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Transportation and Logistics Systems, Inc. (TLSS) is a Florida-based company providing tractor-trailer and box truck deliveries of packages primarily on the East Coast of the United States. TLSS offers package delivery services in states such as New York, New Jersey, Pennsylvania, Georgia, Florida, Ohio, and Tennessee, catering to customers like Amazon and others. The company also offers logistics services and storage solutions specifically for Amazon and its customers. TLSS operates through its wholly-owned subsidiaries Cougar Express, Inc., Freight Connections, Inc., JFK Cartage, Inc., and Severance Trucking Co., Inc., providing a comprehensive suite of transportation and logistics services. TLSS focuses on building shareholder value, driving operational growth, and pursuing strategic business opportunities.
Transportation and Logistics Systems (OTCQB:TLSS) has engaged Landon Capital for investor relations services starting February 1, 2022. This partnership aims to enhance communications with investors and broaden the shareholder base by providing access to financial analysts, brokers, and writers. CEO Sebastian Giordano emphasized the necessity of a structured communication strategy aligned with the company's growth plans for 2022 and beyond. TLSS operates as a full-service logistics and transportation provider through its subsidiaries, Cougar Express and Shyp FX.
Transportation and Logistics Systems, Inc. (TLSS) has announced a new strategic plan following a successful restructuring. CEO Sebastian Giordano, who joined on January 4, 2022, reports the company is on the verge of being debt-free, with less than $200,000 remaining. The company raised $6.85 million in Series G financings, ensuring operational funding for the year. TLSS aims for sustained growth and profitability through strategic acquisitions in logistics and technology. Key goals include achieving $100 million in revenue, becoming profitable, and potentially uplisting to NASDAQ or NYSE by year-end.
Transportation and Logistics Systems (TLSS) has expanded its Board of Directors and closed an additional equity financing round, raising $700,000 on January 25, 2022. This funding strengthens the company's balance sheet and provides working capital for growth. The board now consists of four members, including industry veterans Charles Benton and Norman Newton, enhancing corporate governance practices. Prior to this, TLSS received $6.15 million from an equity financing on December 31, 2021.
Transportation and Logistics Systems (TLSS) appointed Mr. James Giordano as CFO effective January 3, 2022, replacing John Mercadante, who will remain on the Board. Giordano brings extensive operational experience, previously serving as VP of Finance at Key Food Stores and CFO of Farren International. His background includes significant roles in finance and industry, with notable achievements in revenue growth. The company believes this management change positions it well for executing its strategic plans.
Transportation and Logistics Systems, Inc. (OTCQB:TLSS) has announced a significant leadership change as of January 4, 2022. Sebastian Giordano, previously a restructuring consultant, has been appointed Executive Chairman and CEO. This transition is part of a broader strategy to enhance the company's management team and board. Giordano brings extensive corporate experience and aims to pursue growth opportunities in the logistics sector while focusing on building a sustainable, profitable business to enhance shareholder value.
Transportation and Logistics Systems (OTCQB:TLSS) announced the completion of an equity financing on December 31, 2021, raising $6.15 million. This funding aims to strengthen the company's working capital for 2022 and support potential acquisition opportunities. TLSS issued 615,000 shares of Series G Convertible Preferred Stock and warrants for 615 million shares of common stock. The acquisition of SalSon Logistics was explored but the agreement expired in September 2021. TLSS is evaluating other acquisition options and believes the financing enhances its ability to pursue these strategies.
Transportation and Logistics Systems, Inc. (OTCQB:TLSS) announced the return of John Cerrito Sr. and John Cerrito Jr. to Cougar Express. John Sr., a veteran with nearly 50 years in the logistics industry, will enhance operations, leveraging his extensive network. John Jr. will manage dispatch and customer service. The company aims to strengthen its presence in New York and New Jersey, located near JFK airport. This leadership change is expected to positively impact TLSS's operational efficiency and customer relations.
Transportation and Logistics Systems (TLSS) reported significant progress in improving its financial position as of September 30, 2021. The company reduced total liabilities from approximately $32 million in Q1 2020 to about $2.4 million. Despite this, revenue for Q3 2021 fell 80.9% year-over-year to $1.2 million, largely due to the end of its Amazon DSP business. However, TLSS achieved a net income of $6.3 million for the quarter, driven by gains from deconsolidation of subsidiaries. This marks a decline compared to $35.6 million in net income from the prior year.
Transportation and Logistics Systems, Inc. (OTCQB: TLSS) has provided an important update regarding its ongoing acquisition of SalSon Logistics, Inc. The company is negotiating an extension of the due diligence and financing periods stipulated in a Stock Purchase Agreement from June 15, 2021. A quality of earnings report was disseminated on October 19, 2021, to assist prospective lenders, and an addendum updating this report through August 31, 2021, is expected soon. However, TLSS cautions there are no guarantees of securing financing or completing the transaction.
Transportation and Logistics Systems, Inc. (OTCQB:TLSS) announced its common stock's uplisting to the OTCQB market, effective September 1, 2021. This milestone is viewed as a significant step in the company's turnaround plan initiated in 2020, aimed at improving its visibility and broadening the shareholder base. The OTCQB is recognized for supporting developing companies, requiring them to meet specific reporting and management criteria. CEO John Mercadante expressed optimism that this change will positively impact the company’s presence in the investment community.
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