Acquires the Operations of Double D Trucking and Extends Cougar Express Closing Date

JUPITER, FL / ACCESSWIRE / January 20, 2021 / Transportation and Logistics Systems, Inc. (OTC PINK:TLSS), ("TLSS", or the "Company"), an eCommerce fulfillment service provider, today announced that on January 15, 2021, the Company, through a newly-formed, wholly-owned, subsidiary, Shyp FX, Inc., simultaneously executed an asset purchase agreement ("APA") and closed a transaction to acquire substantially all of the assets and certain liabilities of Double D Trucking, Inc., a northern New Jersey-based logistics provider specializing in servicing Federal Express ("FedEx") over the past 25 years ("DDTI"). DDTI's annual revenues in 2020 exceeded $1 million. The purchase price is $100,000 of cash and a promissory note of $400,000. In addition, on January 15, 2021, its wholly-owned subsidiary, TLSS Acquisition, Inc., entered into an amendment to the Asset Purchase Agreement originally executed on November 6, 2020, to extend the closing date of the acquisition of substantially all of the assets of Cougar Express, Inc. ("Cougar Express"), which was previously announced in December 2020, from January 15, 2021 until no later than February 16, 2021. Such extension is to provide the Company additional time to procure the financing necessary to complete the transaction.

According to TLSS CEO John Mercadante, "While we work to complete the acquisition of Cougar Express, this acquisition of DDTI will make us an approved contracted service provider of FedEx which, we believe, fits in well with our current geographic coverage area and can hopefully lead to additional expansion opportunities within the FedEx network."

"While the Company continues to successfully execute on its restructuring plan, this latest development, along with the proposed acquisition of Cougar Express demonstrates that the Company is beginning to aggressively resume its growth strategy," added Mercadante.

About Transportation and Logistics Systems, Inc.

TLSS, through its wholly-owned operating subsidiaries, Shypdirect, LLC and Shyp FX, Inc., operates as a logistics and transportation company specializing in eCommerce fulfillment through last mile, two-person home delivery, mid-mile and line-haul services for predominantly online retailers.

For more information, visit the Company's website,

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These forward-looking statements represent our estimates and assumptions only as of the date of this release and, except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise after the date of this letter. Given these uncertainties, you should not place undue reliance on these forward-looking statements and should consider various factors, including the risks described, among other places, in our most recent Annual Report on Form 10-K and in our Quarterly Reports on Form 10-Q, as well as any amendments thereto, filed with the Securities and Exchange Commission.

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SOURCE: Transportation & Logistics Systems

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