Transportation and Logistics Systems Inc (TLSS)

[zeekhoe]

8K Posted Termination of a Material Definitive Agreement

https://www.sec.gov/Archives/edgar/data/1463208/000149315220013903/form8-k.htm

Item 1.02 Termination of a Material Definitive Agreement.



On July 17, 2020, Amazon Logistics, Inc. (“Amazon”) notified ShypDirect, LLC (“ShypDirect”), a wholly owned subsidiary of Transportation and Logistics Systems, Inc. (the “Company”), that Amazon has elected to terminate the Amazon Relay Carrier Terms of Service (the “Program Agreement”) between Amazon and ShypDirect effective as of November 14, 2020 (the “Termination Notice”).



Amazon did not state a reason for the Termination Notice. Under the Program Agreement, Amazon can terminate the agreement without a reason and solely for convenience on 120 days’ notice. The Company and ShypDirect are currently in discussions with Amazon regarding the possible withdrawal or revision of the Termination Notice. The Company and ShypDirect are hopeful that they can reach a satisfactory resolution to continue their relationship with Amazon, however, they cannot, and do not, give any assurance that an amicable resolution will be possible.