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Sunday, September 25, 2022

Transportation and Logistics Systems Inc (OTCMKTS: TLSS) Heating Up as Company Continues Acquisition Spree and Closes on JFK Cartage, Inc.

Transportation and Logistics Systems Inc (OTCMKTS: TLSS) is making a big move up after the Company announced it had closed the acquisition of JFK Cartage, Inc. located in Inwood, New York. With annual revenues of $3.6 million in 2021 and approximately $2.0 million for the first six months of 2022, JFK Cartage operates from a 30,000 square foot warehouse with 10 drive-in doors and is strategically located approximately 6 miles from JFK International Airport. JFK Cartage operates a wide-ranging fleet of specialty vehicles, from its Sprinter vans to full 53-ft. tractor trailers. JFK Cartage, with its assets, fleet and warehouse is believed to be one of the largest leading cartage agents serving the New York Tri-State area. The total purchase price after closing adjustments was $1,700,000.  TLSS is currently evaluating a number of acquisition opportunities as it looks to grow its logistics and transportation business. 

TLSS is an exciting stock that historically always had a large investor following. The stock has made some explosive moves too; the last one was in January 2021 running from $0.01 to $0.095. Up until recently, the Company relied on Amazon for the majority of its sales, however this ended and TLSS went on an acquisition spree to diversify its logistics and transportation business. First, they acquired Double D Trucking, Inc., a northern New Jersey-based logistics provider specializing in servicing Federal Express (“FedEx”) the does over $1 million in annual revenues as well as Cougar Express on March 24, 2021. More recently TLSS closed on the acquisition of JFK Cartage, Inc. with annual revenues of $3.6 million in 2021 and approximately $2.0 million for the first six months of 2022. TLSS also recently entered into a spa to acquire 100% of the outstanding stock of Freight Connections, Inc., a New Jersey based business offering an array of transportation, warehousing, consolidating, distribution, and local cartage services throughout the tri-state area. Freight Connections is a well-run, profitable operation with approximately 200,000 square feet of warehouse space servicing nearly 500 commercial accounts. 

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Transportation and Logistics Systems Inc (OTCMKTS: TLSS) through its wholly owned operating subsidiaries, Cougar Express, Inc and JFK Cartage, Inc. operates as a full-service logistics and transportation company specializing in ecommerce fulfillment, last mile deliveries, two-person home delivery, mid-mile, and long-haul services. As of December 31, 2021, through the Company’s active subsidiaries, it owned approximately 17 vehicles consisting of box trucks and vans and employed approximately 22 drivers. The Company’s latest acquisition JFK Cartage operates a wide-ranging fleet of specialty vehicles, from its Sprinter vans to full 53-ft. tractor trailers.  

Transportation and Logistics Systems, Inc. Announces Management Enhancements at Cougar Express Operations (TLSS) - Opera NewsCougar Express Inc. has provided comprehensive transportation services dating back to 1991. During these unprecedented times, customers are looking for consistency, integrity, and transparency as it relates to the services offered by Cougar Express Inc. for their logistical needs. With more than 50 years of collective experience within the industry, Cougar Express thrives on a level of customer service that is proven and unparalleled in the logistics marketplace. Cougar has a documented and proven track record of adhering to scheduled pickup and delivery times that are in excess of 99.8%, providing customers with peace of mind knowing that both you and your clients time-sensitive needs will be handled in the most expeditious and professional manner possible.  The Company’s warehouse is outfitted with state-of-the-art technology, inclusive of 18 real time security cameras to ensure that all inventory is extensively monitored before being dispatched to its delivery location. Cougar is currently outpacing the competition in the local marketplace and experiencing incremental growth, and continue to expand our services within long Island, Westchester, the five Boroughs, and New Jersey. 

