TLSS Announces Executive and Board Changes
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.
- Appointment of Sebastian Giordano as Executive Chairman and CEO may drive strategic growth.
- Giordano has a strong background in corporate leadership and M&A transactions.
- Focus on pursuing significant opportunities in the logistics sector.
- Transition in leadership may lead to short-term instability during the adjustment period.
- No financial metrics provided to gauge immediate impact on company performance.
Company Preparing to Expand Board and Bolster its Management Team
JUPITER, FL / ACCESSWIRE / January 5, 2022 / Transportation and Logistics Systems, Inc. (OTCQB:TLSS), ("TLSS", or the "Company"), a growing logistics provider, announced today that, effective as of January 4, 2022, Mr. Sebastian Giordano, who has been acting as a restructuring consultant to the Company through his C-level business advisory firm, Ascentaur LLC ("Ascentaur") since February 2020, became the Company's Executive Chairman and Chief Executive Officer as well as a member of the Board of Directors. The move is anticipated to be the first of several upcoming enhancements to the Company's Board of Directors and executive management team.
Mr. John Mercadante, former Chairman and CEO of TLSS, who will stay on as a member of the Board of Directors, stated "since the Company engaged Ascentaur in 2020, Sebastian has done an outstanding job of advising the Board on its restructuring initiatives and then successfully executing them, as well as simultaneously helping to identify potential acquisition opportunities. The Board strongly believes that the Company will benefit greatly from Sebastian's proven leadership skills, as well as his extensive strategic, financial and operational acumen, that the Company believes, are ideally suited to guide the Company on a growth trajectory."
Mr. Giordano's experience as a corporate executive, consultant, and entrepreneur, includes serving as Chief Executive Officer, Chief Financial Officer, Chief Restructuring Officer and Board Member of OTC and NASDAQ-listed companies and encompasses extensive M&A and capital raising transaction experience.
Mr. Giordano added, "I am honored by the Board's invitation to assume these roles within the organization and very appreciative of the Company's support. The opportunities in the transportation and logistics industry today are significant and the Company has every intention of pursuing them aggressively, but prudently. The overriding priority is clear - to build a sustainable, profitable business to enhance shareholder value."
About Transportation and Logistics Systems, Inc.
TLSS, through its wholly owned operating subsidiaries, Cougar Express, Inc. and Shyp FX, Inc. and operates as a full-service logistics and transportation company.
For more information, visit the Company's website, www.tlss-inc.com.
Forward Looking Statements
Statements in this press release regarding the Company that are not historical facts are forward-looking statements and are subject to risks and uncertainties that could cause actual future events or results to differ materially from such statements. Any such forward-looking statements, including, but not limited to, financial guidance, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not directly or exclusively relate to historical facts. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "could," "would," "expects," "plans," "anticipates," "intend," "plan," "goal," "seek," "strategy," "future," "likely," "believes," "estimates," "projects," "forecasts," "predicts," "potential," or the negative of those terms, and similar expressions and comparable terminology. These include, but are not limited to, statements relating to future events or our future financial and operating results, plans, objectives, expectations and intentions. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these expectations may not be achieved. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they represent our intentions, plans, expectations, assumptions and beliefs about future events and are subject to known and unknown risks, uncertainties and other factors outside of our control that could cause our actual results, performance or achievement to differ materially from those expressed or implied by these forward-looking statements. In addition to the risks described above, these risks and uncertainties include: our ability to successfully execute our business strategies, including integration of acquisitions and the future acquisition of other businesses to grow our company; customers' cancellation on short notice of master service agreements from which we derive a significant portion of our revenue or our failure to renew such master service agreements on favorable terms or at all; our ability to attract and retain key personnel and skilled labor to meet the requirements of our labor-intensive business or labor difficulties which could have an effect on our ability to bid for and successfully complete contracts; the ultimate geographic spread, duration and severity of the coronavirus outbreak and the effectiveness of actions taken, or actions that may be taken, by governmental authorities to contain the outbreak or ameliorate its effects; our failure to compete effectively in our highly competitive industry could reduce the number of new contracts awarded to us or adversely affect our market share and harm our financial performance; our ability to adopt and master new technologies and adjust certain fixed costs and expenses to adapt to our industry's and customers' evolving demands; our history of losses, deficiency in working capital and a stockholders' deficit and our ability to achieve sustained profitability; material weaknesses in our internal control over financial reporting and our ability to maintain effective controls over financial reporting in the future; our substantial indebtedness could adversely affect our business, financial condition and results of operations and our ability to meet our payment obligations; the impact of new or changed laws, regulations or other industry standards that could adversely affect our ability to conduct our business; and changes in general market, economic and political conditions in the United States and global economies or financial markets, including those resulting from natural or man-made disasters.
These forward-looking statements represent our estimates and assumptions only as of the date of this release and, except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise after the date of this letter. Given these uncertainties, you should not place undue reliance on these forward-looking statements and should consider various factors, including the risks described, among other places, in our most recent Annual Report on Form 10-K and in our Quarterly Reports on Form 10-Q, as well as any amendments thereto, filed with the Securities and Exchange Commission.
Investor Relations Contact:
Phone: 833.764.1443
Email: info@tlss-inc.com
SOURCE: Transportation and Logistics Systems, Inc.
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FAQ
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