Welcome to our dedicated page for Transportation news (Ticker: TLSS), a resource for investors and traders seeking the latest updates and insights on Transportation stock.
Transportation and Logistics Systems, Inc. (TLSS) is a Nevada-incorporated, publicly traded holding company whose common stock is quoted on the OTC market under the symbol TLSS. Company disclosures, including its Form S-1 registration statement, state that TLSS ceased all remaining operations as of mid-February 2024. The TLSS news stream therefore provides context on the company’s historical logistics and transportation activities, as well as its more recent capital markets and corporate actions.
Earlier press releases focus on TLSS’s role as the parent of Cougar Express, Inc., Freight Connections, Inc., JFK Cartage, Inc. and Severance Trucking Co., Inc. These releases describe how the subsidiaries together offered a full suite of logistics and transportation services, including less-than-truckload (LTL), truckload (TL), cartage, airport and container freight station pickup and drayage, transloading, construction trade transportation, warehousing and distribution, pool distribution, final mile, TSA-certified services, white glove delivery and overnight regional service.
News items also summarize quarterly and annual financial results, highlighting revenue trends linked to acquisitions and detailing operating losses, net losses and management commentary on cost reductions, integration efforts and financing needs. Other announcements cover operational initiatives such as new regional overnight service, expanded coverage into New England with existing customers and partnerships for final mile delivery within TLSS’s coverage area.
More recent filings and announcements shift toward capital structure and regulatory developments, including settlement agreements that exchange outstanding liabilities for Series J Senior Convertible Preferred Stock, and the filing of an S-1 to register the resale of common shares issuable upon conversion of that preferred stock. Investors and researchers can use the TLSS news page as an archive of these historical business updates, financial disclosures and corporate transactions.
Transportation and Logistics Systems, Inc. (OTCQB: TLSS) announced its acquisition of JFK Cartage, Inc. on May 24, 2022, aimed at doubling revenue and enhancing operational efficiencies. The $1.7 million deal includes $500,000 in cash and a secured promissory note. JFK Cartage operates from a 30,000 sq. ft. facility near JFK Airport, handling various logistics services. This acquisition resolves current leasing issues for TLSS's subsidiary, Cougar Express, which needs new premises by September 30, 2022.
Transportation and Logistics Systems, Inc. (TLSS) announced the sale of its subsidiary, Shyp FX, Inc., for $825,000 in an all-cash transaction. The sale, finalized on June 21, 2022, involved cash proceeds of $723,500 after accounting for commissions and expenses. This divestment aligns with the company's strategy to enhance its operations in Northern New Jersey, as indicated by CEO Sebastian Giordano. The company is also focused on closing a recent acquisition deal, which is expected to strengthen its regional presence.
Transportation and Logistics Systems, Inc. (OTCQB:TLSS) has scheduled a corporate update conference call for June 8, 2022, at 11:00 AM Eastern Time. Interested parties can join via the provided webcast link. TLSS operates through subsidiaries Cougar Express, Inc. and Shyp FX, Inc., offering comprehensive logistics and transportation services. The company warns that forward-looking statements are subject to risks and uncertainties that may affect future performance, including potential cancellation of contracts and competition within the industry.
Transportation and Logistics Systems, Inc. (OTCQB:TLSS) announced a conference call on June 8, 2022, at 11:00 AM ET to discuss its business plan and other significant updates. CEO Sebastian Giordano expressed enthusiasm for engaging with stockholders and addressing recent developments, including an acquisition and operational results. Additional dial-in details will be shared via a follow-up press release on June 7, 2022. TLSS operates through subsidiaries Cougar Express and Shyp FX, providing comprehensive logistics services.
Transportation and Logistics Systems (OTCQB:TLSS) announced the acquisition of Freight Connections, Inc. through its subsidiary TLSS Acquisition, Inc.. The stock purchase agreement was signed on May 23, 2022, with the transaction expected to close in 60 days, pending due diligence and consents. Freight Connections operates over 200,000 square feet of warehouse space and serves nearly 500 commercial accounts. The CEO expressed confidence in leveraging Freight Connections' seasoned leadership to strengthen TLSS's presence in Northern New Jersey.
Transportation and Logistics Systems (OTCQB:TLSS) reported a Q1 2022 net loss of $2.1 million, aligned with management's budget expectations. Revenue fell by 15.6% to $1.26 million, primarily due to the decline of its former subsidiary Shypdirect's operations. This was partially offset by growth from Shyp FX and Cougar Express, amounting to $923,000. With $6 million in cash and no debt, CEO Sebastian Giordano expressed optimism about accelerating growth and profitability in Q2 2022, despite the ongoing challenges from previous operations.
Transportation and Logistics Systems, Inc. (OTCQB:TLSS) announced an asset purchase agreement on April 28, 2022, to sell substantially all assets of its subsidiary, Shyp FX, Inc., for an all-cash transaction expected to yield net proceeds of approximately $755,000. The sale is anticipated to close shortly, with gross proceeds estimated at $830,000, adjusted for a $75,000 broker's commission. CEO Sebastian Giordano stated that this decision aligns with TLSS's long-term growth strategy as they explore other acquisition and expansion opportunities.
Transportation and Logistics Systems, Inc. (OTCQB:TLSS) provides a quarterly update, highlighting significant improvements in its financial position and governance. The company achieved a 95% reduction in liabilities and increased equity from $-16 million to $8.5 million. The focus remains on acquisitions and enhancing operational systems. Despite uncertainty around stock price fluctuations, TLSS expresses optimism about meeting its strategic objectives for 2022. The company aims to finalize acquisition agreements, improve operational margins, and maintain OTCQB listing status.
Transportation and Logistics Systems (OTCQB:TLSS) announced an unqualified audit opinion following its Annual Report filing for the year ended December 31, 2021. Key highlights include a significant reduction in liabilities by 95% to $1 million and an increase in shareholder equity to $8.5 million, up from a deficit of $16 million. Revenues decreased by 78.7% to $5.5 million due to the cessation of unprofitable Amazon-related businesses. However, TLSS reported a net income of $6.3 million, contrasting a net loss of $42.8 million in 2020, aided by gains on deconsolidation and debt extinguishment.
Transportation and Logistics Systems, Inc. (OTCQB:TLSS) announced that Litchfield Hills Research LLC has initiated coverage on the company, rating it a 'Buy'. The report, adhering to FINRA standards, includes Litchfield's price target and investment thesis developed independently of TLSS management. It is compliant with MiFID II and can be accessed through various financial platforms. TLSS operates as a full-service logistics and transportation provider through its subsidiaries, Cougar Express, Inc. and Shyp FX, Inc.
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