Form 6-K ParcelPal Logistics Inc. For: Sep 30

November 29, 2021 7:03 AM EST

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 6-K
 
 
Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16
Under the Securities Exchange Act of 1934
 
For the Month of November 2021
 
Commission File No.: 000-56191
 
PARCELPAL LOGISTICS INC.
(Name of Registrant)
 
1111 Melville Street, Suite 620, Vancouver, BC V6E 3V6, Canada
(Address of Principal Executive Office)
 
 
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.    Form 20-F  ☒    Form 40-F  ☐
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):    Yes    ☐    No  ☒
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):    Yes    ☐    No  ☒
 


EXHIBITS
 
The following information is furnished to the Securities and Exchange Commission as part of this report on Form 6-K:

Exhibit No.
 
Document
 
Interim financial statements report for the third quarter ended September 30, 2021
 
Interim Management’s Discussion and Analysis for the third quarter ended September 30, 2021
 
Form 52-109FV2 Certificate of Interim Filings by CEO (pursuant to Canadian regulations)
 
Form 52-109FV2 Certificate of Interim Filings by CFO (pursuant to Canadian regulations)
 
News Release dated November 29, 2021


SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
PARCELPAL LOGISTICS INC.
   
Date: November 29, 2021
By:
/s/ RICH WHEELESS
   
Name:
RICH WHEELESS
   
Title:
Chief Executive Officer

 

Exhibit 99.2

PARCELPAL LOGISTICS INC.
Management Discussion and Analysis (“MD&A”)
For the nine months ended September 30, 2021
 
The following Management’s Discussion and Analysis (“MD&A”), prepared as of November 29, 2021, should be read in conjunction with the unaudited condensed consolidated interim consolidated financial statements of ParcelPal Logistics Inc. (formerly ParcelPal Technology Inc.) (“ParcelPal” or “the Company”) for the period ended September 30, 2021 together with the audited financial statements of the Company for the year ended December 31, 2020 and the accompanying MD&A for that fiscal year. The referenced financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board applicable to the preparation of interim financial statements, including IAS 34, Interim Financial Reporting. All financial amounts are stated in Canadian dollars unless stated otherwise.

Additional information relating to the Company and its operations is available under the Company’s profile on SEDAR at www.sedar.com.

The incorporation jurisdiction of ParcelPal Logistics Inc. is British Columbia.
 
This MD&A is the responsibility of management. Prior to its release, the Company’s Board of Directors (the “Board”) has approved this MD&A on the Audit Committee’s recommendation. The Company presents its financial statements in Canadian dollars. Amounts in this MD&A are stated in Canadian Dollars unless otherwise indicated. Unless otherwise noted or the context indicates otherwise, “we”, “us”, “our”, the “Company” or “ParcelPal” refer to ParcelPal Logistics Inc. and its direct and indirect subsidiaries.
 
FORWARD LOOKING STATEMENTS

This MD&A includes certain “forward-looking information” and "forward-looking statements” (collectively "forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating the future business operations of the Company, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as “plans”, “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results "will”, “may”, “could”, or “should” occur or be achieved. Forward-looking statements in this MD&A relate to, among other things, the Company expanding into additional markets, management’s expectations regarding the liquidity of the Company, the Company’s fee structure, and the Company’s plans with respect to managing liquidity risk. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies.

There can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the nascent branding, social media technology, which is affected by numerous factors beyond the Company’s control; the Company’s ability to succeed in the North American market; and access to debt and equity; and the early stage of the Company’s business. The Company is subject to the risks associated with early stage companies, including uncertainty of revenues, markets and profitability and the ability to access debt or equity financing, as necessary. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
 
All material assumptions used in making forward-looking statements are based on management's knowledge of current business conditions and expectations of future business conditions and trends, including their knowledge of the current sales trends, general economic conditions affecting the Company and the Canadian and US economies. Certain material factors or assumptions are applied by the Company in making forward-looking statements, including without limitation, factors and assumptions regarding the Company’s continued ability to fund its business, rates of customer defaults, acceptance of its products in the current marketplace and acceptance of its products in other marketplaces, as well as its operating cost structure and current and future trends in social media advertising and traditional print media. Although the Company believes the assumptions used to make such statements are reasonable at this time, there may be other factors that cause results not to be as anticipated, estimated or intended.

1

PARCELPAL LOGISTICS INC.
Management Discussion and Analysis (“MD&A”)
For the nine months ended September 30, 2021

Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
 
HIGHLIGHTS


On September 30, 2021, the Company announced that it signed another meal kit delivery customer. This new customer currently operates in British Columbia and Alberta.  It anticipates that this new customer will generate between $100K and $200K in revenue in the next 12 months on a profitable basis.


On September 15, 2021, the Company acquired 95% of the issued and outstanding shares of Web-to-Door Trucking (“Trucking”) for a purchase price of USD $3,100,000, consisting of 60% cash and 40% payable in restricted shares of ParcelPal’s common stock. The cash portion of the purchase price will be paid in three tranches, beginning on the closing date of the transaction.

Upon completing the acquisition of Trucking on September 15, 2021, the operating results for Trucking have been recognized in the consolidated statement of comprehensive loss. During the period ended September 30, 2021, the Company recorded revenues of $117,979 and a net loss of $136,193 related to Trucking.


On September 9, 2021, the Company announced that it had expanded services with a large meal kit delivery company for which the Company already provides same-day delivery courier services in Vancouver and Calgary.  Under the expended services offering, the Company will be using electric refrigerated cargo vans to deliver meal kits from our client’s facility to their end customers. As it scales, the Company intends to expand this service to include white glove same-day grocery delivery, placing an even greater emphasis on the customer experience.


