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