Giordano Brings Over 30 Years of C-Level Experience Delivering Revenue Growth and Profit Enhancement
WEST PALM BEACH, FLORIDA, March 10, 2020 (GLOBE NEWSWIRE) -- 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.