Transportation and Logistics Systems Inc (TLSS)

[ALERTS100%to10000%GAIN]

Restructuring



With growing recognition of the Company’s challenges, the Board of Directors engaged a restructuring and turnaround expert, Sebastian Giordano, to assist in stabilizing the financial foundation of the Company. Within several weeks of his signing in mid-February 2020, Mr. Giordano has made great strides. His actions have included: (i) negotiating discounted settlement agreements with several merchant credit advance companies that, when completed, will eliminate $1.7 million in toxic debt instruments; (ii) assisting the Company in implementing approximately $1.0 million in non-driver, operating, administrative and corporate overhead cost reductions; (iii) pursuing numerous financing alternatives to restructure the Company’s convertible and non-convertible debt and payables; and (iv) working with operations management to control the cost of sales and other operating expenses in order to improve gross profit margins.