- 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.
For further details see:
Transportation and Logistics Systems subsidiary acquires JFK Cartage