Fast growing logistics services providing company Transportation and Logistics Systems Inc (OTCMKTS:TLSS) is one of the companies which may be on the radars of many investors this morning. The company saw its stock come into sharp focus yesterday following a key announcement and it ended up with gains of as much as 31%.
Market Action
On Tuesday, TLSS stock moved up 31.71% to $0.0054 with more than 29.85 million shares, compared to volume of 6.49 million shares. The stock moved within a range of $0.0036 – 0.0060 after opening trade at $0.0040.
TLSS Signs Agreement to Acquire Severance Trucking, Inc.
The company announced yesterday that back on January 4 this year it had entered into a stock purchase agreement for the acquisition of 100% of the outstanding shares of the firm Severance Trucking Inc. The transaction had been conduction through the company’s fully owned subsidiary unit TLSS Acquisition Inc. The acquisition is for Severance Trucking and related business.
Severance is a trucking business that is based out of Massachusetts and offers a wide range of transportation services in New England, Canada and upstate New York. The Chairman and Chief Executive Officer of Transportation and Logistics Systems Sebastian Giordano spoke about the development as well. He pointed out that Severance was a well established, well run and respected family owned business with a history that stretches back to 120 years. The company is also well-known for its impeccable customer service.
Key Quote
Sebastian Giordano, Chairman and Chief Executive Officer of TLSS, commented, “Severance is a long-established, well-run and highly-respected family-owned business with a 120-year history of providing outstanding customer service. We are very excited about the opportunity to establish a strong presence in the New England market that will strategically expand our geographic footprint. When combined with our existing operations in New York and New Jersey, this acquisition will increase our projected annualized run-rate revenues to approximately $30,000,000 and elevate our profile into that of a regional carrier, which we believe, will create greater opportunities for organic growth.”
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