TLSS Engages Sebastian Giordano as Turnaround and Restructuring Consultant
10 Mars 2020 - 1:30PM
via NEWMEDIAWIRE -- Transportation and Logistics Systems, Inc.,
f/k/a PetroTerra Corp, (OTC:TLSS), (“TLSS", or the “Company"),
a leading eCommerce fulfillment service provider, announced today
that it has engaged the services of Mr. Sebastian Giordano as a
turnaround and restructuring consultant.
Mr. Giordano has more than thirty-years of
strategic, operational and operations experience in leading
start-up businesses, turnaround situations and emerging growth
companies, as well as an extensive background with public
companies, mergers and acquisitions and capital raising. For
example, in February 2013, Mr. Giordano joined WPCS International
Incorporated as a member of its board of directors. He was
subsequently named Interim Chief Executive Officer in August 2013
and Chief Executive Officer in April 2016, while leading a
successful restructuring of WPCS, primarily through the: (i) sale
and/or closing of unprofitable business units; (ii) reduction of
millions of dollars in administrative costs; and (iii) elimination
of all secured debt. This restructuring culminated in the
completion of a reverse merger with DropCar, Inc. (NASDAQ:
DCAR). Mr. Giordano currently serves on the board of
directors of DCAR and following the reverse merger, provided
consulting services to DCAR from July 2018 to March 2019.
John Mercadante, Chairman and Chief Executive
Officer of TLSS, stated, “We are excited to welcome Sebastian to
TLSS and look forward to his contributions. His extensive
experience and demonstrated success in stabilizing businesses and
then leading their successful emergence in growing markets is a
natural fit for our business.”
Mr. Giordano added, “While restructuring the
Company’s balance sheet is paramount, I believe that TLSS’
underlying business represents an exciting opportunity for
continued growth in the rapidly changing and expanding logistics
and transportation industry.”
The three-year agreement with Mr. Giordano is with
his consulting company, Ascentaur LLC, and provides for the
opportunity for Mr. Giordano to join the Company as its Chief
Executive Officer and a member of the board of directors based upon
the Company achieving certain milestones.
About Transportation and Logistics Systems,
Inc.
TLSS operates as a leading logistics and
transportation company specializing in eCommerce fulfillment, Last
Mile, two-person Home Delivery and Line Haul services for the
world’s leading online retailers through its wholly-owned operating
subsidiaries, PrimeEFS, LLC and ShypDirect, LLC. For more
information about the Company and its subsidiaries visit the
Company’s website, www.tlssinc.com, or public filings at
SEC.gov.
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,” “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 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; 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 a stockholders’ deficit
and our ability to achieve sustained profitability; material
weaknesses in our internal control over financial reporting and our
ability to maintain effective controls over financial reporting in
the future; our substantial indebtedness could adversely affect our
business, financial condition and results of operations and our
ability to meet our payment obligations; 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 release. 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 SEC.
Contact:PCG AdvisoryJeff Ramson(646)
762-4518jramson@pcgadvisory.com
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