TLSS completes acquisition of Freight Connections for ~$9.9M

Transportation & Logistics Systems, Inc.

Total consideration ~$9.9M: $1,501,291 cash, $4,544,671 secured note, $341,605 debt assumption, plus $3,513,571 in TLSS stock.
Freight Connections had 2021 revenue of $8.0M and $4.7M in first half 2022; operates 30 power units and 50 trailers.
Joseph Corbisiero, sole shareholder and seller, signed a 3-year employment agreement to continue as CEO of Freight Connections.
The promissory note accrues interest at 5% then 10% after March 2023, due in a balloon payment on Dec 31, 2023.
TLSS issued shares of common stock (up to 4.99% of outstanding) and Series H Convertible Preferred for the stock portion.

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