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Tuesday, September 20, 2022 9:06:58 AM
Wow this is going to da-moon, we did it!!! Amazing absolutely amazing, worth the wait.
Anyone want to guess where we open at?
Acquisition Expected to Double Revenues and Bring Company Closer to Profitability
JUPITER, FL / ACCESSWIRE / September 20, 2022 / Transportation and Logistics Systems, Inc. (OTC PINK:TLSS), ("TLSS" or the "Company"), a logistics service provider, announced today that on September 16, 2022, through its wholly-owned subsidiary, TLSS-FC, Inc. ("TLSSFC"), it closed on a stock purchase agreement ("SPA") by acquiring 100% of the outstanding stock of Freight Connections, Inc. ("FC") located in Ridgefield Park, New Jersey.
Sebastian Giordano, Chairman and Chief Executive Officer of TLSS, commented, "Freight Connections is a growing, profitable New Jersey-based business offering an array of transportation, warehousing, consolidating, distribution, and local cartage services throughout the tri-state area. Moreover, I am glad that its sole owner, Joseph Corbisiero, a seasoned operator, with over 30 years of industry experience, will be staying on as President and CEO of the FC subsidiary to continue growing the business even further."
The total purchase price was $9,365,000 plus closing adjustments and expenses of $536,139. The Company: (i) paid $1,501,291 in cash at closing; (ii) entered into a $4,544,671 secured promissory note with the Seller, with interest accruing at the rate of 5% per annum and then 10% per annum as of March 1, 2023. (The entire unpaid principal amount under the note, together with all accrued and unpaid interest thereon and all other amounts payable thereunder, shall be due and payable in one balloon payment on December 31, 2023, unless paid sooner. The promissory note is secured solely by the assets of Freight Connections.); and (iii) assumed $341,606 in debt. The Company shall issue to the Seller stock of the Company, with a value at Closing of $3,513,571 as follows: (a) shares of common stock of the Company equal to no more than 4.99% of the number of shares of common stock outstanding immediately after such issuance, and (b) promptly after closing, the balance of the shares in Series H Convertible Preferred Stock, a new series of non-voting, convertible preferred stock issuable to sellers in connection with acquisitions or strategic transactions approved by a majority of the directors of the Company.
https://www.otcmarkets.com/stock/TLSS/news/story?e&id=2328265
Recent TLSS News
- Form 8-K - Current report • Edgar (US Regulatory) • 03/06/2024 09:00:36 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/21/2024 02:00:14 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/03/2024 02:00:23 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/08/2023 09:01:37 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 11/14/2023 09:16:18 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/03/2023 01:00:22 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/21/2023 01:00:09 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/14/2023 01:00:42 PM
- Form EFFECT - Notice of Effectiveness • Edgar (US Regulatory) • 09/06/2023 04:15:06 AM
- Form POS AM - Post-Effective amendments for registration statement • Edgar (US Regulatory) • 08/24/2023 03:37:38 PM
- Shares Pop Following Logistics and Transportation Expansion into New England • AllPennyStocks.com • 08/22/2023 03:30:00 PM
- Form DEF 14C - Other definitive information statements • Edgar (US Regulatory) • 08/16/2023 03:24:01 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/11/2023 09:00:24 PM
- Form PRE 14C - Other preliminary information statements • Edgar (US Regulatory) • 08/03/2023 08:05:11 PM
- Form POS AM - Post-Effective amendments for registration statement • Edgar (US Regulatory) • 08/02/2023 08:15:29 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/19/2023 01:00:10 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/12/2023 01:00:09 PM
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