ParcelPal Logistics Inc. is following up on its previously announced entry into a Letter of Intent on January 30, 2024, and subsequent release last week, on the submittal of numerous warehouses in multiple states for approval (relating to intended warehousing expansion plan). The company update to further inform shareholders that the announced that it has received approvals on first four warehouses from Asian partners. The combined processing power potential for these four locations is 280 MW (megawatts).

The company will now move forward to contracts, site checks and final stages of due diligence. The goal is to have the first site online within the next 60 days contingent upon the outcome of the upcoming site checks. ParcelPal will work to secure the appropriate agreements and negotiate favorable utility costs to maximize revenue potential.

Thereafter, ParcelPal will be able to initiate and accept the delivery of the hardware for installation at the approved facilities. The goal for the Company is, upon consummation, to begin to generate the projected high-margin revenue derived from this partnership.