Mr. Rich Wheeless reports

PARCELPAL LOGISTICS ANNOUNCES UPDATE ON ITS STRENGTH WITH ITS LARGEST U.S. CUSTOMER, AND PROVIDES AN UPDATE ON THE PROPOSED ANTMINING HOSTING BUSINESS LINE

Parcelpal Logistics Inc.'s core business with its largest customer has remained solid post-2023 peak and into Q1 2024. The amount of volume has been up over 10 per cent from the same period last year. This customer currently accounts for nearly 80 per cent of the company's top-line revenue. Given the overall macroeconomic market and some of the downward trends the company is seeing globally in this industry with other company's large customers, this is a great development for Parcelpal that its business has remained strong, positioning it to continue to explore expansion and diversification opportunities in this business space.

Additionally, with respect to the company's recently announced plan to diversify its business by hosting data centre and mining equipment, Parcelpal continues to work with local utility companies in three different states in an effort to negotiate competitive electricity rates and the potential electrical capacity ramp-ups, as each state has different requirements as it relates to the company's previously approved facilities. This will help Parcelpal to determine which of those properties will be best for the company to initiate this business line. Parcelpal also continues to identify alternative properties as replacement options, if or as needed.

Rich Wheeless, chief executive officer, stated: "Our core U.S. business continues to remain solid, which has given us a solid foundation from which to build upon. I remain bullish about, not only the continued growth but I also see us expanding our foundational delivery business with some large new clients based upon recent exploratory discussions. In addition, we continue to work diligently to execute and consummate the proposed new data centre and antminer hosting business line. We remain focused on and confident in getting this business line launched with qualified properties fully operational in the second fiscal quarter of 2024."

Parcelpal looks forward to providing additional material updates in the coming days and weeks.

About Parcelpal Logistics Inc.

Parcelpal is a Vancouver, B.C., company, with operations in the United States, 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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