TLSS Engages Sebastian Giordano as Turnaround and Restructuring Consultant
March 10, 2020 at 08:30 AM EDT
Giordano Brings Over 30 Years of C-Level Experience Delivering Revenue Growth and Profit Enhancement
WEST PALM BEACH, FLORIDA, March 10, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Transportation and Logistics Systems, Inc., f/k/a PetroTerra Corp, (OTC:TLSS), (“TLSS", or the “Company"), a leading eCommerce fulfillment service provider, announced today that it has engaged the services of Mr. Sebastian Giordano as a turnaround and restructuring consultant.
Mr. Giordano has more than thirty-years of strategic, operational and operations experience in leading start-up businesses, turnaround situations and emerging growth companies, as well as an extensive background with public companies, mergers and acquisitions and capital raising. For example, in February 2013, Mr. Giordano joined WPCS International Incorporated as a member of its board of directors. He was subsequently named Interim Chief Executive Officer in August 2013 and Chief Executive Officer in April 2016, while leading a successful restructuring of WPCS, primarily through the: (i) sale and/or closing of unprofitable business units; (ii) reduction of millions of dollars in administrative costs; and (iii) elimination of all secured debt. This restructuring culminated in the completion of a reverse merger with DropCar, Inc. (NASDAQ: DCAR). Mr. Giordano currently serves on the board of directors of DCAR and following the reverse merger, provided consulting services to DCAR from July 2018 to March 2019.
John Mercadante, Chairman and Chief Executive Officer of TLSS, stated, “We are excited to welcome Sebastian to TLSS and look forward to his contributions. His extensive experience and demonstrated success in stabilizing businesses and then leading their successful emergence in growing markets is a natural fit for our business.”
Mr. Giordano added, “While restructuring the Company’s balance sheet is paramount, I believe that TLSS’ underlying business represents an exciting opportunity for continued growth in the rapidly changing and expanding logistics and transportation industry.”
The three-year agreement with Mr. Giordano is with his consulting company, Ascentaur LLC, and provides for the opportunity for Mr. Giordano to join the Company as its Chief Executive Officer and a member of the board of directors based upon the Company achieving certain milestones.
About Transportation and Logistics Systems, Inc.
TLSS operates 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 through its wholly-owned operating subsidiaries, PrimeEFS, LLC and ShypDirect, LLC. For more information about the Company and its subsidiaries visit the Company’s website, www.tlssinc.com, or public filings at SEC.gov.
Forward Looking Statements
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