West Palm Beach, Fla., Oct. 31, 2018 (GLOBE NEWSWIRE) -- Transportation and Logistics Systems, Inc. (f/k/a PetroTerra Corp.) (the "Company") (TLSS), reported financial results for the period ended June 30, 2018.
Steve Yariv, CEO of the Company stated, “Revenue exceeded $1.7 million for the second quarter and over $2.9 Million for the six-month period ended June 30, 2018. This does not include the results for the entire quarter of our recently acquired Prime EFS subsidiary, which we acquired on June 18, 2018. If we had acquired Prime on January 1, 2018, our revenue would have been over $7 million for the first six months and growing rapidly. Last year a this time our revenues were less than $200,000 for the same period. We are currently exceeding a $20 Million annual revenue run rate as we expand our operations in our last mile delivery services as well as our auto transport and logistics services. "
We will continue to seek acquisitions and strategic partnerships to grow our transportation and logistics business with a goal of being up listed to a national exchange by this time next year.
About Transportation and Logistics Systems Inc:
Transportation and Logistics Systems Inc . (TLSS) operates through its Save On Auto Transport and Prime EFS, subsidiaries. Our Prime EFS subsidiary is a leading logistics and transportation company that specializes in providing Last Mile, two-person Home Delivery and Line Haul services for the world’s leading online retailers. Our Save On Auto Transport subsidiary is a provider of integrated transportation management solutions consisting of brokerage and logistic services such as transportation scheduling, routing and other value added services related to the transportation of automobiles and other freight. 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.
Transportation and Logistics Systems, Inc.