West Palm Beach, Fla., April 10, 2019 (GLOBE NEWSWIRE) -- Transportation and Logistics Systems, Inc. (f/k/a PetroTerra
Corp.) (the "Company") (OTC:TLSS), a leading eCommerce fulfillment service provider, announced today that, effective with the
filing of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018, John Mercadante and Douglas Cerny,
both formally of Coach USA, have agreed to join to the Company as members of the Board of Directors. John Mercadante has also
agreed to replace Steve Yariv as CEO and Chairman of the Company. John Mercadante was Coach USA’s President and Chief
Operating Officer. John was an integral part of Coach USA’s IPO and growing that company’s annual revenues from approximately
$100 million to over $1 billion in just three years. Doug Cerny is the former Senior Vice President and General Counsel of
Coach USA, and worked closely with John Mercadante in building Coach USA to a billion dollar company. Steve Yariv has agreed
to remain a member of the Board of Directors and President of the Company’s Save On Auto Transport subsidiary.
Separately, the Company is pleased to announce the elimination of nearly $1M of debt, preferred stock and common stock warrants
in an effort to improve our balance sheet and tighten our capitalization table. The elimination of all warrants and preferred
stock substantially reduced the amount of future share issuances. Future CEO and Chairman John Mercadante stated: “I am looking
forward to taking the helm of this Company. Online retail is now the new mainstream commerce model and eCommerce fulfilment will
continue to grow exponentially. Our Company’s existing platform and combination of competency, reliability and experience
will help us build a stronger and much larger company and create shareholder value”.
Steve Yariv, current CEO of the Company stated, “We are excited to have John Mercadante and Doug Cerny join our management
team. Their success in the transportation industry with Coach USA is well documented”.
Mr. Yariv added: “We are pleased that we were able to reach agreements with our debt holders to restructure and
exchange their debt for common equity. We were also able to reach agreements with our preferred stock holders and all warrant
holders to have these instruments exercised and exchanged for common stock. As we bring on new management and tighten our
capitalization table we expect to be able to uplist to a national exchange later this year”.
About Transportation and Logistics Systems Inc:
Transportation and Logistics Systems, Inc. (OTC:TLSS) operates through its subsidiaries as a leading logistics and
transportation company specializing in eCommerce fulfillment, last mile, two-person home delivery and line haul services for
the world’s leading online retailers. For more information about the Company and its subsidiaries visit the Company’s public
filings at sec.gov.
Forward Looking Statements
Statements in this press release regarding the Company that are not historical facts are forward-looking statements and are
subject to risks and uncertainties that could cause actual future events or results to differ materially from such statements. Any
such forward-looking statements, including, but not limited to, financial guidance, are made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not directly or
exclusively relate to historical facts. In some cases, you can identify forward-looking statements by terms such as “may,” “will,”
“should,” “could,” “would,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “projects,” “forecasts,” “predicts,”
“potential,” or the negative of those terms, and similar expressions and comparable terminology. These include, but are not limited
to, statements relating to future events or our future financial and operating results, plans, objectives, expectations and
intentions. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these
expectations may not be achieved. Forward-looking statements represent our intentions, plans, expectations, assumptions and beliefs
about future events and are subject to known and unknown risks, uncertainties and other factors outside of our control that could
cause our actual results, performance or achievement to differ materially from those expressed or implied by these forward-looking
statements. In addition to the risks described above, these risks and uncertainties include: our ability to
successfully execute our business strategies, including integration of acquisitions and the future acquisition of other businesses
to grow our company; customers’ cancellation on short notice of master service agreements from which we derive a significant
portion of our revenue or our failure to renew such master service agreements on favorable terms or at all; our ability to attract
and retain key personnel and skilled labor to meet the requirements of our labor-intensive business or labor difficulties which
could have an effect on our ability to bid for and successfully complete contracts; our failure to compete effectively in our
highly competitive industry could reduce the number of new contracts awarded to us or adversely affect our market share and harm
our financial performance; our ability to adopt and master new technologies and adjust certain fixed costs and expenses to adapt to
our industry’s and customers’ evolving demands; our history of losses, deficiency in working capital and a stockholders’ deficit
and our ability to achieve sustained profitability; material weaknesses in our internal control over financial reporting and our
ability to maintain effective controls over financial reporting in the future; our substantial indebtedness could adversely affect
our business, financial condition and results of operations and our ability to meet our payment obligations; the impact of new or
changed laws, regulations or other industry standards that could adversely affect our ability to conduct our business; and changes
in general market, economic and political conditions in the United States and global economies or financial markets, including
those resulting from natural or man-made disasters.
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 release. 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 SEC.
CONTACT:
Investor Relations
Transportation and Logistics Systems, Inc.
561-672-7068