Freight Technologies, Inc. Awarded Samsung Mexico SDS Contract

Rhea-AI Summary

Freight Technologies, Inc. (Nasdaq: FRGT) has been awarded the Samsung Mexico SDS business to enhance cross-border shipping from Mexico to the U.S. using its Fr8App platform. Samsung's representative highlighted the app's reliability and paper-free tracking capabilities, which align with their sustainability goals. CEO Javier Selgas stated this partnership validates the Fr8App platform, indicating potential growth opportunities. This collaboration comes amidst a challenging logistics market, as Fr8App facilitates over 100 trucks per week for Samsung's shipments.

Positive

• Partnership with Samsung Mexico SDS enhances credibility and market presence.
• Fr8App's platform facilitates over 100 truck shipments weekly, showcasing operational efficiency.
• Recognition of Fr8App's reliability and sustainability aligns with industry trends.

Negative

• None.

- Cross Border and Paper Free Capabilities Continue to Create Advantages -

HOUSTON, July 26, 2022 (GLOBE NEWSWIRE) -- Freight Technologies, Inc. (Nasdaq: FRGT, Fr8Tech), a technology company developing solutions to optimize and automate the supply chain process as well as providing its Fr8App platform for B2B cross-border shipping in the NAFTA region, was awarded Samsung Mexico SDS business and has begun using its platform to assist with effecting Samsung’s shipments from Mexico to the United States.

Esteban Park of Samsung Mexico SDS, said, “Fr8App has delivered cross border capacity during a difficult market when others have not been able to do so. We have well over 100 trucks per week going from Mexico to the United States, and the Fr8App offerings will help us with the ongoing administration of our logistics across the US-Mexico border. The reliability and convenience of its mobile app has been amplified by the fact Fr8App eliminates the need for paper tracking, which aligns with our ongoing commitment to developing sustainable practices. We are very pleased with Fr8App’s service.”

Javier Selgas, CEO of Fr8Tech, said, “Samsung, one of the world’s largest producers of electronic devices, selected Fr8App to ship from Mexico cross border to the United States, which we believe validates the Fr8App platform. We believe this is just the beginning of many great things to come.”

About Samsung Mexico SDS
Samsung Mexico SDS (formerly Samsung Data Systems) established in 1985 as a subsidiary of Samsung's Group, was founded in 1985 as the ICT arm of the Samsung Group. Our solutions have been leading the digital transformation and innovation of our clients for over 35 years across a wide range of industries. With operations in 40 countries, Samsung SDS’s solutions utilize advanced analytics platforms, AI, and block chain technologies to serve a diverse range of industries including financial services, smart manufacturing, global logistics, and retail. Samsung SDS has headquarters in South Korea and eight overseas subsidiaries, in America, Asia-Pacific, China, Europe, Latin America, Middle East, India and Vietnam. ​

About Freight Technologies Inc.
Freight Technologies (Fr8Tech, Nasdaq: FRGT) 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 NAFTA 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, you 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 the acquisition.

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 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, the ability of Fr8App to grow and 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 by 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.

Fr8Tech Contact:
Kirsten Chapman, LHA Investor Relations, investors@fr8technologies.com, 415.433.3777

FAQ

What is the significance of Fr8Tech's partnership with Samsung Mexico SDS?

The partnership validates Fr8Tech's Fr8App platform, enhancing its credibility in cross-border logistics.

How many weekly shipments does Fr8App facilitate for Samsung?

Fr8App facilitates over 100 truck shipments per week from Mexico to the U.S. for Samsung.

What benefits does Fr8App provide in cross-border shipping?

Fr8App offers reliability, eliminates paper tracking, and supports Samsung's sustainability goals.

What market conditions is Fr8Tech operating in?

Fr8Tech is operating in a challenging logistics market but has demonstrated effective service through its partnership.

What is the ticker symbol for Freight Technologies?

The ticker symbol for Freight Technologies is FRGT.