ParcelPal Provides Update on Status of MCTO and Announces Change of Auditor

Source: www.gulfoilandgas.com 5/15/2024, Location: North America

ParcelPal Logistics Inc. (the "Company" or "ParcelPal"), is providing notice that it has formally engaged a new auditor, and is also providing a further update on the status of a management cease trade order (the "MCTO") that the British Columbia Securities Commission issued on May 1, 2024, each of which is more fully described below.

The Company is pleased to announce that it has changed its auditor from BF Borgers CPA, PC ("BF Borgers") to Turner, Stone & Company, L.L.P. CPA ("TS & Company") as its independent registered public accounting firm. The Board of Directors of the Company approved the appointment of TS & Company as the Company's independent registered public accounting firm for the fiscal year ended December 31, 2023, effective May 13, 2024.

In connection with the change of auditor, the Company provides that: (a) there were no disagreements between the Company and the former auditors on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreement, if not resolved to the satisfaction of the former accountant, would have caused it to make reference to the subject matter of the disagreement in connection with its report; (b) no reportable events (as the term is defined in National Instruments 51-102 - Continuous Disclosure Obligations) between the Company and BF Borgers, and (c) there were no reservations in BF Borgers audit reports for any financial period during which BF Borgers was the Company's auditor, except as it relates to its going concern opinion related matters.

The Company and its auditors are working diligently toward completing the Required Filings as soon as possible. The Company previously announced it expected to file the Required Filings by June 10, 2024, but now anticipates completing the Required Filings on or before June 28, 2024.

Leading up to the above noted change in auditor, in primary part due to the situation surrounding BF Borgers' current inability to act as an auditor to Canadian public companies, the Company was granted a voluntary MCTO under National Policy 12-203 - Management Cease Trade Orders ("NP 12-203"). Further to its news release dated April 16, 2024 (the "Announcement") for which the Company applied for the MCTO in order to secure additional time for the Company to file its audited annual financial statements and the related management's discussion and analysis for the fiscal year ended December 31, 2023, (the "Required Filings"), which were originally due on April 29, 2024.

The MCTO prohibits all trading in the capital of the Company, whether directly or indirectly, by the Company's CEO and CFO. The MCTO does not affect the ability of other shareholders to trade in the securities of the Company.

The Company confirms that since the date of the Announcement: (i) other than as described above, there has been no material change to the information set out in the Announcement that has not been generally disclosed; (ii) other than as described above, there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default by the Company under NP 12-203; and (iv) there is no other material information concerning the affairs of the Company that has not been generally disclosed.

The Company will continue to satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of news releases for so long as it remains in default of the above-noted filing requirements.


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