On September 1, 2021, the Company announced the signing of a definitive agreement for its first United States acquisition. The transaction effectively doubles both the Company’s annual revenue and size of the Company. The total purchase price was $3.1 million USD, consisting of 60% cash and 40% restricted shares of the Company’s common stock.


On August 31, 2021, the Company announced the signing of a Canadian laundry delivery service. They are an on-demand laundry and dry-cleaning pickup and drop-off service currently operating in Vancouver and Toronto.


On August 12, 2021, the Company announced the signing of an agreement to provide delivery services with Farmer’s Meal. The Company will provide next day meal kit delivery services for customers in the greater Vancouver area.
 

On August 9, 2021, the Company announced an agreement with a customer that provides wellness products to its clients and also rewards them for steps they take towards their health and wellness via their app.
 

On July 14, 2021, the Company announced it had signed a Letter of Intent (“LOI”) to acquire a delivery company based out of the US. The total purchase price is expected to be US $3,100,000 with 60% payable in cash and the remainder in restricted shares of the Company. Upon completion of the acquisition the acquiree will become a subsidiary of the Company.
 

On July 12, 2021, the Company announced a partnership with Mainstreet Research. Mainstreet Research is recognized as one of Canada’s top public opinion and market research firms.  Mainstreet uses algorithms and data to deliver the insights that are critical to business decisions.
 

On July 6, 2021, the Company announced it was signing a lease agreement for its first warehouse in Vancouver to manage its continued growth. The 5,083 square foot warehouse space is located in Coquitlam, BC and will allow the Company to service new customers more efficiently and cost effectively.
 
2

PARCELPAL LOGISTICS INC.
Management Discussion and Analysis (“MD&A”)
For the nine months ended September 30, 2021
 

On April 8, 2021, the Company signed an agreement with [email protected] to provide delivery services in Calgary and Edmonton. [email protected] is a global leader in selling, marketing and distributing food products and the “at-home” division offers a wide range of quality food products that allows residents to stock-up and elevate their at-home food experience. The Company will look to expand into additional territories with [email protected] in the near future.
 

On April 6, 2021, the Company integrated Dispatch Science as a last mile delivery and cross docking platform. The delivery management software will help automate certain processes and result in annualized cost savings and increased efficiency of operations.
 

On April 5, 2021, the Company signed an agreement with Bayshore Specialty Rx, a subsidiary of Bayshore Health, to provide delivery services to facilities initially in the Vancouver area with expansion to follow. Bayshore Specialty Rx has over 100 locations across Canada, including 65 home care offices, 13 pharmacies and 90+ clinics and provides care to over 350,000 customers.
 

On April 1, 2021, the Company announced its expansion with Oco Meals, a meal prep company that provides  weekly subscription services for pre-cooked meals made by small restaurant and local catering chefs.
 
COMPANY OVERVIEW AND OUTLOOK
 
ParcelPal Logistics Inc. is a Vancouver based company that specializes in last-mile delivery service and logistics solutions, providing businesses with a smart, reliable and affordable delivery service powered by the Company’s licensed technology platform. The Company operates in major Canadian cities including Vancouver, Calgary, and Toronto, and now in the western region of the United States.
 
ParcelPal’s business strategy started with hitting major urban centers. With success, the Company has decided to aim to launch in every major urban center in Canada while expanding regionally, in parallel. ParcelPal initially operated in major urban centers in Vancouver, BC area and, subsequently, we have expanded throughout Canada. As a result of our marketing efforts, we have expanded across the entire lower mainland, offering same-day delivery for select clients.  In July, 2021, the Company opened its first warehouse in the Vancouver area.  In September 2021, the Company expanded into the western United States with its first acquisition.  The Company intends to continue to diversify its client base and target large business to business clients as well as we further expand throughout the United States.
 
ParcelPal operates from its head office in Vancouver, British Columbia and our operations are currently managed from here. ParcelPal offers employment opportunities that support all functions of technology and physical deliveries. ParcelPal currently has hundreds of employees, including the delivery team.
 
Forward Looking Growth and Business Strategies
 
ParcelPal plans to implement additional services for consideration of growing our client base and retaining existing customers. In addition to raising additional capital, we are also planning on signing more small and medium enterprise clients for traditional courier services that are multi-city operational, and which are higher margin services that are also highly scalable. To execute this part of our strategy, we will need to open additional dedicated warehouse facilities in which we can sort, ship and create more efficient delivery routes. This will also allow us to also be able to benefit from economies of scale as our operating costs will decrease significantly, leading to better operating margins. With the recent capital raise that we have done, along with having an equity line of credit at our disposal, we have the resources and capital to execute on this plan This to both fund our operating expenses and the concomitant warehousing and fleet costs associated with it.

ParcelPal intends to pursue a number of technologies, product and marketing initiatives to continue to drive growth in 2021. The Company’s strategic priorities include:

Targeting to be cash flow positive by the end of calendar year 2021;

3

PARCELPAL LOGISTICS INC.
Management Discussion and Analysis (“MD&A”)
For the nine months ended September 30, 2021


Targeting at least 50 percent revenue growth for calendar year 2021 and significantly improving operating margins by up to 15 percent;

Increasing the number of merchants in various verticals for next-day and same-day delivery services for the B2B markets, enabling easier customer acquisitions and business integration;

Hiring sales leaders and execution teams in current and potential markets

Expanding revenue diversification through large e-commerce contracts, and potential acquisitions;

Continue expanding into the Amazon ecosystem throughout Canada and the United States;

Integrate a new last-mile delivery platform to maximize revenue potential, streamline services and increase overall margins; and

Deliver more than ten million total packages by the end of 2021.
 
