TLSS to acquire Freight Connections for ~$7M in cash, note, and stock

Transportation & Logistics Systems, Inc.

Purchase price ~$7M (5x trailing EBITDA) paid as $4M cash, $500K secured note (4yr, 5%), and balance in TLSS stock.
Freight Connections is a NJ logistics provider with ~200K sq ft warehouse, 500+ commercial accounts, operating ~10 years.
Closing expected ~60 days after May 23, 2022, subject to due diligence, financing, and landlord consent.
Seller Joseph Corbisiero will continue as employee under employment and non-compete agreements.
TLSS sees acquisition as expansion into tri-state area, leveraging existing Cougar Express subsidiary operations.

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