Vancouver, British Columbia–(Newsfile Corp. – April 16, 2024) – ParcelPal Logistics Inc. (OTCQB: PTNYF) (CSE: PKG) (FSE: PT0A) (“''company” or “parcel pal'') includes audited annual financial statements for the year ended December 31, 2023, management's discussion and analysis, and the relevant certifications of the Chief Executive Officer and Chief Financial Officer (''Required documents to submit”) will be postponed beyond the prescribed filing deadline of April 29, 2024.
The main reason for the issuer's delay in meeting the reporting deadline is that, as pointed out by the company's auditor, CPA Borgers, the issuer could have met the deadline by the specified date without undue effort or expense. It was determined that the necessary report could not be submitted. Disqualified as a Participating Audit Firm by the Audit Commission of Canada. As a result, BF Borgers must immediately terminate its audit engagements with each reporting issuer in Canada. The Company has decided on new auditors and plans to announce them once they have been officially decided.
The Company has filed an application with the British Columbia Securities Commission (“B.C.S.C.“) Management's cease-and-desist order (“M.C.T.O.This restricts all trading in our securities by our management, whether directly or indirectly. The issuance of an MCTO generally does not affect the ability of our insider stockholders to trade securities. If an MCTO is not issued by the BCSC, the applicable Canadian securities authorities may issue a general cease-and-desist order against us for failure to file the required filings within the prescribed period. .
We have appointed new auditors that we have identified and are working quickly to complete the audit as quickly as possible. The Company intends to cure the default and make the necessary filings as soon as possible, and such filings are expected to be made by June 10, 2024.
If the MCTO is granted, we will: National Policy 12-203 — Management Cessation Order This includes the publication of bi-weekly default status reports, each in the form of a news release. We will also disclose other material information that has not been previously disclosed about our operations.
The Company confirms that no bankruptcy proceedings have been initiated against the Company as of the date of this press release. The Company also confirms that, as of the date of this press release, there is no other material information about the Company's business that is not publicly disclosed.
About Parcelpal Logistics Co., Ltd.
ParcelPal is a Vancouver, British Columbia company with operations in the United States that specializes in last-mile delivery services and logistics solutions. We are a customer-driven courier and logistics company that connects people and businesses through our network of couriers. Our industry verticals include pharmacy and health, meal kit delivery, retail, grocery, 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 assumes no responsibility for, the adequacy or accuracy of this news release prepared by management. .
OTCQB — Symbol: PTNYF
CSE — symbol: package
FSE — symbol: PT0A
contact address
Investor contact information
investor@parcelpal.com
Phone: (587) 883-9811
Company contact information
investor@parcelpal.com
Phone: (587) 883-9811
Forward-looking information
This news release contains forward-looking statements regarding ParcelPal's future potential. Forward-looking statements often include words such as “will,” “may,” “should,” “intend,” “anticipate,” “anticipate,” Identified by terms such as “planning” and similar expressions. All statements other than historical facts contained in this release are forward-looking statements that involve risks and uncertainties. These risks and uncertainties include the risk that required filings will not be completed in a timely manner due to, among other things, not being able to agree terms with a new auditor or obtaining CSE approval; but not limited to. As appropriate, we are aware of, among other things, the general risks associated with the logistics industry, ParcelPal's lack of market acceptance and potential challenges associated with expansion and intellectual property utilized in the logistics industry; the risk that ParcelPal will not be successful due to ParcelPal and its acquisition targets. There can be no assurance that forward-looking statements will prove to be accurate or that actual results will prove to be accurate, and future events may differ materially from those anticipated in such statements.
The Company cannot guarantee that any forward-looking statements will materialize. Readers are cautioned not to place undue reliance on forward-looking information. The risk of discontinuation by third-party customers of acquired businesses cannot be guaranteed and is largely a business risk that is beyond our control. Although such information is considered reasonable by management at the time of preparation, it may prove to be incorrect and actual results may differ materially from those anticipated. . The 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 does not intend to include any forward-looking statements contained herein only as expressly required by Canadian securities laws. publicly update or revise.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/205778.
