Freight Technologies, Inc. Announces Key Leadership Changes

Rhea-AI Summary

Freight Technologies Inc. (FRGT) appoints former CFO Paul Freudenthaler as a board director and welcomes Don Quinby as the new CFO, signaling continued success and growth. The company emphasizes promoting internal talent and recognizing valuable contributions of its executives. Don Quinby's experience in financial management and strategic planning aligns with the company's commitment to sustained growth and innovation.

Embarking on a New Chapter: Freight Technologies Inc. elevates former CFO Paul Freudenthaler to Board Director and welcomes Don Quinby as the new CFO, setting the stage for continued success and growth

HOUSTON, Jan. 24, 2024 (GLOBE NEWSWIRE) -- Freight Technologies, Inc. (Nasdaq: FRGT) (“Fr8Tech'' and/or “Company”), a technology company whose custom developed Fr8App, an industry-leading, freight-matching platform powered by AI and machine-learning and offers a real-time portal for B2B cross-border shipping and domestic shipping within the USMCA region, announces important changes to its executive team and board of directors. 

Paul Freudenthaler, former Chief Financial Officer of Fr8Tech, has been appointed as a member of the board of directors of the Company effective January 19, 2024. This move reflects Fr8Tech's commitment to promoting internal talent and recognizing the valuable contributions of its executives.

Fr8Tech expresses its gratitude for Mr. Freudenthaler's exceptional leadership, dedication and strategic financial insights. The board of directors believes that his transition to being a member of the board will bring invaluable perspective and contribute to the continued success of Fr8Tech.

Simultaneously, Fr8Tech is thrilled to welcome Don Quinby as its new Chief Financial Officer. Mr. Quinby brings a wealth of experience and expertise in financial management, strategic planning and corporate finance. His proven track record in navigating dynamic business environments aligns seamlessly with Fr8Tech 's commitment to sustained growth and innovation. He most recently played key roles in FP&A and investor relations in the 2023 IPO of Nextracker, a leading company in the solar tracker industry.

Upon joining Fr8Tech, Mr. Quinby expressed his enthusiasm, stating, “I am very excited to be joining Fr8Tech. Javi and his team have built a world-class technology platform to optimize the supply chain process for brokers, carriers and shippers. I am honored and thrilled to be able to support the team through their future growth and success.”

Fr8Tech CEO Javier Selgas commented, “Don brings an excellent set of skills and insight relevant to the stage of growth of our company. I am very pleased with the new perspective we will get with Don and his incorporation into the executive team, from disciplined planning to sophisticated investor relations management.”

The entire Fr8Tech team looks forward to the positive impact these leadership changes will bring and is confident in the collective strength of the leadership team to guide the company through its next phase of growth.

About Fr8App

Fr8App is a freight forwarding matching platform that uses innovative technology to connect shippers and carriers with available loads and trucks. With a focus on user experience and real-time data, Fr8App is making it easier than ever for businesses to manage their logistics operations and streamline their supply chain. For more information, please visit: Fr8App

About Freight Technologies Inc. 

Freight Technologies (Nasdaq: FRGT) (“Fr8Tech") is a technology company developing solutions to optimize and automate the supply chain process. Its wholly owned subsidiary, Freight App, Inc. (“Fr8App”), is a B2B cross-border shipping marketplace in the USMCA region powered by AI and machine learning. Focused on making shipping transparent and efficient, Fr8App provides carriers with increased growth opportunities and shippers with flexibility, visibility, and simplicity for the once-complex process of international over-the-road (“OTR”) shipping. Fr8App uses its proprietary technology 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, broker, 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. Freight Technologies' and Fr8App’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 include, without limitation, Freight Technologies’ and Fr8App’s expectations with respect to future performance and anticipated financial impacts of its acquisition of Fr8App.

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 Freight Technologies’ and Fr8App’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the impact of the COVID-19 pandemic on Fr8App’s business; (2) the inability to obtain or maintain the listing of Freight Technologies’ ordinary shares on Nasdaq; (3) the ability to recognize the anticipated benefits of the merger, which may be affected by, among other things, competition and the ability of Fr8App to grow, manage growth profitably and retain its key employees; (4) costs related to the merger; (5) changes in applicable laws or regulations; (6) the possibility that Freight Technologies or Fr8App may be adversely affected by other economic, business and/or competitive factors; (7) risks relating to the uncertainty of the projected financial information with respect to Fr8App; (8) risks related to the organic and inorganic growth of Fr8App’s business and the timing of expected business milestones; and (9) other risks and uncertainties identified, including those under “Risk Factors,” to be filed in Freight Technologies' other filings with the SEC. Freight Technologies 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. Freight Technologies and Fr8App caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Freight Technologies and Fr8App 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

Who was appointed as a member of the board of directors of Freight Technologies Inc.?

Paul Freudenthaler, former Chief Financial Officer of Fr8Tech, has been appointed as a member of the board of directors of the Company effective January 19, 2024.

Who is the new Chief Financial Officer of Freight Technologies Inc.?

Don Quinby is the new Chief Financial Officer of Freight Technologies Inc. He brings a wealth of experience and expertise in financial management, strategic planning, and corporate finance.

What is the ticker symbol for Freight Technologies Inc.?

The ticker symbol for Freight Technologies Inc. is FRGT.

What industry does Freight Technologies Inc. operate in?

Freight Technologies Inc. operates in the technology industry, with a focus on its custom developed Fr8App, an industry-leading, freight-matching platform powered by AI and machine-learning.

What is Don Quinby's background in financial management?

Don Quinby has a proven track record in navigating dynamic business environments and most recently played key roles in FP&A and investor relations in the 2023 IPO of Nextracker, a leading company in the solar tracker industry.