Mr. Rich Wheeless reports

PARCELPAL LOGISTICS ANNOUNCES EXTENSION OF CONTRACT WITH ITS SECOND LARGEST CUSTOMER LEADING TO INCREASING RATES ON DELIVERIES, HIGHER PACKAGE COUNTS AND EXPANSION OPPORTUNITIES

Parcelpal Logistics Inc. has extended its contract with its second-largest customer for at least another year. This customer accounts for approximately 20 per cent of the company's top-line revenue and is growing with us. Additionally, the terms of the renewed contract are more favourable for Parcelpal with increasing rates on deliveries and higher package counts. The new agreement runs until November, 2024, and the company anticipates serving additional sites with this customer in 2024. This is a great sign for the company moving forward as it shows Parcelpal's customer's confidence in the company and the company believes should lead to expansion opportunities with this customer.

Chief executive officer Rich Wheeless stated: "I am beyond grateful to be continuing business with this customer as they are one of the leaders in the industry and a profitable revenue stream for us as well. I anticipate an accelerated rate of growth with this customer for the remainder of 2023 and into 2024. Additionally, we look to obtain an additional site or two in 2024 outside of our existing geographic sites with this customer and will work towards that goal."

The company looks forward to providing additional material updates before the month-end.

About Parcelpal Logistics Inc.

Parcelpal is a Vancouver, B.C., 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. Some of Parcelpal's verticals include pharmacy and health, meal kit deliveries, retail, groceries, and more.

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