Traders News Source Senior Editor Mark Roberts Interviews CEO of Transportation and Logistics Systems, Inc. Sebastian Giordano (OTCQB: TLSS)
Chairman of the Board
On January 4, 2022, Mr. Sebastian Giordano was appointed to the Board of Directors of the Company to fill a vacancy and elected Chairman of the Board to replace Mr. Mercadante in that role. Mr. Mercadante shall remain a member of the Board. Mr. Sebastian Giordano shall hold office until a successor is elected at an annual or a special meeting of the stockholders of the Company. Mr. Sebastian Giordano was appointed to the Board based on his extensive experience in the areas of mergers, acquisitions, capital raising, strategic alliances, and public companies. Currently or within the last 5 years, he has served on the Boards of Directors of AYRO, Inc., a NASDAQ listed electric vehicle manufacturer, WPCS International Incorporated, and DropCar, a NASDAQ-listed micro-logistics technology, mobility services and cloud-based SaaS software provider to the automotive industry. For the past twenty years, Mr. Sebastian Giordano has been CEO of Ascentaur, LLC (“Ascentaur”), providing C-Level consulting services to a diverse roster of predominantly technology-centric clients, including start-ups, turnarounds, and established businesses across many industries, including provided such services to the Company since February 2020. From 2013 to 2018, he also served as Chief Executive Officer of WPCS International Incorporated, a NASDAQ-listed low-voltage contracting company.
Full Interview Transcript
Thank you giving us your time to answer some questions.
Could you give us a brief overview and future vision for your company?
At the moment I was introduced to TLSS back in early 2020, I saw a unique opportunity, despite all of the issues facing the Company at that time. I believed then, as I believe now, that once we were able to restructure it, that the Company would be in an excellent position to start rebuilding the Company into something special. We have a highly fragmented industry and what I see is an opportunity to strategically acquire profitable businesses that provide us with focused geographic coverage and distribution through vehicles, drivers and locations, BUT whereby we can also find the right technology component that will differentiate our business in a way that takes us from being a traditional lower margin warehouse and delivery-driven service provider to a higher margin technology-driven solution provider.
Your earlier press release regarding the acquisition JFK Cartage by Cougar Express indicated a closing at the end of July. Has that happened?
Those dates are generally targets and we are working diligently to complete.
You’ve indicated the JFK acquisition would be accretive, doubling revenues. When will TLSS earnings reports reflect that increase?
Well, if we closed the transaction in August, we would begin to see those partial results in our third quarter 10Q in November.
Is the JFK 30,000 sq. ft. warehouse owned or leased and is it a part of the acquisition?
It is leased and we will be occupying that location and moving Cougar Express into it as well.
As to Cougar and JFK, are their vehicles owned or leased, and if it’s a combination, how many are owned? Leased?
Currently, while we have 6 owned 5leased, but we also use up to 40 independent third-party owner operators.
Can you update our readers on the acquisition of Freight Connections that you announced at the end of May?
I cannot really discuss material nonpublic information, but we continue to work on this transaction as well.
Is it probable the company will complete both the Freight Connections and JFK Cartage acquisitions?
Yes, that is our immediate bjective.
At the end of Q1 2022, TLSS indicated a cash position of $6M. What is the current cash position?
Still very strong and in line with budgeted expectations, but not going to discuss unreported financial numbers.
What does your company do well?
Operationally, clearly, it’s our quality service to our customers.
Thank you for your time.
The Traders News Team
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