The Company will increase monthly recurring revenue by continuously adding new merchants, delivery verticals and drivers to the platform. Monthly fees from merchants is part of ParcelPal’s plan for additional revenue streams. In addition to ParcelPal’s current services, ParcelPal plans to implement additional services for consideration of growing the merchant’s business and retaining existing customers. ParcelPal has been working closely with merchants to determine pricing strategies and service add-ons to further monetize the platform.

One of the Company’s priorities is to increase our footprint with Amazon and with other small and medium enterprise customers that have operations in major cities, in particular with respect to last mile delivery services, which is our specialty. Other more profitable areas such as home-meal kit and large retail chain store deliveries are those which we will increasingly target. The Company has also moved into same and next day prescription drug deliveries for nursing homes and expanding into the general population. We believe that these are the types of business services that are highly scalable and will strongly contribute to our profitability.
 
Acquisition of Trucking
 
On September 15, 2021, the Company acquired 95% of the issued and outstanding shares of Trucking for a purchase price of USD $3,100,000, consisting of 60% cash and 40% payable in restricted shares of ParcelPal’s common stock. The cash portion of the purchase price will be paid in three tranches, beginning on the closing date of the transaction. The 5% minority shareholding is not eligible for any share of the Company’s profits or net loss, there is no allocation of value to non-controlling interest.

Concurrently with the acquisition, the Company completed a non-brokered private placement (the “Offering”), pursuant to which it issued an unsecured multi-tranche convertible note with a face value of up to USD $2,300,000 (the “Consideration”) to an arm’s length investor (the “Note”). Each of the first three funded tranches will carry a 5% Original Issue Discount (or “OID”) (Note 11).

Each tranche to be funded as follows:

USD $700,000 on closing (paid)

USD $640,000 will be advanced 45 days from the closing date (paid)

USD $520,000 will be advanced 90 days from the closing date

USD $325,000 will be advanced upon mutual agreement by the Company and noteholder at 120 days from the closing date, together with the prorated 5% OID

Upon completing the acquisition of Trucking on September 15, 2021, the operating results for Trucking have been recognized in the consolidated statement of comprehensive loss. During the period ended September 30, 2021, the Company recorded revenues of $117,979 and net loss of $136,193 related to Trucking.

The acquisition gives the Company a footprint to start in the western region of the Unites States (which is the world’s largest consumer market), but it also instantly nearly doubles the size of the Company and its revenues (when factoring currency conversion rates), and allows for synergies with our acquisition partner.  This gives the Company a great base on which it can execute on additional acquisitions and continue our client diversification, while simultaneously exploring other synergistic opportunities outside of purely last mile delivery – all in an effort to continue to diversify our business and provide increased shareholder value.
 
4

PARCELPAL LOGISTICS INC.
Management Discussion and Analysis (“MD&A”)
For the nine months ended September 30, 2021

Revenue

The Company currently has one revenue stream which is through billable contracts such as Amazon.com Inc and other merchants.  Subsequent to September 30, 2021, through the Company’s warehouse in the Vancouver area, the Company began receiving revenue from storage and movement of pallets of goods.  This is a new revenue stream for the Company which is expected to rapidly grow as we move into 2022.
 
GOING CONCERN
 
The Company has financed its operations through equity issuances. The Company had a net loss of $4,029,455 for the nine months ended September 30, 2021 (2020 – $2,817,710) and has a deficit of $20,958,117 as at September 30, 2021 (December 31, 2020 – $16,928,662).
 
The Company has incurred significant operating losses and negative cash flows from operations in recent years. As a result of the foregoing, there is significant doubt about the Company's ability to continue as a going concern. The financial statements were prepared on a going concern basis which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. Whether and when the Company can attain profitability and positive cash flows is uncertain. The Company is working to expand its operations and it is expected that the Company’s liquidity will fluctuate as a result of any expansion. The fee structure for the services offered by the Company is expected to remain constant for the foreseeable future.
 
The continuation of the Company as a going concern is dependent upon completing a short-term financing for sufficient working capital to maintain operations, reducing operating expenses, increasing revenues and commencing profitable operations in the future. Risks that may materially affect the Company’s future performance include: the possibility of discontinuance of operations of the Company, the risk that the Company is unable to find suitable investors for a financing, the risk that the Company will not be able to expand operations, and competition risks. The Company recognizes the threats posed by operating in an uncertain global economic environment. This uncertainty may continue to impact the Company’s industry, resulting in a lower demand for some of its services and its partners’ products.
 
The Company is in its growth phase and it is expected that the Company will continue to incur losses until significant revenues are generated as management executes its business plan. The Company began generating revenue in the period ending September 30, 2017; however, as at September 30, 2021, the Company had not achieved a positive cash flow from operations.

The Company manages liquidity risk by maintaining sufficient cash balances and adjusting the operating budget and expenditures to ensure that there is sufficient capital in order to meet short-term and other specific obligations. The Company plans to control spending and prudently allocate financial resources to optimize value. The Company will seek additional financing through equity financings until the Company reaches profitability. In order to increase sales, the Company intends to ensure that the service provided meets the needs of existing and potential customers and is competitively priced. The Company plans to continue to develop, innovate and continuously improve current and new technologies in a timely and cost-effective manner. Management believes that the likelihood of completing these plans is high, and the Company has sufficient financial resources to meet its planned operations for the foreseeable future.

