Transportation and Logistics Systems Inc (OTCMKTS:TLSS) Stock In Focus After the Acquisition of Severance Trucking

One of the companies which could be on the agenda for investors this morning is Transportation and Logistics Systems Inc (OTCMKTS:TLSS) after it made an announcement with regards to an acquisition made through its fully owned subsidiary.

Trading Data

On Monday, TLSS stock lost 2.78% to $0.0070 with more than 18.22 million shares, compared to its average volume of 7.56 million shares. The stock moved within a range of $0.0068 – 0.0076 after opening trade at $0.0074.

TLSS Closes on the Acquisition of Severance Trucking

The company announced yesterday that back on February 3 this year the company had been successful in completing the 100% acquisition of Severance Warehousing Inc, McGrath Trailer Leasing Inc and Severance Trucking Inc through its fully owned subsidiary TLSS-STI Inc. The companies in question are headquartered in Massachusetts and the effective date for the closing of the transaction had been set for January 31, 2023.

The Chief Executive Officer and Chairman of Transportation and Logistics Systems, Sebastian Giordano, spoke about the latest development as well. He noted that the Severance family of businesses had managed to build an excellent reputation over the course of the last century and more.

Moreover, that reputation was a testament to the commitment that they had to their customers in the New England market whom it had served with such zeal. Giordano went on to note that he was thrilled at the possibility of some of the companies in the Severance family were joining hands with Transportation and Logistics Systems for growing both businesses.