– USA, FL – Transportation and Logistics Systems, Inc. (OTC:TLSS), a leading eCommerce fulfillment service provider, today announced that, effective with the filing of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018, John Mercadante and Douglas Cerny, both formally of Coach USA, have agreed to join to the Company as members of the Board of Directors.
John Mercadante has also agreed to replace Steve Yariv as CEO and Chairman of the Company. John Mercadante was Coach USA’s President and Chief Operating Officer. John was an integral part of Coach USA’s IPO and growing that company’s annual revenues from approximately $100 million to over $1 billion in just three years.
Doug Cerny is the former Senior Vice President and General Counsel of Coach USA, and worked closely with John Mercadante in building Coach USA to a billion dollar company. Steve Yariv has agreed to remain a member of the Board of Directors and President of the Company’s Save On Auto Transport subsidiary.
Steve Yariv, current CEO of the Company stated, “We are excited to have John Mercadante and Doug Cerny join our management team. Their success in the transportation industry with Coach USA is well documented”.
Mr. Yariv added: “We are pleased that we were able to reach agreements with our debt holders to restructure and exchange their debt for common equity. We were also able to reach agreements with our preferred stock holders and all warrant holders to have these instruments exercised and exchanged for common stock. As we bring on new management and tighten our capitalization table we expect to be able to uplist to a national exchange later this year”.
About Transportation and Logistics Systems Inc:
Transportation and Logistics Systems, Inc. (OTC:TLSS) operates through its subsidiaries 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.
For more information : https://www.translogsys.com
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