The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets and liabilities that might be necessary should the Company be unable to continue as a going concern.

5

PARCELPAL LOGISTICS INC.
Management Discussion and Analysis (“MD&A”)
For the nine months ended September 30, 2021
 
SUMMARY OF QUATERLY RESULTS
 
Following is a table of the income, total assets, operating loss for the past eight quarters.
 
   
Quarter ended
 

 
 
September 30,
2021
$
   
June 30,
2021
$
   
March 31,
2021
$
   
December 31,
2020
$
 
Revenue
   
1,736,770
     
1,321,554
     
1,188,918
     
2,304,888
 
Total assets
   
5,416,210
     
1,203,546
     
868,362
     
999,238
 
Net loss
   
(2,182,417
)
   
(454,722
)
   
(1,392,616
)
   
(2,056,372
)
Loss per share
   
(0.02
)
   
(0.00
)
   
(0.01
)
   
(0.01
)
Dividends
   
-
     
-
     
-
     
-
 
   
Quarter ended
 
    
September 30,
2020
$
   
June 30,
2020
$
   
March 31,
2020
$
   
December 31,
2019
$
 
Revenue
   
1,466,528
     
1,445,587
     
1,100,327
     
1,941,703
 
Total assets
   
726,572
     
1,086,209
     
771,389
     
1,328,620
 
Net loss
   
(1,095,404
)
   
(824,551
)
   
(897,755
)
   
(640,222
)
Loss per share
   
(0.01
)
   
(0.01
)
   
(0.01
)
   
(0.00
)
Dividends
   
-
     
-
     
-
     
-
 
 
The loss for the period ended September 30, 2021, was greater than comparative periods because the Company issued 13,000,000 common shares, fair valued at $1,430,000 in lieu of management fees. Total assets at September 30, 2021 increased due to the acquisition of Trucking. Revenue during the three months ended June 30, 2021 was $270,242 higher than in the comparative period ended September 30, 2020, this is primarily because of an increase in Amazon revenue, diversification of our customer base with the addition of numerous clients, and the Trucking acquisition ($117,979). Overall revenue decreased from the quarter ended December 31, 2020 but this was expected and is consistent with past years as the year end quarters see increased Amazon demand.  The Company continues to see year over year increases in total revenue and expects this to continue as it expands its non-Amazon client base.
 
Loss for the period ended December 31, 2020 was greater than other periods due to non-cash items such as a loss on derivative liability of $866,238 (2019 - $nil), interest expense primarily related to the convertible notes of $323,931 (2019 - $29,958) and share-based compensation expense of $473,103 (2019 - $776,962). During the period ended December 31, 2020 the Company also recorded settlements with certain venders that the Company was no longer engaged with and recorded a loss on debt settlement of $191,773 (2019 - $857)

SELECTED RESULTS
 
During the nine months ended September 30, 2021 Company had a net loss of $4,029,455 compared to $2,817,710 during the nine months ended September 30, 2020. The increase in net loss is due to the following:

i)
Consulting fees decreased to $91,067 (2020 - $446,372) as the Company decreased the number of personnel in the Company as it continues to streamline its processes and operations.
ii)
Marketing and promotion increased to $101,534 (2020 - $60,850) as the Company engaged a marketing group to highlight its expansion and growth over the past year.
iii)
Management and director fees increased to $1,745,195 (2020 - $277,542), and is consideration paid to the CEO and CFO of the Company and as a result of compensation shares issued to Directors and Officers.
iv)
Share-based compensation increased to $263,672 (2020 - $192,514) due to stock options being granted during the current period.
v)
Salaries decreased to $468,370 (2020 - $687,624) as the Company continues to streamline its processes and operations to become leaner and more efficient.
vi)
Office and miscellaneous decreased to $563,480 (2020 - $942,269) as the Company limited non-essential expenditures and focused on operational efficiencies in an effort to reduce operating expenses.

6

PARCELPAL LOGISTICS INC.
Management Discussion and Analysis (“MD&A”)
For the nine months ended September 30, 2021

vii)
Derivative liability expense increased to $94,779 (2020 - $nil) related to the fair value of the derivative liability arising from the convertible note and is a non-cash expense.
viii)
The Company recorded interest expense of $550,862 (2020 - $43,940) primarily related to interest and accretion on the convertible notes.

During the three months ended September 30, 2021, Company had a net loss of $2,182,417 compared to $1,095,404 during the three months ended September 30, 2020. The increase in net loss is due to the following:

i)
Management and director fees increased to $1,492,536 (2020 - $223,542), and is consideration paid to the CEO and CFO of the Company and as a result of compensation shares issued to Directors and Officers.
ii)
Salaries decreased to $177,576 (2020 - $265,624) primarily due to efforts to streamline operations to increase profitability.
iii)
Office and miscellaneous decreased to $208,418 (2020 - $369,831) as the Company continues to streamline its processes and operations to become leaner and more efficient.
iv)
The Company recorded interest expense of $155,110 (2020 - $27,242) primarily related to interest and accretion on the convertible notes.
 
