Freight Technologies Awarded Logistics Contract by Leading Global Toy Industry Brand

Rhea-AI Summary

Freight Technologies (FRGT) has secured a new logistics services contract with a major global toy industry brand. The company's Fr8App platform has been providing over-the-road (OTR) logistics services across key shipment lanes in Mexico, particularly during peak seasonal periods.

The new contract ensures continued secure and timely transport of the client's products throughout the Mexican market, building on Fr8App's track record of reliable, cost-effective, and high-quality service. CEO Javier Selgas highlighted this partnership as a validation of Fr8App's platform innovation and logistics support capabilities in the global marketplace.

Positive

• Secured new logistics contract with major global toy brand
• Expansion of existing successful service relationship
• Strengthened presence in Mexican market

Negative

• None.

HOUSTON, Jan. 08, 2025 (GLOBE NEWSWIRE) -- Freight Technologies, Inc. (Nasdaq: FRGT, “Fr8Tech” or the “Company”), a logistics management innovation company, offering a diverse portfolio of technology-driven solutions that address distinct challenges within the supply chain ecosystem, announced today that it has signed a new logistics services contract with a leading global toy industry brand.

The Company’s Fr8App platform has been providing over-the-road (OTR) logistics services across key shipment lanes in Mexico, particularly during peak seasonal demand periods. Building on the successful track record of reliable, cost-effective, and high-quality service, this new contract will ensure the continued secure and timely transport of the client’s products throughout the Mexican market.

Javier Selgas, CEO of Fr8Tech, said, "This strong endorsement from one of the world’s leading producers of children’s and family entertainment products, serves as a powerful validation of how the Fr8App platform innovates and sustains logistics support in the evolving global marketplace. We are proud to collaborate with this market leader and look forward to continuing our relationship for many years to come.”

About Freight Technologies Inc.

Freight Technologies (Nasdaq: FRGT) (“Fr8Tech") is a technology company offering a diverse portfolio of proprietary platform solutions powered by AI and machine learning to optimize and automate the supply chain process. Focused on addressing the distinct challenges within the supply chain ecosystem, the Company’s portfolio of solutions includes the Fr8App platform for seamless OTR B2B cross-border shipping across the USMCA region; Fr8Now, a specialized service for less-than-truckload (LTL) shipping; Fr8Fleet, a dedicated capacity service for enterprise clients in Mexico; and Waavely, a digital platform for efficient ocean freight booking and management of container shipments between North America and ports worldwide. Together, each product is interconnected within a unified platform to connect carriers and shippers and significantly improve matching and operation efficiency via innovative technologies such as live pricing and real-time tracking, digital freight marketplace, brokerage support, transportation management, fleet management, and committed capacity solutions. The company is headquartered in Houston, Texas. For more information, please visit fr8technologies.com.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Fr8Tech’s and Fr8App Inc.’s actual results may differ from their expectations, estimates and projections and, consequently, readers should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements.

These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside Fr8Tech’s and Fr8App Inc.’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the inability to obtain or maintain the listing of Fr8Tech’s ordinary shares on Nasdaq; (2) changes in applicable laws or regulations; (3) the possibility that Fr8Tech or Fr8App Inc. may be adversely affected by other economic, business and/or competitive factors; (4) risks relating to the uncertainty of the projected financial information with respect to Fr8App Inc.; (5) risks related to the organic and inorganic growth of Fr8App Inc.’s business and the timing of expected business milestones; and (6) other risks and uncertainties identified, including those under “Risk Factors,” to be filed in Fr8Tech other filings with the Securities Exchange Commission.

Fr8Tech cautions that the foregoing list of factors is not exclusive. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Fr8Tech and Fr8App Inc. caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Fr8Tech and Fr8App Inc. do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in their expectations or any change in events, conditions or circumstances on which any such statement is based.

FAQ

What is the significance of FRGT's new logistics contract with the toy industry brand?

The contract represents a continuation and expansion of FRGT's logistics services in Mexico, validating their Fr8App platform's effectiveness and strengthening their position in the Mexican market.

What services will FRGT provide under the new logistics contract?

FRGT will provide over-the-road (OTR) logistics services across key shipment lanes in Mexico, ensuring secure and timely transport of the client's products throughout the Mexican market.

How has FRGT's Fr8App platform performed in Mexico prior to this contract?

Fr8App has demonstrated a successful track record of providing reliable, cost-effective, and high-quality logistics services across key shipment lanes in Mexico, particularly during peak seasonal demand periods.

What markets does FRGT's new logistics contract cover?

The logistics contract covers the Mexican market, where FRGT will continue to provide transportation services through their Fr8App platform.