Transportation and Logistics Systems, Inc. (OTCPK:TLSS) entered into an agreement to acquire Salson Logistics, Inc. from Anthony Berritto for $90 million on June 15, 2021. Consideration for the purchase of the shares of SalSon shall be $90 Million. If the verifiable earnings before interest, taxes, depreciation and amortization (“EBITDA”) of SalSon for the full 12 calendar month period ending prior to the month of the closing is less than $12 Million, then the Purchase Price shall be reduced to 7.5 times verifiable 12 months trailing EBITDA. Further, if the working capital of SalSon at the closing shall be greater than or less than the average month-end working capital of SalSon for the months ended May 31, 2020 to April 30, 2021, the Purchase Price shall be increased or decreased dollar-for-dollar by the difference as appropriate. The Purchase Price shall be paid by delivery at closing of an amount of the Transportation and Logistics Systems's common stock equal to 19.9% of the outstanding shares of the Transportation and Logistics Systems, $50 Million in immediately available funds, A secured promissory note (the “Note”) in the principal amount of $20 Million. Upon Closing, the Company is to be wholly-owned by the Transportation and Logistics Systems and shall continue operating as Salson Logistics, Inc. Salson generated annual revenues of $100 million. Anthony Berritto is expected to stay on to oversee the operation of SalSon and the Company’s existing fulfillment services subsidiaries. The transaction is contingent upon the Transportation and Logistics Systems' ability to secure debt financing for the cash portion of the purchase price. The transaction is expected to complete within 90 days of the agreement date (on or before September 13, 2021). Robert A. Feingold of Feingold Law acted as legal advisor to Transportation and Logistics Systems. Kevin M. Kilcullen of Stern Kilcullen & Rufolo, LLC acted as legal advisor to Salson.