RIGHT-OF-USE ASSETS AND VEHICLES
 
Right-of-use assets consists of leased vehicles carried at cost less accumulated depreciation. The Company’s vehicles as at September 30, 2021 and December 31, 2020 are as follows:
   
Vehicles
$
   
ROU Assets
$
   
Total
$
 
Cost
                 
Balance, December 31, 2019
   
-
     
894,046
     
894,046
 
Additions
   
166,501
     
358,423
     
524,924
 
Disposal
   
-
     
(881,676
)
   
(881,676
)
Balance, December 31, 2020
   
166,501
     
370,793
     
537,294
 
Additions
   
58,352
     
619,678
     
678,030
 
Disposal
   
(26,108
)
   
(150,772
)
   
(176,880
)
Balance, September 30, 2021
   
198,745
     
839,699
     
1,038,444
 
                         
Accumulated amortization
                       
Balance, December 31, 2019
   
-
     
683,789
     
683,789
 
Amortization
   
16,559
     
372,300
     
388,859
 
Disposal
   
-
     
(879,053
)
   
(879,053
)
Balance, December 31, 2020
   
16,559
     
177,036
     
193,595
 
Amortization
   
57,510
     
185,259
     
242,769
 
Disposal
   
(3,264
)
   
(150,771
)
   
(154,035
)
Balance, September 30, 2021
   
70,805
     
211,524
     
282,329
 
                         
Net Book Value
                       
Balance, December 31, 2020
   
149,942
     
193,757
     
343,699
 
Balance, September 30, 2021
   
127,940
     
628,175
     
756,115
 

During the nine months ended September 30, 2021, the Company included $242,770 (2020 - $290,925) of amortization in cost of sales.

On October 1, 2020, the Company purchased vehicles for $132,466 to increase its delivery capacity. The Company paid $77,999 in cash and financed the remaining $54,467 via short term loans. The loans were non-interest bearing and repaid during the period ended September 30, 2021.

On December 31, 2020, upon expiration of certain vehicle leases the Company purchased the previously leased vehicles for $34,035.

7

PARCELPAL LOGISTICS INC.
Management Discussion and Analysis (“MD&A”)
For the nine months ended September 30, 2021

During the nine months ended September 30, 2021, the Company disposed of two vehicles and received $15,314 and recorded a write-off of asset of $7,530.

LIQUIDITY AND CAPITAL RESOURCES
 
As at September 30, 2021 the Company had a working capital deficit of $4,480,609 compared to a working capital deficit of $2,379,864 as at December 31, 2020.

During the nine months ended September 30, 2021, net cash flows used by operating activities was $1,577,050 (2020 - $1,050,809), primarily related to the payment of previously accrued liabilities. The Company’s financing activities provided $2,230,976 (2020 – $774,487) primarily from the issuance of additional convertible notes and the exercise of warrants and options.

As part of the acquisition of Trucking the Company incurred $822,569 in cash acquisition costs and acquired $149,386 of cash on acquisition.
 
The continuing operations of the Company are dependent upon its ability to continue to raise adequate financing and to commence profitable operations in the future. The Company has material financial uncertainties that cast significant doubt upon the Company’s ability to continue as a going concern.

FINANCING ACTIVITIES
 
During the nine months ended September 30, 2021:

a)
On January 7, 2021, the Company issued 1,975,822 common shares pursuant to the settlement of US$118,549 convertible debt, the shares were fair valued at $316,133.

b)
On January 13, 2021, the Company issued 2,756,250 common shares pursuant to the settlement of US$220,500 convertible debt, the shares were fair valued at $468,563.

c)
On January 15, 2021, Company issued 175,000 incentive shares pursuant to the issuance of a convertible note of US$175,000.

d)
On February 2, 2021, the Company issued 2,756,250 common shares pursuant to the settlement of US$165,375 convertible debt, the shares were fair valued at $385,875.

e)
On February 17, 2021, the Company issued 1,378,125 common shares pursuant to the settlement of US$82,688 convertible debt, the shares were fair valued at $323,859.

f)
On March 15, 2021, the Company issued 300,000 incentive shares pursuant to the issuance of a convertible note of US$367,500.

g)
On May 20, 2021, the Company issued 5,053,125 common shares pursuant to the settlement of US$303,188 convertible debt, the shares were fair valued at $682,172.

h)
On June 2, 2021, the Company issued 833,333 common shares in lieu of fees to a consultant of the Company. The share were fair valued at $91,667.

i)
On September 15, 2021, the Company issued 13,777,778 common shares as part of the Trucking Acquisition, the shares were fair valued at $1,611,020. The Company also issued 500,000 incentive shares pursuant to the issuance of a convertible note.

j)
On September 22, 2021, the Company issued 2,670,925 common shares pursuant to the settlement of US $184,000 convertible debt, the shares were fair valued at $280,447.

k)
On September 30, 2021, the Company issued 13,000,000 common shares in lieu of fees to directors and officers of the Company, the shares were fair valued at $1,430,000.

l)
The Company issued 657,000 shares pursuant to the exercise of 657,000 warrants for gross proceeds of $98,550.

m)
The Company issued 100,000 shares pursuant to the exercise of 100,000 stock options for gross proceeds of $9,000.

On January 15, 2021, the Company issued a convertible note for US$183,750 (CAD - $222,651) with a guaranteed interest rate of 5% and an original issue discount of US$8,750. The note matures on July 14, 2021 and can be converted into common shares of the Company at a conversion price of US$0.06 per common share. As consideration for the convertible note the Company issued 175,000 common shares fair valued at $nil. The conversion option was fair valued at $66,795 with the residual value of $155,856 allocated to the loan. The loan is amortized to maturity using an effective interest rate of 52.26%. On May 20, 2021, the loan was converted into 3,215,625 common shares valued at $434,109.

