A Year After Launch, ParcelPal Tops One Million Deliveries

More and more, consumers are demanding their products nearly instantly, explaining part of the success for Amazon Prime (NASDAQ:AMZN) and why competitors like Walmart (NYSE:WMT) are stepping up with free two-day delivery and even one-hour delivery initiatives in select locations.

While these behemoths slug it out, smaller companies like ParcelPal Technology (OTCPK:PTNYF)(CSE:PKG) are carving out their own market share by targeting certain heavily-populated markets.

The Vancouver-based logistics company works with partner businesses, including leading retailers, restaurants and even medical marijuana dispensaries and liquor stores, to get their customer's packages delivered within one hour. With the tap of an app, consumers can order a litany of products, track the package's progress and have it delivered wherever they want, all in 60 minutes.

Presently, ParcelPal caters to the Vancouver and lower mainland area, with plans to expand services across Canada in the future.

Launched just over a year ago, ParcelPal said Tuesday morning that it has now delivered over one million packages to customers. That's an average of approximately 2,700 per day, an impressive feat for the upstart.

After a strong first quarter, management described the second quarter as its most successful to date in terms of customer acquisition, delivery success, and revenue growth.

Unaudited gross revenue for Q1 was reported in May as $612,641, up 64% from Q4 2017 revenue. Looking ahead, the company expects the third quarter to exceed results from the second quarter, as momentum builds on the back of adding thousands of customers and multiple businesses and verticals.

As part of thanking his team for the hard work and dedication to the company, ParcelPal president and chief executive officer Kelly Abbott commented in today's news, "We are extremely excited to have achieved this major milestone in such a short period of time. Our growth over the past year has been tremendous and we're looking forward to taking advantage of the opportunities that have presented themselves for the remaining part of the year."

U.S.-listed shares of ParcelPal closed trading Monday at 14.2 cents. Canadian-listed shares ended the day at 19.5 cents.