TLSS Closes on the Sale of Assets of Shyp FX, Inc.

About this update from Transportation And Logistics Systems, Inc.

[{"type":"text","content":"All-Cash Transaction Generates Gross Proceeds of $825,000JUPITER, FL / ACCESSWIRE / June 24, 2022 / Transportation and Logistics Systems, Inc. (OTCQB:TLSS), ("TLSS" or the "Company"), a logistics service provider, announced today that on June 21, 2022, its operating subsidiary, Shyp FX, Inc. ("FX"), which was exclusively dedicated to servicing Federal Express routes in northern New Jersey, had sold substantially all of its assets in an all-cash transaction.Sebastian Giordano, Chairman and Chief Executive Officer of TLSS, commented, "As I stated previously, the operations of FX no longer fit into the Company's long-term growth plans. We look forward to continuing to implement our forward-looking M&A strategy, including closing the recently signed Freight Connections transaction which, if consummated, would give us a much stronger presence in Northern New Jersey to expand our operations in the region."Under the terms of the deal, the gross proceeds were $825,000, inclusive of closing adjustments payable in cash at closing, adjusted for a broker's commission of $75,000 and other expenses of $1,500. FX received $723,500 in cash, with an additional $25,000 held in escrow, pending bulk sale tax clearance from the State of New Jersey and to cover the estimated cost of a vehicle repair.About Transportation and Logistics Systems, Inc.TLSS, through its wholly owned operating subsidiary, Cougar Express, Inc operates as a full-service logistics and transportation company. For more information, visit the Company's website, www.tlss-inc.com.Forward-Looking StatementsStatements in this press release regarding the Company that are not historical facts are forward-looking statements and are subject to risks and uncertainties that could cause actual future events or results to differ materially from such statements. Any such forward-looking statements, including, but not limited to, financial guidance, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not directly or exclusively relate to historical facts. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "could," "would," "expects,"...

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