Freight Technologies, Inc. Expands Business Relationship with Amazon Mexico

Rhea-AI Summary

Freight Technologies (Nasdaq: FRGT) has expanded its partnership with Amazon Mexico to include cross-border logistics between the U.S. and Mexico. Originally selected in December 2023 to manage Amazon Mexico's high-demand season logistics, Fr8App's role has now broadened to cover international shipping operations. The company leverages advanced AI and machine learning through its Fr8App platform to provide real-time B2B shipping solutions. CEO Javier Selgas emphasized that this expansion aligns with Fr8Tech's goal to be a leading logistics partner in North America, underscoring the trust in Fr8App's capabilities. This move highlights Fr8App's growing presence in the logistics sector and its ability to meet international shipping demands efficiently.

Positive

• Expanded partnership with Amazon Mexico to include cross-border logistics.
• Selected for the second consecutive year to manage Amazon Mexico's high-demand season logistics.
• Utilizes advanced AI and machine learning technology.
• Alignment with Fr8Tech's long-term vision to become a leading logistics partner in North America.
• Increased market trust in Fr8App's capabilities.

Negative

• None.

Market Research Analyst

Freight Technologies, Inc. (Fr8Tech) announcing the expansion of its relationship with Amazon Mexico is a significant development in the logistics sector. Amazon's decision to deepen its collaboration with Fr8App for U.S.-Mexico cross-border operations underscores the importance of efficient and reliable logistics in supporting e-commerce giants.

This partnership expansion is likely to positively influence Fr8Tech’s market position. By securing a larger role in Amazon’s supply chain, Fr8App enhances its visibility and credibility in the logistics market, which could attract more clients seeking reliable cross-border services. For retail investors, this move signals potential revenue growth for Fr8Tech, driven by increased demand for their technology-driven logistics solutions.

Investors should also note that the logistics sector, particularly for cross-border operations within the USMCA region, is expected to grow, driven by rising e-commerce activities. Fr8App's technological edge and strategic alliances position it well for capitalizing on this trend, offering a competitive advantage over traditional logistics players.

Financial Analyst

From a financial perspective, the expansion of Fr8App’s role with Amazon Mexico is a positive indicator for Freight Technologies, Inc. Amazon is a major client and deepening ties with such a significant player can lead to steady revenue streams and enhanced financial stability. Moreover, cross-border logistics operations typically generate higher margins compared to domestic logistics due to the complexities and regulatory requirements involved.

This development could also signal potential improvements in Fr8Tech's revenue forecasts. Investors should watch for updates in the company's quarterly earnings reports to gauge the financial impact of the expanded partnership. Additionally, the continuous investment in technology and infrastructure mentioned in the announcement suggests a robust growth strategy, which is essential for sustaining long-term financial health and competitiveness.

Fr8App selected for Amazon’s cross-border operations

HOUSTON, June 20, 2024 (GLOBE NEWSWIRE) -- Freight Technologies, Inc. (Nasdaq: FRGT), (“Fr8Tech”), a technology driven logistics company powered by its proprietary AI and machine learning Fr8App platform that uniquely provides a real-time portal for B2B cross-border shipping and domestic shipping within the USMCA region, today announces the expansion of its relationship with Amazon Mexico to include cross-border logistics operations.

As a result of the expansion, Fr8App now provides dual logistic services for Amazon Mexico. As announced in December 2023, Fr8App was selected for the second consecutive year to help manage the logistics needs of Amazon’s high-demand season within Mexico. Fr8App’s role has now been expanded to include U.S.-Mexico, cross-border shipping.

Fr8Tech’s CEO Javier Selgas stated: “We are honored to further strengthen our business relationship with Amazon Mexico and to broaden our scope of service. This expansion squarely fits within Fr8Tech's long-term vision of becoming a leading logistics partner in North America and speaks volumes about the confidence being placed in Fr8App’s capabilities and our commitment to delivering solutions to corporations of all sizes.”

This development emphasizes Fr8App's expanding impact in the logistics sector and illustrates the critical need for smooth cross-border operations within the USMCA region. By utilizing advanced technology and creative solutions, Fr8App is ideally placed to address the rising demands of international logistics, providing efficiency and dependability for its clients. The company's continuous investment in technology and infrastructure reinforces its ability to offer superior service, which is essential in meeting the complex logistics needs of major global corporations like Amazon.

About Freight Technologies Inc.

Freight Technologies (Fr8Tech, Nasdaq: FRGT) 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, 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 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 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 impact of the COVID-19 pandemic on Fr8App Inc.’s business, if it should recur; (2) the inability to obtain or maintain the listing of Fr8Tech’s ordinary shares on Nasdaq; (3) changes in applicable laws or regulations; (4) the possibility that Fr8Tech or Fr8App Inc. may be adversely affected by other economic, business and/or competitive factors; (5) risks relating to the uncertainty of the projected financial information with respect to Fr8App Inc.; (6) risks related to the organic and inorganic growth of Fr8App Inc.’s business and the timing of expected business milestones; and (7) other risks and uncertainties identified, including those under “Risk Factors,” to be filed by Freight Technologies in its other filings with the U.S. Securities and Exchange Commission. 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

What recent development has Freight Technologies (FRGT) announced with Amazon Mexico?

Freight Technologies announced the expansion of its relationship with Amazon Mexico to include cross-border logistics operations between the U.S. and Mexico.

When was Freight Technologies originally selected to manage Amazon Mexico's high-demand season logistics?

Freight Technologies was originally selected in December 2023.

What technology does Freight Technologies use to provide its logistics services?

Freight Technologies uses advanced AI and machine learning through its proprietary Fr8App platform.

What is the significance of Freight Technologies' expanded partnership with Amazon Mexico?

The expanded partnership signifies increased trust in Fr8App's capabilities and aligns with Fr8Tech's vision to become a leading logistics partner in North America.