TLSS exchanges 25M-share warrants for 22 preferred shares; settles $506k in liabilities with equity

Transportation & Logistics Systems, Inc.

• Warrant holder exchanged warrants for up to 25M common shares for 22 shares of Series J Senior Convertible Preferred Stock.
• Settled approximately $506,576 in outstanding liabilities by issuing 5,066 shares of Series J Preferred Stock to creditors.
• Resolved law firm Akabas & Sproule litigation ($125k claim) via Series J Preferred issuance; case dismissed with prejudice.
• SCS, LLC lawsuit settled for $36,000 via 360 Series J Preferred shares; court deemed fair and dismissed action.
• Issuances exempt from registration under Sections 3(a)(9), 4(a)(2), and 3(a)(10) of the Securities Act.