Here Are Latest Developments & Updates
Naples, FL –News Direct– TopNewsGuide – Market news and commentary
The logistics industry remains the backbone of most forms of commerce in the world and hence companies operating in this sector often attract the attention of investors in great ways. One company in this sector that has been doing an excellent job for quite some time is Transportation and Logistics Systems Inc.
As the name suggests, it is a transpiration and logistics company that operates in the United States. The Company conducts most of its business through its subsidiaries. The company offers a wide range of services, including two-person home delivery, last-mile delivery, e-commerce fulfillment, pickup and warehouse services, and mid- and long-mile services. At the end of the 2021 calendar year, the company owned a total of 17 vehicles. It is based on Jupiter in Florida.
On February 6thTransportation and Logistics Systems announced that its wholly owned subsidiary TLSS-STI Inc has completed the acquisition of all outstanding shares of Severance Trucking Co Inc, McGrath Trailer Leasing Inc and Severance Warehousing Inc. The companies form Severance and are based in Dracut, Massachusetts.
Transportation and Logistics Systems Chief Executive Officer Sebastian Giordano also spoke about the recent acquisition. He found that several generations of a single family, over a period of more than a hundred years, had built Severance into a company with an impeccable reputation. He added that he was excited by the possibility that many members of the Severance family would stay and join forces to grow the combined business.
The total cost of the acquisition was $2,250,000 and included closing costs of $10,747. At closing of the transaction, TLSS-STI paid $365,613 in cash, assumed and paid $152,748 in vehicle debt and entered into a $1,572,939 secured promissory note with the seller.
The promissory note bears interest at an annual rate of 12%. The entire unpaid principal amount of the promissory note is to be repaid in three installments on August 1, 2023, February 1, 2024 and August 1, 2024.
As early as January 26, 2023, Giordano provided an update to the stakeholders of Transportation and Logistics Systems. Some of the highlights from the list of updates are the expansion of the Board of Directors and improved corporate governance.
The company continued to strengthen its leadership team in the areas of human resources, operations and finance. The company also managed to complete the acquisitions of Freight Connections and JFK Cartage. It was also noted that Transportation and Logistics Systems was in negotiations for two more acquisitions.
Last November, Transportation, and Logistics Systems reported financial results for the three-month and nine-month periods both ended September 30, 2022. Revenue totaled $1,700,000, reflecting an equally sharp year-over-year increase of 40.9%. The company noted at the time that such a turnaround was primarily due to its acquisitions of Freight Connections and JFK Cartage.
Losses incurred for the quarter were $1,016,000, which was actually a significant decrease from the losses of $1,896,000 incurred in the same period last year.
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