TLSS Hires New Chief Financial Officer

Rhea-AI Summary

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.

Positive

• Appointment of James Giordano as CFO expected to enhance operational leadership.
• Giordano brings extensive experience in finance and logistics, previously achieving significant revenue growth.

Negative

• Transition in CFO may create initial operational disruptions.
• John Mercadante's departure may raise concerns about continuity in leadership.

Industry Veteran Brings Extensive Operational Experience

JUPITER, FL / ACCESSWIRE / January 7, 2022 / Transportation and Logistics Systems, Inc. (OTCQB:TLSS), ("TLSS", or the "Company"), a growing logistics provider, announced today that, effective as of January 3, 2022, Mr. James Giordano (who bears no relation to the Company's new Executive Chairman and Chief Executive Officer Sebastian Giordano) has joined the Company as its new Chief Financial Officer ("CFO") replacing Mr. John Mercadante, who, in addition to his previous roles as Chairman and CEO, also held the CFO title. Mr. Mercadante will continue as a valued member of the Company's Board of Directors. With these new executive management team appointments, the Company believes it is well-positioned to execute on its strategic plans.

According to Mr. Sebastian Giordano, "Given the Company's plans for 2022 and beyond, it is essential that the Company have an experienced, seasoned executive management team in place to execute on its growth strategy and a highly-capable CFO is an absolute imperative. In addition to his proven financial, accounting, and organizational strengths, James has the level of detailed, operational industry experience and ‘roll-up your sleeves' attitude that is really needed for the Company to be successful."

A Certified Public Accountant, Mr. James Giordano has a BS degree in Accounting from Seton Hall University and an MBA in Finance from New York University, Leonard N. Stern Graduate School of Business. After starting his career with Price Waterhouse, working with such clients as Ingersoll Rand, Hartz Mountain, Curtis Wright, and MRC (division of Sony), he joined UBS, the 4th largest private client firm in the US providing asset management, brokerage, and investment banking services, in 1995. Starting in the External Reporting Group and taking roles in Equity Research and Municipal Securities, he quickly progressed with several promotions to Corporate Vice President before leaving in 2001. In 2001, he took a Manager, Finance role at Daiichi Sankyo, Inc., a US subsidiary of Daiichi Sankyo Co. Ltd., a Japan-based pharmaceutical and medicine manufacturing company, and proceeded to grow professionally, rapidly being promoted to Executed Director, Finance, as he supported the business growth from $90M to $2.6B over these same 12 years.

Since 2013, James has been Vice President of Finance for Key Food Stores, a $1.3 billion retail supermarket cooperative with 150 locations in the Tri-State area; Chief Financial Officer of Farren International, a $140 million provider of transportation and rigging services; and Chief Financial Officer of Freight Connections, a privately held provider of LTL and line haul transportation services and warehousing.

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 & Logistics Systems

View source version on accesswire.com:
https://www.accesswire.com/681307/TLSS-Hires-New-Chief-Financial-Officer

FAQ

Who is the new CFO of TLSS?

James Giordano is the new CFO of Transportation and Logistics Systems, effective January 3, 2022.

What experience does James Giordano bring to TLSS?

Giordano has extensive experience in finance and logistics, having held senior roles at Key Food Stores and other companies, contributing to significant revenue growth.

Why did TLSS replace its CFO?

The change was made to strengthen the executive management team in line with the company's growth strategy for 2022 and beyond.

What is the impact of the management change at TLSS?

The management change aims to position the company better for executing its strategic plans, although it may initially disrupt operations.