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PUDO seeing exponential growth in parcel volumes during global coronavirus pandemic

PUDO’s growth comes in what is typically a slow period for the logistics industry and during a time when the coronavirus outbreak is wreaking havoc on supply chains around the world

PUDO Inc -
The firm is North America’s only carrier-agnostic pick-up and drop-off counter network

PUDO Inc (CSE:PDO) (OTCQB:PDPTF), the Canadian logistics provider, recorded exponential growth over the month of February, it said in a statement.

The Toronto-based company saw parcel return volume increase by 443% during the month, with parcel drop-off numbers rising by 181% and re-direct volume seeing a 66% increase compared to the same figures a year earlier.

PUDO’s growth comes in what is typically a slow period for the logistics industry and during a time when the global coronavirus pandemic is wreaking havoc on supply chains around the world.

WATCH: PUDO increasing its network of package pick-up points within the US

CEO Frank Coccia told shareholders that the company is weathering the crisis with very little operational interruptions.

“While it is definitely not business as usual here at PUDO headquarters, we are actively providing support to PUDOpoint operators within our expanding network,” Coccia said in a statement.

“During this time, we are also aggressively pursuing new business opportunities and are confident that as the company is called upon to provide innovative solutions for existing and potential partners facing unprecedented challenges, we will respond to those needs and assist in finding strategic solutions.”

The firm is North America’s only carrier-agnostic pick-up and drop-off counter network.

READ: Amazon and other tech giants under pressure as UK government quietly enacts digital services tax

At the beginning of March, PUDO and freight giant Purolator formally decided to integrate PUDOpoint across Canada into its national network of parcel counters. The agreement is bringing considerable new parcel volumes and revenues to PUDO, it said in a statement.

It also completed a 14-state pilot program with Amazon in January that saw PUDO offer 30 locations at the Amazon checkout desk for parcel delivery options.

The company is continuing to grow its network with new partners across North America and boosting its parcel volume, it told investors.

CEO Coccia said that he is confident that the e-commerce logistics sector is ready for PUDO’s counter integration model.

“Now more than ever, we take our responsibilities to heart, not just to the global supply chain, but to our valued shareholders,” Coccia said. “The true value proposition of this remarkable company is just beginning to be discovered.”

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

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Price: 1.85 CAD

CSE:PDO
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Market Cap: $49.27 m
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