TLSS - Transportation and Logistics Systems subsidiary acquires JFK Cartage

• A logistics service provider, Transportation and Logistics Systems ( OTCPK:TLSS ) through its wholly-owned operating subsidiary, Cougar Express to acquire 100% of JFK Cartage located in Inwood, New York.
• The SPA provides for a purchase price equal to ~$1.7M subject to adjustment for debt assumed by Cougar or retained by JFK Cartage.
• Price will be payable as follows: (i) $500,000 payable in cash at closing; (ii) $700,000 in the form of a secured, promissory note, payable in three annual installments with interest at five (5%) percent per annum; and (iii) $500,000 in the form of an assumed Small Business Administration loan.
• Transaction is expected to close near the end of July 2022.

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