Freight Technologies, Inc. Recognized as Outstanding Service Provider by K-FLEX de México, Securing Contract Renewal

Rhea-AI Summary

Freight Technologies, Inc. secures contract renewal with K-FLEX de México for continued use of Fr8App platform. Fr8App's AI-powered solutions will manage logistics seamlessly across the US-Mexico border. K-FLEX is on track to surpass $1 billion in annual revenue.

Positive

• Freight Technologies secures contract renewal with K-FLEX de México for Fr8App platform
• Fr8App's AI-powered solutions will manage logistics across the US-Mexico border
• K-FLEX is on track to surpass $1 billion in annual revenue

Negative

• None.

Unleashing Competitive Advantages: AI-Powered Fr8App Support Helps Drive Success During Expansion

HOUSTON, June 22, 2023 (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 USMCA region, has been recognized for outstanding service by K-FLEX de México and has secured a renewal of its contract with K-FLEX for continued utilization of the Fr8App platform to facilitate transportation of shipments from K-FLEX’s recently expanded Mexican plants and distribution centers across the United States.

Maged Anis, President of K-FLEX de México SA de CV, said, “Fr8App delivered cross-border capacity during a difficult time for us as we worked first through the COVID-19 pandemic and then through our plant expansion challenges in Mexico and many times under conditions that others in the logistics industry were not willing to accept. With our newly completed plant expansion, we will have over 100 trucks per week crossing from Mexico to the United States, and Fr8App’s solutions will play a huge role in managing our logistics seamlessly across the U.S.-Mexico border. Their support throughout our 12-month plant expansion, coupled with the reliability and convenience of their AI-powered platform, has reinforced the fact that Fr8App eliminates the need for paper tracking, aligning perfectly with our ongoing commitment to sustainable practices. We are very pleased with Fr8App’s outstanding support and service and look forward to continue growing with them.”

Javier Selgas, CEO of Fr8Tech, said, “K-FLEX has grown at a tremendous rate over the past several years and is well on its way to surpassing $1 billion in annual revenue. It became one of our top 5 clients in 2022 and we hope its pace returns and exceeds that of last year now that its expanding plant is near to being fully operational. It is fast becoming a leader in the provision of tailor-made services, advanced technological solutions and innovative insulation systems for energy saving, which aligns very nicely with our environmental efforts. We are very pleased that K-FLEX selected Fr8App to ship from Mexico and cross-border to the United States, which we believe validates the Fr8App platform in addition to helping our key clients during unusual times. We believe this is just the beginning of many great things to come.”

About K-FLEX

K-FLEX is a multinational manufacturing company specialized in the production of thermal and acoustic flexible elastomeric insulation materials. Thanks to its focus on technological innovation and the quality of its products and services, K-FLEX is a worldwide market leader with more than 30 years’ experience across a variety of business areas. K-FLEX' mission is to be the market leader in the production of insulation materials and to effectively answer the specific needs of its customers and markets, while providing tailor-made services, advanced technological solutions and innovative insulation systems through a sustainable approach. K-FLEX operates in 63 countries and has over 4,000 employees, 17 plants and over 50,000 customers worldwide.

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: www.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

What is the contract renewal about?

The contract renewal is between Freight Technologies and K-FLEX de México for the use of the Fr8App platform.

What are the benefits of Fr8App's AI-powered solutions?

Fr8App's AI-powered solutions will manage logistics seamlessly across the US-Mexico border.

What is K-FLEX's revenue target?

K-FLEX is on track to surpass $1 billion in annual revenue.