Freight Technologies, Inc. to Support the Largest Industrial Electric Motor Manufacturer in the Americas

Rhea-AI Summary

Freight Technologies (Nasdaq: FRGT) has integrated its Fr8App technology with a major global electric equipment manufacturer, enhancing cross-border logistics between the US and Mexico. CEO Javier Selgas emphasized the importance of meeting client needs and expressed confidence in the platform's ability to improve efficiency and reduce administrative burdens for multinational clients. The Fr8App platform utilizes AI and machine learning to streamline shipping processes, aiming to provide effective solutions for various clients.

Positive

• Fr8App technology is now deployed for a global electric equipment company with 18 factories and distribution centers in the US and Mexico.
• CEO emphasis on understanding client needs reflects strong customer focus.
• Fr8App is positioned as a cost-effective and efficient solution for multinational logistics.

Negative

• Forward-looking statements indicate risks such as potential inability to maintain Nasdaq listing.
• Uncertainties regarding the impact of COVID-19 on business operations.
• Potential challenges in realizing merger benefits due to competition and retention of key employees.

A global solutions provider, embraces Fr8App’s Technology

HOUSTON, Dec. 29, 2022 (GLOBE NEWSWIRE) -- Freight Technologies, Inc. (Nasdaq: FRGT) (“Fr8Tech''), a technology company whose custom-developed Fr8App platform is powered by AI and machine-learning and offers a real-time portal for B2B cross-border shipping and domestic shipping within the USMC region, now supports cross-border logistics requirements for a global electric-electronic equipment company with eighteen different factories and distribution centers across the US and Mexico.

Fr8Tech CEO Javier Selgas said, “It is important for us to understand and satisfy our clients’ goals, and we are very pleased to deliver a solution that truly meets our clients’ multinational needs. We are pleased to be selected by the largest industrial electric manufacturer in the Americas for intelligence and logistics management. Our Fr8App platform represents a choice for businesses that require cost-effectiveness, efficiency and reducing administrative burden. We are confident that our Fr8App platform will provide solutions to a number of multinational clients and shippers for many years to come.”

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 USMC 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 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 recent development involving Freight Technologies (FRGT)?

Freight Technologies has integrated its Fr8App technology with a major electric equipment manufacturer to enhance cross-border logistics.

How does Fr8App improve logistics for global companies?

Fr8App uses AI and machine learning to optimize shipping processes, providing real-time tracking and cost-effective solutions.

What challenges does Freight Technologies anticipate after the Fr8App integration?

Challenges include maintaining Nasdaq listing, impacts from COVID-19, and competition affecting growth and retention of key staff.

When did Freight Technologies announce the integration of Fr8App technology?

The announcement was made on December 29, 2022.