8

PARCELPAL LOGISTICS INC.
Management Discussion and Analysis (“MD&A”)
For the nine months ended September 30, 2021

On March 12, 2021, the Company issued a convertible note for US$367,500 (CAD - $436,699) with a guaranteed interest rate of 5% and an original issue discount of US$17,500. The note matures on September 8, 2021 and can be converted into common shares of the Company at a conversion price of US$0.13 per common share. As consideration for the convertible note the Company issued 300,000 common shares fair valued at $nil. The conversion option was fair valued at $157,212 with the residual value of $279,487 allocated to the loan. The loan is amortized to maturity using an effective interest rate of 67.96%. On September 22, 2021, the Company issued 2,670,925 common shares to settle US $184,000 of the outstanding balance. The shares were fair valued at $280,447.

On April 13, 2021, the Company issued a convertible note for US$341,250 (CAD - $427,873) with a guaranteed interest rate of 5% and an original issue discount of US$16,250. The note matures on October 10, 2021 and can be converted into common shares of the Company at a conversion price of US$0.13 per common share. The conversion option was fair valued at $10,817 and the loan was valued at $396,681. The loan is amortized to maturity using an effective interest rate of 4.88%.

On May 27, 2021, the Company issued a convertible note for US$341,250 (CAD - $412,479) with a guaranteed interest rate of 5% and an original issue discount of US$16,250. The note matures on November 23, 2021 and can be converted into common shares of the Company at a conversion price of US$0.13 per common share. The conversion option was fair valued at $18,356 and the loan was valued at $374,481. The loan is amortized to maturity using an effective interest rate of 5.98%.

On closing of the Trucking Acquisition, the Company issued a convertible note with face value of up to US$2,300,000 receivable in four tranches. Each of the first three funded tranches will carry a 5% Original Issue Discount (or “OID”). As consideration of the convertible note, the Company shall issue 500,000 common shares to the noteholder for each of the first three funded tranches. As at September 30, 2021, the first tranche of US $736,842 had been funded and 500,000 common shares were issued to the noteholder, valued at $nil.

The first tranche had a guaranteed interest rate of 8% and an original issue discount for US $36,842. The note matures on March 14, 2022 and can be converted into common shares of the Company at a conversion price of US $0.09 per common share. The conversion option was fair valued at $110,301 and the loan was fair valued at $776,844. The loan is amortized to maturity using an effective interest rate of 20.087%
 
SEGMENTED INFORMATION
 
Significant customer sales are as follows:

 
 
Customers
 
 
Location
 
September 30,
2021
$
   
September 30,
2021
%
   
September 30,
2020
$
   
September 30,
2020
%
 
Customer A
Canada
   
3,891,804
     
92
     
3,865,784
     
96
 
Customer A
USA
   
117,979
     
3
   
Nil
   
Nil
 
Customer B
Canada
   
237,459
     
5
     
146,657
     
4
 

9

PARCELPAL LOGISTICS INC.
Management Discussion and Analysis (“MD&A”)
For the nine months ended September 30, 2021

RELATED PARTY DISCLOSURES
 
Key management personnel include those persons having authority and responsibility for planning, directing and controlling the activities of the Company as a whole. The Company has determined that key management personnel consist of members of the Company's Board of Directors and corporate officers. The remuneration of directors and key management personnel is as follows:

   
Three months ended
September 30,
   
Nine months ended
September 30,
 
   
2021
$
   
2020
$
   
2021
$
   
2020
$
 
Consulting fees
   
-
     
-
     
-
     
67,840
 
Management fees
   
1,492,536
     
223,542
     
1,745,195
     
277,542
 
Salaries and wages
   
19,688
     
-
     
59,063
     
-
 
Software development
   
-
     
-
     
-
     
28,272
 
Share-based compensation
   
-
     
-
     
231,016
     
96,000
 
     
1,512,224
     
223,542
     
2,035,274
     
469,654
 

Included in accounts payable as at September 30, 2021 is $53,186 (December 31, 2020 - $85,669) owing to directors and officers. These amounts are non-interest bearing, unsecured and due on demand.

CAPITAL MANAGEMENT
 
The Company defines capital that it manages as its shareholders’ equity. When managing capital, the Company’s objective is to ensure the entity continues as a going concern as well as to maintain optimal returns to shareholders and benefits for other stakeholders. The Company manages its capital structure and makes adjustments to it, based on the funds available to the Company, in order to support the development of a social collaborative charting, news and communication platform for traders. The Board of Directors does not establish quantitative return on capital criteria for management, but rather relies on the expertise of the Company’s management to sustain future development of the business.
 
Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable. There were no changes to the Company’s approach to capital management during the period ended September 30, 2021.

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
 
Classification of financial instruments
The Company’s financial instruments consist of cash, accounts receivable, loans receivable, accounts payable and lease obligations. The Company classifies cash, accounts receivable and loans receivable as financial assets at amortized cost. Accounts payable and lease obligations are classified as financial liabilities at amortized cost.
 
The Company examines the various financial instruments and risks to which it is exposed and assesses the impact and likelihood of those risks. These risks include foreign currency risk, interest rate risk, credit risk and liquidity risk. When material, these risks are reviewed and monitored by the Board of Directors. There have been no changes in any risk management policies during the period ended September 30, 2021.
 
Fair value
Financial instruments measured at fair value are classified into one of the three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are:
 

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2 – Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and

Level 3 – Inputs that are not based on observable market data.
10

PARCELPAL LOGISTICS INC.
Management Discussion and Analysis (“MD&A”)
For the nine months ended September 30, 2021

The carrying value of the Company’s financial assets and liabilities measured at amortized cost approximate their fair value due to their short term to maturity. Marketable securities are valued using Level 2 inputs.