Revenue for the three months ended March 31, 2022 decreased $233,000, or 15.6%, to $1,259,000, as compared to $1,492,000, for the same period last year. This decrease was primarily the result of decreases in revenue attributable to the Company’s former subsidiary Shypdirect’s mid-mile and long-haul business with Amazon of $1,155,000 and from other customers of $37,000, as Shypdirect was no longer in operations during the same period this year. These decreases were partially offset by revenue increases of $37,000 from Shyp FX and $923,000 from Cougar Express, which were businesses the Company acquired in January 2021 and March 2021, respectively, and which were both in operations the entire first quarter of 2022. 

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In May TLSS subsidiary, TLSS Acquisition, Inc entered into a stock purchase agreement (“SPA”) to acquire 100% of the outstanding stock of Freight Connections, Inc., a New Jersey based business offering an array of transportation, warehousing, consolidating, distribution, and local cartage services throughout the tri-state area. Freight Connections is a well-run, profitable operation with approximately 200,000 square feet of warehouse space servicing nearly 500 commercial accounts. This gives TLSS a base of operations in Northern New Jersey as a seasoned operator, with over 30 years of industry experience. The transaction is expected to close in 60 days, subject to the completion of satisfactory due diligence by the Company and obtaining certain third-party consents and financing. 

JFK CARTAGEOn July 31 TLSS subsidiary Cougar Express, Inc. acquired 100% of JFK Cartage, Inc. located in Inwood, New York. With annual revenues of $3.6 million in 2021 and approximately $2.0 million for the first six months of 2022, JFK Cartage operates from a 30,000 square foot warehouse with 10 drive-in doors and is strategically located approximately 6 miles from JFK International Airport. JFK Cartage has been in business since 2008 and has built an excellent reputation by providing warehousing, cross-dock services, pickup and deliveries, and general trucking, handling airfreight, trade show freight, expedited and hotshot demand work, LTL/cartage as well as FTL, reverse logistics, white glove and residential delivery services to a broad base of over 95 commercial accounts and residential customers. JFK Cartage operates a wide-ranging fleet of specialty vehicles, from its Sprinter vans to full 53-ft. tractor trailers. JFK Cartage, with its assets, fleet and warehouse is believed to be one of the largest leading cartage agents serving the New York Tri-State area.The total purchase price after closing adjustments was $1,700,000.   

Sebastian Giordano, Chairman and Chief Executive Officer of TLSS, commented, “As I previously stated, our expectation is that this transaction will significantly increase revenue and enable us to derive immediate operational efficiencies and substantial cost savings, while providing us with a larger and much more functional facility. The timing of this closing now allows us just about 60 days to comfortably transition out of Cougar’s current facility, which Cougar is required to vacate, no later than September 30, 2022. From an M&A perspective, we now expect to close the transaction with Freight Connections within the next few weeks, while continuing to evaluate other acquisition opportunities.” 

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Currently trading at a $22,905,141 market valuation TLSS OS is 3,226,076,186 and the float is 1,696,517,040 shares. TLSS is a sec filer and fully reporting with a strong balance sheet with $6 million in the treasury, under $1 million in debt and will show fast growing revenues with the latest acquisition of JFK Cartage, Inc. TLSS is an exciting stock that historically always had a large investor following. The stock has made some explosive moves too; the last one was in January 2021 running from $0.01 to $0.095. Up until recently, the Company relied on Amazon for the majority of its sales, however this ended and TLSS went on an acquisition spree to diversify its logistics and transportation business. Currently TLSS is evaluation a number of acquisition candidates and has a spa to acquire 100% of the outstanding stock of Freight Connections, Inc., a New Jersey based business offering an array of transportation, warehousing, consolidating, distribution, and local cartage services throughout the tri-state area. Freight Connections is a well-run, profitable operation with approximately 200,000 square feet of warehouse space servicing nearly 500 commercial accounts.  We will be updating on TLSS when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with TLSS.

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Disclosure: we hold no position in TLSS either long or short and we have not been compensated for this article.

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