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Monday, January 03, 2022 9:28:33 AM

Re: i_like_bb_stock post# 41249

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TLSS files 8k 1/3/2022=Got $6.1mm financing for acquisition!

"Transportation and Logistics Systems, Inc. Closes $6,150,000 Financing
8:00 am ET January 3, 2022
Provides SalSon Logistics, Inc. Acquisition Update

JUPITER, FL / ACCESSWIRE / January 3, 2022 / Transportation and Logistics Systems, Inc. (OTCQB:TLSS), ("TLSS" or the "Company"), a growing logistics service provider, today announced that on December 31, 2021, it closed an equity financing which provided gross proceeds of $6,150,000.

According to CEO John Mercadante, "The Company is gearing up for 2022 and believes that this financing provides the Company with adequate working capital for the year and with funds that can be deployed, in part, in connection with acquisition opportunities."

Under the terms of a Securities Purchase Agreement relating to the new financing, the Company issued to certain accredited investors in a private placement an aggregate of 615,000 shares of Series G Convertible Preferred Stock of the Company, par value $0.0001 per share ("Series G Shares") and warrants to purchase 615,000,000 shares of common stock of the Company, par value $0.0001 per share ("Common Stock"), at an exercise price of $0.01 per share ("Warrants"). The conversion price of the Series G Shares is $0.01. The shares of Common Stock issuable upon conversion of the Series G Shares, if the Series G Shares were converted on December 31, 2021, would be approximately 689,655,337 shares.

With regard to the proposed acquisition of SalSon Logistics, Inc. ("SalSon"), the Stock Purchase Agreement pertaining to that transaction expired in accordance with its previously disclosed terms on or about September 15, 2021. Notwithstanding the foregoing, TLSS and SalSon are jointly exploring alternative financing options backed by the significant value of SalSon's assets, even without the benefit of a definitive agreement in place. However, the Company cannot give any assurance that it will, in fact, be able to enter into a new agreement to acquire SalSon or, if it does, that the Company would be able to obtain the significant amount of financing that would be required to consummate an acquisition of SalSon.

Even as it continues to devote time and effort to a possible SalSon acquisition, the Company is also in discussion with several other companies concerning potential acquisition opportunities and given the consummation of the Series G financing, the Company believes that such financing has put the Company in a much stronger financial position than before to execute on strategic acquisition opportunities in 2022."

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