The Company is exposed in varying degrees to a variety of financial instrument related risks. The Board of Directors approves and monitors the risk management processes, inclusive of documented investment policies, counterparty limits, and controlling and reporting structures. The type of risk exposure and the way in which such exposure is managed is provided as follows:

Credit risk
Credit risk is the risk of financial loss to the Company if the counterparty to a financial instrument fails to meet its contractual obligations. The Company’s accounts receivable includes $219,791 due from one major customer. The customer is of low credit risk and none of the balance is past due. The Company’s cash is held in large Canadian financial institutions and is not exposed to significant credit risk.

Interest risk
Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is exposed to limited interest rate risk.

Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its obligations as they fall due. The Company’s ability to continue as a going concern is dependent on management’s ability to raise the required capital through future equity or debt issuances. The Company manages its liquidity risk by forecasting cash flows from operations and anticipating any investing and financing activities. Management and the directors are actively involved in the review, planning, and approval of significant expenditures and commitments.

Foreign exchange risk
The Company’s functional currency is the Canadian Dollar and major transactions are transacted in Canadian Dollars and US Dollars. The Company maintains a US Dollar bank account in Canada to support the cash needs of its operations. Management believes that the foreign exchange risk related to currency conversion is minimal and therefore does not hedge its foreign exchange risk.
 
OUTSTANDING SECURITIES

Authorized:
Unlimited common shares without par value

All share information is reported as of November 29, 2021, in the following table:

Type of Security
 
Number
 
Issued and outstanding common shares
   
150,810,288
 
Stock options with a weighted average exercise price of $0.15
   
11,175,000
 
Total
   
161,985,288
 
OFF-BALANCE-SHEET ARRANGEMENTS

As of the date of this filing, the Company does not have any off-balance-sheet arrangements that have, or are reasonably likely to have, a current or future effect on the results of operations or financial condition of the Company, including, and without limitation, such considerations as liquidity and capital resources.

11


Exhibit 99.3

Form 52-109FV2
Certification of Interim Filings
Venture Issuer Basic Certificate

I, Rich Wheeless, Chief Executive Officer of ParcelPal Logistics Inc., certify the following:
 
1.
Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of ParcelPal Logistics Inc. (the “issuer”) for the interim period ended September 30, 2021.

2.
No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3.
Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

Date: November 29, 2021
 
   
“Rich Wheeless”
 
Rich Wheeless
 
Chief Executive Officer
 

   
 
  NOTE TO READER
 
     
 
In contrast to the certificate required for non-venture issuers under National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

i)     controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

ii)    a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.

The issuer’s certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate.  Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52-109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

 




Exhibit 99.4

Form 52-109FV2
Certification of Interim Filings
Venture Issuer Basic Certificate

I, Rich Wheeless, Chief Financial Officer of ParcelPal Logistics Inc., certify the following:
 
1.
Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of ParcelPal Logistics Inc. (the “issuer”) for the interim period ended September 30, 2021.

2.
No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3.
Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

Date: November 29, 2021
 
   
“Rich Wheeless”
 
Rich Wheeless
 
Chief Financial Officer
 

 
 
 
 
NOTE TO READER
 
 
 
 
 
In contrast to the certificate required for non-venture issuers under National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

i)     controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

ii)    a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.

The issuer’s certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate.  Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52-109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

  




Exhibit 99.5


ParcelPal Logistics Inc. Reports Record Third Quarter 2021 Financial Results Highlighted by Quarterly year over year Revenue Growth of 18%, Coupled with a 434% Increase in Gross Margin

Vancouver, British Columbia – November 29, 2021 – ParcelPal Logistics Inc. (“ParcelPal” or the “Company”), (OTC: PTNYF) (CSE: PKG) (FSE:PT0) is pleased to announce its Q3 2021 financial results highlighted by continued revenue growth of 18% and a 434% increase in gross margin compared to the same period 2020.

Overview

In Q3 2021, the Company continued its financial improvement, with gross revenue of approximately $1.74 million compared to $1.47 million in Q3 2020.  Most notable is that our gross margin had a 434% increase from 2.7% in Q3 2020 to 12.0% in Q3 2021.  Continued diversification of our customer base has continued to stabilize our revenue, driven by revenue out of the pharmaceutical, meal kit and retail spaces.  The Company also moved into its first warehouse in the Vancouver area in July, which will allow us to both engage larger customers and expand with existing customers. This will also enable us to benefit from the economies of scale, and to further diversify our business including through warehousing opportunities for clients, which is a cost-effective solution for certain industries that are being affected by the burgeoning supply chain issues.  We will look to add additional warehouse space in the United States as opportunities and needs arise as part of our growth plan.

Our continued solid revenue growth and jump in gross margin are, in large measure driven by our business expansion plan.  To this end,  we continue to invest in our service offerings, ramp up our staffing levels to meet the increase in business, and increase our focus on client diversification and higher margin customers.

Of important note is that our Q3 revenue growth and significant increase in operating margins comes outside of our United States business acquisition (which only accounts for roughly two weeks of the U.S. business in this quarter).  The gross revenues generated to date from the U.S. acquisition are in-line with our expectations and will begin to be reflected in Q4 and our next fiscal year.



CEO Rich Wheeless stated, “The actions we have taken to increase our gross margin and expand our service offerings have placed our Company in a better position to deliver value to our customers during the crisis caused by the COVID-19 pandemic, and beyond.  I am very encouraged by the continued growth in revenue and jump in gross margins which I see continuing as the Company expands into new and profitable markets in the current and future quarters.  Additionally, our first acquisition in mid-September in the western United States and recently announced LOI for a second U.S. acquisition involving an entirely new and significant customer will allow us to capitalize on internal synergies, as each of the U.S. acquisitions are in the western United States.  We will continue to take actions to strengthen our core business, which are intended to increase shareholder value with each expansion, addition and/or new customer signing.

