TLSS Chairman Issues Fifth Update in 2022

JUPITER, FL / ACCESSWIRE / October 31, 2022 / Transportation and Logistics Systems, Inc. (OTC PINK:TLSS), ("TLSS" or the "Company"), a logistics service provider, is pleased to issue the following update to its stakeholders from its Chairman and Chief Executive Officer, Mr. Sebastian Giordano, his fifth such public communication in ten months, since officially joining the Company at the beginning of the year.

Dear Valued Stockholders, Investors and Interested Third-Parties

Introduction

My primary objective with this latest communication is to provide you, as loyal supporters of the Company as well as for those who may be interested in learning more about the Company, with an update on the progress of our 2022 strategic plan.

Update

We have begun the process of preparing for the filing of our Form 10Q for the third quarter ended September 30, 2022, which is due on November 14, 2022, and we will, at the appropriate time, summarize those results in a separate earnings focused press release to be issued simultaneously with the filing.

Since my last communication, we continue to make significant progress in our growth plans.

Acquisitions

The growth by acquisition strategy, which I indicated, on multiple occasions, would commence in full swing in Q3 2022, has now started to come to fruition with the recent acquisitions of JFK Cartage in August and Freight Connections in September. We believe that combined annualized run-rate revenues of our existing and newly acquired businesses are now above $16 million.

Our active pipeline of acquisition targets remains very strong, as we continue to assess numerous opportunities and are actively pursuing those which we deem to be appropriate, viable targets. We fully expect that this will result in achieving our goal of profitability in the short-term, while keeping our longer-range aspirational goal of $100 million in annual revenue within reach. As previously stated, we will formally announce M&A activity as definitive agreements are executed.

Talent

Last quarter, we hired a new terminal manager to lead our combined Cougar/JFK operation. Then, we added critical and necessary C-Level operational depth to our executive management team, with the recent hiring of a seasoned Chief Operating Officer, Justin Frey, to ensure that we effectively integrate operations and are operationally prepared for upcoming and future acquisition activity. Moreover, with the owner of Freight Connections, Joseph Corbisiero, staying on as its President, the result of these additions is the immediate and significant upgrade to our sales and operations team, with proven operational leadership and a track record in organic revenue growth.

Finally, we have just added a highly experienced human resource executive, Jill Czerniak, who has joined the Company as our Director of Employee Support and Development. With such a challenging recruiting environment in the transportation and logistics industry, one of my goals is to dramatically improve the value proposition of the human resource department and how we can differentiate ourselves from the competition. As a result, we are undertaking a complete assessment of current practices, policies and benefits to devise much more innovative recruitment, onboarding, training, retention, career development, and compensation programs for our valued resource - our people.

Integration Initiatives

We have commenced an aggressive campaign to start identifying and implementing integration savings in light of the recently announced acquisitions. In that connection, we are in the process of streamlining duplicative functions and external resources, while undertaking a complete assessment of our insurance program through a new relationship with a nationwide broker that has extensive expertise in the transportation industry. On September 30, 2022, we exited the Cougar location and moved the Cougar operation into the JFK Cartage facility, which should save us approximately $400,000 annually in occupancy costs. These are just some of the cost savings initiatives currently underway.

As we begin the 2023 budget process, we will also have all companies reporting on our new NetSuite platform as of January 1, 2023 which will both simplify and upgrade our internal accounting and reporting capabilities.

IR and Communication Initiatives

We have a number of pending investor relations initiatives prepared for the 4^th quarter as progress on a number of strategic fronts materialize. Moreover, we will shortly be updating the

Company's corporate website as well as integrating and refreshing the present sites of the operating companies we have acquired to date.

Concluding Thoughts

The Board and management remain highly optimistic about the Company's ability to meet its core objectives for 2022 and set the stage for 2023, which we believe will be the turning point year for TLSS. As we continue to work on multiple initiatives, we will update you on our progress, if/when deals are formalized.

Finally, on behalf of the Board of Directors and management, we extend our sincere appreciation to all of our shareholders and look forward to your continued support.

Respectfully yours,

Sebastian Giordano

Chairman and Chief Executive Officer

About Transportation and Logistics Systems, Inc.

TLSS, through its wholly owned operating subsidiaries, Cougar Express, Inc., Freight Connections, Inc. and JFK Cartage, Inc., operates as a full-service logistics and transportation company.

For more information, visit the Company's website, www.tlss-inc.com.

Forward-Looking Statements

Statements 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," "plans," "anticipates," "intend," "plan," "goal," "seek," "strategy," "future," "likely," "believes," "estimates," "projects," "forecasts," "predicts," "potential," or the negative of those terms, and similar expressions and comparable terminology. These include, but are not limited to, statements relating to future events or our future financial and operating results, plans, objectives, expectations, and intentions. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these expectations may not be achieved. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they represent our intentions, plans, expectations, assumptions, and beliefs about future events and are subject to known and unknown risks, uncertainties and other factors outside of our control that could cause our actual results, performance or achievement to differ materially from those expressed or implied by these forward-looking statements. In addition to the risks described above, these risks and uncertainties include: our ability to successfully execute our business strategies, including integration of acquisitions and the future acquisition of other businesses to grow our company; customers' cancellation on short notice of master service agreements from which we derive a significant portion of our revenue or our failure to renew such master service agreements on favorable terms or at all; our ability to attract and retain key personnel and skilled labor to meet the requirements of our labor-intensive business or labor difficulties which could have an effect on our ability to bid for and successfully complete contracts; the ultimate geographic spread, duration and severity of the coronavirus outbreak and the effectiveness of actions taken, or actions that may be taken, by governmental authorities to contain the outbreak or ameliorate its effects; our failure to compete effectively in our highly competitive industry could reduce the number of new contracts awarded to us or adversely affect our market share and harm our financial performance; our ability to adopt and master new technologies and adjust certain fixed costs and expenses to adapt to our industry's and customers' evolving demands; our history of losses, deficiency in working capital and stockholders' equity and our ability to achieve sustained profitability; remaining weaknesses in our internal control over financial reporting and our ability to maintain effective controls over financial reporting in the future; our remaining liabilities and indebtedness could adversely affect our business, financial condition and results of operations and our ability to meet our payment obligations; unanticipated and materially adverse developments in our few remaining litigations; the impact of new or changed laws, regulations or other industry standards that could adversely affect our ability to conduct our business; and changes in general market, economic and political conditions in the United States and global economies or financial markets, including those resulting from natural or man-made disasters.

These forward-looking statements represent our estimates and assumptions only as of the date of this release and, except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise after the date of this letter. Given these uncertainties, you should not place undue reliance on these forward-looking statements and should consider various factors, including the risks described, among other places, in our most recent Annual Report on Form 10-K and in our Quarterly Reports on Form 10-Q, as well as any amendments thereto, filed with the Securities and Exchange Commission.

Investor Relations:

Landon Capital
Keith Pinder
(404) 995-6671
kpinder@landoncapital.net
www.landoncapital.net

SOURCE: Transportation & Logistics Systems