Transportation and Logistics Systems, Inc., f/k/a PetroTerra Corp., a leading eCommerce fulfillment service provider, announced today that it has entered into an asset purchase agreement to acquire all of the assets of GRC Trucking, Inc. (“GRC”), a Kearney, New Jersey based full-service logistics provider specializing in the import/export ocean and rail intermodal and drayage shipping.
John Mercadante, President of TLSS, stated, “We are very excited about the prospect of joining forces with the GRC team, a company with a successful 30-year track record in the industry. GRC is expected to add another exciting dimension to our growing business, providing revenue enhancement, diversification and multiple opportunities for growth. Geographic proximity to our PrimeEFS and ShypDirect hub in New Jersey was another important strategic consideration since both parties anticipate that we will be able to generate significant improvements in operating margins through improved asset utilization, reductions in fuel and facility costs as well as the elimination of other duplicative expenses.”
Christopher Nappi, President of GRC, added, “We were very impressed with TLSS’ growth strategy and see this as a highly synergistic business combination. For example, we currently contract out the pickup and return of containers from and to the port, as well as the delivery of their contents, which are services that TLSS currently provides as well, so the leveraging and cross-marketing potential of our joint capabilities were key factors in our decision to pursue this transaction.”
The transaction is expected to close on or about March 31, 2020 subject to the completion of satisfactory due diligence by TLSS. The purchase price will be paid through the issuance of TLSS common stock.