Q3 2021 Financial Highlights:

September 30, 2021 compared to September 30, 2020 - Financial Highlights:

Revenue growth of 18.4% to $1,736,770 (compared from $1,466,528 in Q3 2020). Note: this was a record high for Q3 revenue since the inception of the Company. Also, without incorporating the two weeks of revenue of the acquisition of $117,979, revenue was $1,618,719 which was growth of 10.4% over the same period in 2020.

Gross profit jumped to $208,711 (up from $39,877 in Q3 2020).  Also, Q3 gross margins increased to 12.0% (up from 2.7% in 2020).  This was driven by a focus on higher margin corporate customers.

Cash of $166,258 at September 30, 2021, compared to $255,668 at December 31, 2020, and vehicles and right-of-use assets of $756,115 compared to $343,699 at December 31, 2020. Of note, we have an untapped equity facility of $5M available to us at our discretion, which we implemented in December 2020.

Consulting fees decreased to $35,356 (2020 - $39,295) as the Company decreased the number of personnel in the Company as it continues to streamline its processes and operations.

Marketing and promotion decreased to $317 (2020 - $19,655) as the Company continues to streamline its processes and operations.

Management and director fees increased to $1,492,536 (2020 - $223,542) and is consideration paid to the CEO and CFO of the Company and as a result of compensation shares issued to Directors and Officers.



Administrative, office and miscellaneous expenses decreased to $208,418 (2020 - $369,831) as the Company continues to streamline its processes and operations to become leaner and more efficient.

Salaries decreased to $177,576 (2020 - $265,624) primarily due to efforts to streamline operations.

Share-based compensation decreased to $Nil (2020 - $34,827) due to no stock options being granted during the current period.

The Company recorded interest expense of $155,110 (2020 - $27,242) primarily related to interest and accretion on the convertible notes.

During the three months ended September 30, 2021, Company had a net loss of $2,182,417 compared to $1,095,404 during the three months ended September 30, 2020.  Note: $1.43M was because the Company issued 13,000,000 common shares, fair valued at $1,430,000 in lieu of management fees (non-cash expense), around $100K in professional fees related to the acquisition and also recorded a net loss on the new acquisition of $136,193 for the ramp up for growth.

Subsequent to the period ended September 30, 2021, a few notable events occurred, including:

On October 18, 2021, the Company announced that it has changed its auditor from Dale Matheson Carr-Hilton LaBonte LLP (“DMCL”) to BF Borgers CPA, PC (“BF Borgers”) as its independent registered public accounting firm. The Board of Directors of the Company approved the appointment of BF Borgers as the Company’s independent registered public accounting firm for the fiscal year ended December 31, 2021, effective October 14, 2021.

On October 5, 2021, the Company announced it signed a letter of an intent to acquire another United States delivery service company (the “Acquiree”).  The total purchase price (the “Purchase Price”) is expected to be one time actual revenue of the Acquiree’s first 12 months of operations (expected to be USD $1,400,000), based on an earn-out schedule to be set forth in the definitive agreement, which will be payable in cash (60%) and in shares of ParcelPal’s common stock (40%), the stock portion of which shall be priced at-market based on the closing price of the common stock following the closing of the transaction.  Under the terms of the proposed transaction, this will be an asset sale and ParcelPal will acquire 100% of the Acquiree’s outstanding assets and revenues generated from this delivery service location, which is located in the western region of the United States.



Outlook

The Company’s strategic priorities for the remainder of fiscal 2021 include:

Continued expansion into large markets in Canada, and the further expansion into the United States market.

Continued improvement in operating performance, and diversification of our customer base.

Building an exceptional and world-class brand with a focus on signing quality partners.

Using data, technology, and in-bound sales to ramp up sales and revenue generation.

The Company’s complete financial results are available in its unaudited Financial Statements and Management’s Discussion and Analysis for the quarter ended September 30, 2021, each of which have been filed with Canadian and United States securities regulators, respectively at www.sedar.com and www.sec.gov.

The Company plans on providing a further update this week on both a new customer contract and further United States expansion.

About ParcelPal Logistics Inc.

ParcelPal is a Vancouver, British Columbia based company that specializes in last-mile delivery service and logistics solutions. We are a customer-driven, courier and logistics company connecting people and businesses through our network of couriers in major Canadian cities including Vancouver, Calgary, and Toronto, and now in the western region of the United States.  Some of our verticals include pharmacy & health, meal kit deliveries, retail, groceries and more.
ParcelPal Website: www.parcelpal.com

Neither the Canadian Securities Exchange (“CSE”), the Securities and Exchange Commission nor any other securities regulatory authority has reviewed and do not accept responsibility for the adequacy or accuracy of this news release that has been prepared by management.  The information in this news release is not complete.  For a more complete description of all items referenced herein, please see our annual report on Form 20-F filed with the Securities and Exchange Commission and in our MD&A filed on Sedar, each as filed on the same date of this news release.

OTC – Symbol: PTNYF
CSE – Symbol: PKG
FSE – Symbol: PT0



Contact Information
 
Investor Contact
 
T: (587) 883-9811
 
Company Contact
 
Rich Wheeless, CEO, CFO, and Director
ParcelPal Logistics Inc.
T: (614) 395 7778

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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