Boca Raton, FL, July 18, 2018 (GLOBE NEWSWIRE) — PetroTerra Corp. (OTC: PTRA; PTRAD) (the “Company”), a transportation and logistics company, announced today that on July 18, 2018 it effected a 1:250 reverse split of its common stock and a name change to Transportation and Logistics Systems Inc (“TLS”). The name change better reflects the business of the Company. TLS’s common stock is trading on a split-adjusted basis under a new CUSIP number 89388L 108 and temporary symbol “PTRAD,” with the “D” appended to signify that the reverse stock split has occurred. TLS’s trading symbol will revert to “TLSS” after 20 trading days.
The reverse stock split is intended to facilitate the recent acquisition of the Company of Prime EFS and consolidate the number of shares outstanding.
As a result of the reverse stock split, every 250 shares of authorized, issued and outstanding common stock was converted into 1 share of common stock. Any fractional shares resulting from the reverse stock split have been rounded up to the nearest whole share.
Stockholders holding shares through a brokerage account will have their shares automatically adjusted to reflect the reverse stock split as of the effective date. Stockholders with stock certificates who have questions regarding the split may call the Company’s transfer agent, Island Stock Transfer, at 727-289-0010.
About Transportation and Logistics Systems, Inc. ( f/k/a. PetroTerra Corp.)
TLS operates through its Save On Auto Transport Inc. and Prime EFS LLC subsidiaries as a transportation and logistics company. Save On Auto Transport services the automobile industry by providing transportation and logistics services to automotive dealerships and their customers throughout the USA. Prime EFS LLC is a provider of last mile delivery services to major on line retailers in the United States. For more information about the company visit the company’s public filings at SEC.gov.
The above news release contains forward-looking statements. The statements contained in this document that are not statements of historical fact, including but not limited to, statements identified by the use of terms such as “anticipate,” “appear,” “believe,” “could,” “estimate,” “expect,” “hope,” “indicate,” “intend,” “likely,” “may,” “might,” “plan,” “potential,” “project,” “seek,” “should,” “will,” “would,” and other variations or negative expressions of these terms, including statements related to expected market trends and the Company’s performance, are all “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances, and are subject to a wide range of external factors, uncertainties, business risks, and other risks identified in filings made by the company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company’s expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based except as required by applicable law and regulations.