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The settlements include four (4) outstanding merchant credit advance loans in the aggregate amount of approximately $1,600,000 and a Senior Secured Promissory Note (“Secured Note”) in the approximate amount of $100,000 as well as the cancellation of 40,300 common stock warrants that were issued in connection with the Secured Note. (OTC: TLSS), (“TLSS', or the “Company'), a leading eCommerce fulfillment service provider, announced today that it has entered into several debt settlement agreements which, when finalized, will eliminate a total of approximately $1.7 million of high interest rate loans. Transportation and Logistics Systems, Inc. March 24th, 2020: TLSS Announces $1.7 Million in Debt Settlement Agreements The Company believes that these expense reductions are a significant step towards achieving that objective.” Sebastian Giordano, TLSS’ turnaround and restructuring consultant, indicated that “on the heels of last week’s announcement of a settlement agreement for outstanding merchant credit advances that will reduce and eliminate approximately $1.7 million of high-interest debt when completed, management and the Board of Directors are continuing to evaluate all opportunities to restructure the Company’s balance sheet and improve current operating results. To strengthen the Company’s financial foundation, TLSS is implementing cost-cutting measures to reduce its annualized operating, administrative and corporate expenses by approximately $1.0 million, without any reduction in its employed drivers, the majority of which are effective immediately. (OTC: TLSS), (“TLSS', or the “Company'), a leading eCommerce fulfillment service provider, announced today its latest action to improve its overall financial condition. WEST PALM BEACH, FLORIDA, Ma(GLOBE NEWSWIRE) - via NEWMEDIAWIRE - Transportation and Logistics Systems, Inc. Latest Restructuring Initiatives Target Overhead Expenses to Improve Operating Margins March 31st, 2020: TLSS Implements $1.0 Million In Cost Reductions This expansion contributed to the $10.0 million of revenue generated during the final quarter of 2019, which was nearly one-third of total revenue for the year. In addition, the Company opened several new locations in the States of Georgia, Florida, Ohio and Tennessee, during the months of October through December 2019, adding to our existing locations in New Jersey, New York and Pennsylvania.

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Lasting changes to the economy from the effects of the pandemic may accelerate this growth.Īs such, the Company increased its number of vehicles, drivers, and independent contract drivers in anticipation of an increase in business during the holiday shopping season. e-commerce industry is expected to register exponential growth going forward and account for 7% of all U.S. With the growing e-commerce sector driving the growth of the logistics market, the U.S. This growth outpaced the 5% job growth of the U.S. Over the ten years between 20, the industry has grown 12.7% and added 416,316 jobs. economy that has experienced significant growth since the country had emerged from recession. The transportation and logistics sector is an integral and growing part of the U.S. In fact, Amazon has provided additional financial support to implement an hourly pay rate hike for our van drivers and raised our allowance for leased vans. Shipping has been classified as an “essential business” and consumers have been increasing their online purchases due to sequestering, leading to growing demand for our services. While the recent coronavirus pandemic has affected the country in dramatic ways, the Company’s delivery operations on behalf of Amazon and our other customers remain active. Revenue more than doubled during the year, reaching $32.0 million, compared to revenue of $18.1 million in 2018. (the “Company” or “TLSS”), 2019 was a year of both encouraging developments and several challenges. Īpril 10th, 2020: CEO Letter to Shareholdersįor Transportation and Logistics Systems, Inc. TLSS is a revenue-generating company that posted more than $18 million in income in 2018 and is projecting an increase upwards of $60 million for the full-year ending in December of 2019. Number of Employees (Prime EFS): 400-500 (Depending on what source you reference)

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