VANCOUVER, British Columbia, April 06, 2020 (GLOBE NEWSWIRE) -- ParcelPal Technology Inc. ("ParcelPal" or the "Company"), (PKG:CSE) (FSE:PT0) (OTC:PTNYF) is pleased to announce the promotion of Rich Wheeless as its Chief Executive Officer effective immediately. Mr. Wheeless was initially appointed as the Chief Financial Officer of the Company, and now succeeds Kelly Abbott as the CEO, who has stepped down from this role, but will maintain his position on the board of directors of the Company.
Mr. Wheeless has been an active investor, adviser and/or board member for numerous privately held companies. Most recently, he was the CFO of publicly traded company Taal Distributed Information Technologies Inc. (previously Squire Mining Ltd.). Prior to that, he was the Chief Financial Officer for the security software company Rivetz Inc. Previous to that, he was the CFO of LaunchKey Inc. and Pilus Energy, respectively, which were both acquired by publicly traded companies.
Mr. Wheeless also served as the director of finance and assistant treasurer of Xtek Inc. (one of the United States' fastest growing privately owned manufacturers of customer engineered steel replacement parts). He has also held managerial posts at Johnson and Johnson, as well as Cardinal Health, both Fortune 30 companies. Mr. Wheeless originally started his career in the private equity division at Citigroup, another Fortune 30 company. He has extensive experience in the areas of mergers and acquisitions, credit, treasury, corporate finance, financial reporting, and operations.
Mr. Wheeless stated, "I am energized by the opportunity to lead ParcelPal during this pivotal moment for our business and our industry. In a world where people are increasingly utilizing in-home delivery services for their needs, especially as its been further exacerbated by the COVID-19 pandemic, the need for a quality last mile delivery service is greater than ever, and in doing so, I look forward to further increasing revenues, trending to better margins and elevating the Company in numerous respects. We are well positioned to accomplish these and other positive goals, as it has a scalable model, and the experience to execute on this plan."
Kelly Abbott stated, "Having been the Chief Executive Officer for 4 years, I feel now is an appropriate time to transition, as the company enters an inflection point. It has been an absolute pleasure to build and grow this company to this point." Abbott continued, "Since joining, Rich has quickly become involved in all areas of the company and is highly respected by myself and the team. I believe ParcelPal is in great hands to continue to move to the next stage of its development as it continues to quickly grow. Rich has extensive plans to build the company to great heights and I look forward to being a part of the team and seeing these plans unfold."
About ParcelPal Technology Inc.
ParcelPal is a leader in the growing technology and logistics industry. ParcelPal seamlessly connects consumers to businesses, where they have access to the goods they love, anytime, anywhere. Customers can shop at partner businesses and through the ParcelPal technology receive their purchased goods within an hour or the same day. The Company offers on-demand delivery of merchandise from leading retailers, restaurants, medical marijuana dispensaries and liquor stores in Vancouver, Calgary, Saskatoon and soon in major cities Canada-wide.
ParcelPal Website: www.parcelpal.com
The Canadian Securities Exchange ("CSE") or any other securities regulatory authority has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release that has been prepared by management.
CSE ? Symbol: PKG
FSE ? Symbol: PT0
OTC ? Symbol: PTNYF
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Forward Looking Information
This news release contains forward looking statements relating to the Proposed Transaction, and 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 Proposed Transaction will not be completed due to, among other things, failure to execute definitive documentation, failure to complete satisfactory due diligence, failure to receive the approval of the CSE and the risk that ParcelPal will not be successful due to, among other things, general risks relating to the mobile application industry, failure of ParcelPal to gain market acceptance and potential challenges to the intellectual property utilized in ParcelPal. 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. 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 this 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.
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