TLSS closes sale of assets of Shyp FX, Inc.

All-cash transaction generates gross proceeds of $825,000

JUPITER, FL/ACCESSWIRE/June 24, 2022/ Transportation and Logistics Systems, Inc. (OTCQB:TLSS), (“TLSS” or the “Company”), a provider of logistics services, today announced that on June 21, 2022, its operating subsidiary, Shyp FX, Inc. (“FX”), which was exclusively dedicated to serving Federal Express routes in northern New Jersey, had sold substantially all of its assets in an all-cash transaction.

Sebastian Giordano, President and CEO of TLSS, said, “As I have previously indicated, the FX business no longer fits into the company’s long-term growth plans. We look forward to continuing to implement our forward-looking M&A strategy, including closing the recently signed Freight Connections transaction which, if completed, would give us a much stronger presence in northern New Jersey to expand our operations in the region. »

Under the terms of the agreement, gross proceeds were $825,000, including closing adjustments payable in cash at closing, adjusted for brokerage commission of $75,000 and other expenses of $1,500. FX received $723,500 in cash, plus an additional $25,000 held in escrow, pending clearance of New Jersey State wholesale sales tax and to cover the estimated cost of a vehicle repair.

About Transportation and Logistics Systems, Inc.

TLSS, through its wholly-owned operating subsidiary, Cougar Express, Inc., 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 about 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. These 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 relate not directly or exclusively to historical facts. In some cases, you can identify forward-looking statements by words such as “may”, “will”, “should”, “could”, “should”, “expect”, “anticipate”, ” anticipates”, “intends”, “plan”, “goal”, “seek”, “strategy”, “future”, “probable”, “believes”, “estimates”, “projects”, “plans”, “predicted”, “potential” or the negative of these terms and similar expressions and comparable terminology. These include, but are not limited to, statements relating to future events or our future financial results and 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 guarantees of future performance. Instead, they represent our intentions, plans, expectations, assumptions, and beliefs. ictions regarding future events and are subject to known and unknown risks, uncertainties and other factors beyond our control which could cause our actual results, performance or achievements to differ materially from those expressed or implied by such statements. forward-looking statements. In addition to the risks described above, these risks and uncertainties include: our ability to successfully execute our business strategies, including the integration of acquisitions and the future acquisition of other businesses to grow our business; the cancellation by customers 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 demands of our labor-intensive businesses or labor challenges that could impact our ability to bid on and 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 mitigate its effects; our inability 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 adversely affect our financial performance; our ability to adopt and master new technologies and adjust certain fixed costs and expenses to adapt to the changing demands of our industry and our customers; our history of losses, insufficient working capital and equity and our ability to achieve sustained profitability; continuing weaknesses in our internal control over financial reporting and our ability to maintain effective controls over financial reporting in the future; our remaining liabilities and indebtedness could adversely affect our business, financial condition and results of operations, as well as our ability to meet our payment obligations; unanticipated and materially adverse developments in our few remaining litigations; the impact of new or changed laws, regulations or other industry standards that could impair 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 publicly update or revise 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 things, in our most recent Annual Report on Form 10-K and in our quarterly reports on Form 10.-Q, together with any amendments thereto, filed with the Securities and Exchange Commission.

Investor Relations

Capital Landon
Keith Pinder
(404) 995-6671
[email protected]
www.landoncapital.net

THE SOURCE: Transport and logistics systems

See the source version on accesswire.com:
https://www.accesswire.com/706466/TLSS-Close-on-the-Sale-of-Assets-of-Shyp-FX-Inc

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