Transportation and Logistics Systems (TLSS) has released an update.
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Transportation and Logistics Systems, Inc. (TLSS) faced a significant operational shutdown on February 16, 2024, as its subsidiaries, including Cougar Express and Severance Trucking, ceased all activities. This drastic step was taken after the company failed to secure financing in time to cover essential insurance premiums, resulting in a loss of insurance coverage and involuntary possession of Cougar’s warehouse by the landlord. Consequently, all material agreements were terminated, most employees were laid off, and the company is left without any significant revenue streams, further deepening its working capital deficit which was already reported to be over $11 million in the previous quarter.
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