Transportation & Logistics Systems Business Summary

Transportation & Logistics Systems, Inc. (TLSS) is a public holding company that historically generated revenue through asset-based logistics and transportation services, including e-commerce fulfillment, last-mile delivery, and mid-mile transport. Operating primarily through subsidiaries such as Cougar Express, JFK Cartage, and Freight Connections, the company focused on the Northeast U.S. market. However, as of February 13, 2026, TLSS has ceased all remaining freight operations following the 2024 Chapter 7 bankruptcy filings of its primary operating subsidiaries. The company currently functions as a public shell in a deep restructuring phase, with recent activity centered on settling legacy liabilities through the issuance and resale of billions of shares of common stock linked to its Series J Senior Convertible Preferred Stock. Direct competitors in the micro-cap logistics space include Radiant Logistics, Inc. (RLGT), Roadrunner Transportation Systems, and Forward Air (FWRD); relative to these active peers, TLSS is currently positioned as a distressed entity seeking to leverage its public status for new business opportunities or a final wind-down. Leadership is spearheaded by Sebastian Giordano, who serves as Executive Chairman, President, and CEO. Giordano, a restructuring specialist and founder of the advisory firm Ascentaur LLC, previously served as CEO of WPCS International and has extensive experience in corporate turnarounds and M&A. He is supported by James Giordano, who serves as Chief Financial Officer and Treasurer, and Justin Frey as Chief Operating Officer. The Board of Directors includes former CEO John Mercadante, a veteran of the transportation industry who previously scaled Coach USA to over $1 billion in revenue, and Charles F. Benton, an independent director with a background in supply chain finance at Conrail. The current management focus is almost exclusively on capital structure management and the execution of a 10.65 billion-share resale registration filed in early 2026 to address outstanding debt and equity obligations.