TLSS Hires New Accounting and Finance Leadership

Rhea-AI Summary

TLSS announces addition of new members to its management team for accounting and finance department. CEO to assume CFO responsibilities. Marc Weiss and Tasrin Ahmed join as VP of Accounting and Finance and Director of Accounting and Finance respectively. They bring extensive experience in high-revenue, rapid growth environments. The move aims to improve reporting, analysis, forecasting, expense control, and cash management strategies.

CEO to Assume CFO Responsibilities

JUPITER, FL / ACCESSWIRE / October 3, 2023 / Transportation and Logistics Systems, Inc. (OTC PINK:TLSS), ("TLSS" or the "Company"), the parent company of certain wholly-owned operating subsidiaries, which together, provide a suite of logistics and transportation services, is pleased to announce today that it has bolstered its accounting and finance department with the addition of two new members to its management team.

Sebastian Giordano, Chairman and CEO of TLSS, commented, "I am very excited to welcome Mr. Marc Weiss and Ms. Tasrin Ahmed to our organization. Both Marc and Tasrin have extensive operational finance and accounting backgrounds in high-revenue, rapid growth environments, bringing the type of hands-on experience required for our current business and future growth. While we currently utilize an outsourced CFO firm, CFO-on-Call, to handle the preparation of our SEC filings, it is imperative that we have seasoned, internal leadership to handle the day-to-day accounting and finance responsibilities critical for the timely evaluation, management and oversight of our operations."

Since 2018, Mr. Weiss, who will assume the role of VP of Accounting and Finance, has proven transportation and logistics industry experience, having been the Finance Manager for Worldwide Logistics Group, a 25-year old global 3PL freight forwarder that has expanded from one office in North America to 42 offices in 22 countries and grown from $50 million to $250 million in revenues over the past two years, where he hired, trained, developed and supervised the US and international accounting team.

A 1991 graduate of Syracuse University, Marc's career includes financial analyst and accounting positions at Home Box Office and Interpublic Group. From 2007 to 2012, he was Controller and Accounting Manager for the New Jersey Devils and then the New York Rangers, respectively. From 2012 to 2014, he was Controller of Nelligan Sports Marketing, a $115 million firm that provides sales and marketing expertise for collegiate properties around the US, followed by his role as Finance Manager of Jennison Associates, a wealth management firm with $186 billion of assets under management, from 2014 to 2018.

Ms. Ahmed, who will assume the role of Director of Accounting and Finance, is a 2016 Dean's List graduate of Rutgers University with a Bachelor of Science degree in Accounting and Finance. She began her career in 2017 as a cost accountant with the Interplast Group, a $3 billion North American manufacturer of plastic-based products. In July 2018, Tasrin became Assistant Controller of Highroad Press, a $20-plus million printing and manufacturing company before being promoted to Director of Finance/Controller in January 2022.

Mr. Giordano, who will also be taking over CFO responsibilities as of October 13th, added, "As we move to further integrate and consolidate our back-office functions, in support of our operations, Marc and Tasrin will spearhead these initiatives, as well as direct improvements in our reporting, analysis, forecasting, expense control, and billing and collection processes, while optimizing financial planning and cash management strategies. They certainly possess the necessary skillset to lead us in these enhancements, which are aimed at improving operating margins, profitability and cashflow."

About Transportation and Logistics Systems, Inc.

TLSS is a publicly-traded holding company. Its wholly-owned operating subsidiaries, Cougar Express, Inc., Freight Connections, Inc., JFK Cartage, Inc. and Severance Trucking Co., Inc., together provide a full suite of logistics and transportation services.

Services include LTL, TL, cartage, airport, container freight station pickup and drayage, transloading, construction trade, warehousing and distribution, pool distribution and final mile, TSA certified, white glove delivery and now, overnight service. For coverage area and pricing, please contact your nearest service center. In NY (516.239.0244), in NJ (201.933.6027) and in MA (800.225.1111).

For more information about TLSS, 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 historical inability 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 Contact:

Email: info@tlss-inc.com
Phone: 1.833.764.1443

SOURCE: Transportation & Logistics Systems

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