TLSS subsidiary Cougar Express closes acquisition of JFK Cartage for $1.7M

Transportation & Logistics Systems, Inc.

Total consideration $1.7M: $401,552 cash, $696,935 note (25% AR collections weekly, then 3 annual installments at 5%).
Assumed $503,065 SBA loan and $98,448 in accrued liabilities from seller.
JFK Cartage had $3.6M revenue in 2021, $2.0M in H1 2022; operates 30,000 sq ft warehouse near JFK Airport.
Provides warehousing, delivery, trucking services to 95+ accounts in NY tri-state area.
Effective date July 31, 2022; seller Joan Ton is unrelated third party.

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