TLSS faces OTCQB delisting risk; closes JFK Cartage, advancing Freight Connections deal

Transportation & Logistics Systems, Inc.

Stock below $0.01; OTCQB extension denied; may return to Pink Sheets on Aug 21, 2022.
Closed JFK Cartage acquisition on Aug 4, 2022; funded by sale of Shyp FX assets.
Expects to close Freight Connections in weeks with restructured terms, lower upfront cash.
Board declines reverse stock split unless needed for NASDAQ/NYSE uplist.
Plan to file Q2 2022 10-Q on time; earnings press release to follow.

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