Freight Technologies Renews Multi-Year Logistics Services Agreement with Kimberly-Clark de México

Rhea-AI Summary

Freight Technologies (FRGT) has renewed its logistics services contract with Kimberly-Clark de México for an additional two years. The agreement, which began in 2022, covers transportation of products throughout Mexico and has shown significant year-over-year growth in over-the-road (OTR) load capacity.

The company manages three key services for Kimberly-Clark: dedicated capacity under Fr8Fleet, OTR spot for domestic shipments in Mexico, and OTR spot for US-MX cross border shipments under Fr8App. The renewal demonstrates confidence in Fr8Tech's logistics solutions and their ability to make supply chains more efficient.

Positive

• Secured contract renewal with major client Kimberly-Clark de México for two additional years
• Demonstrated year-over-year growth in OTR load capacity since 2022
• Expanded service offerings to include three key logistics solutions

Negative

• None.

HOUSTON, Jan. 13, 2025 (GLOBE NEWSWIRE) -- Freight Technologies, Inc. (Nasdaq: FRGT, “Fr8Tech” or the “Company”), a logistics management innovation company, offering a diverse portfolio of technology-driven solutions that address distinct challenges within the supply chain ecosystem, announced today the renewal of its logistics services contract with Kimberly-Clark de México, S.A.B. de C.V. The renewed agreement extends the relationship for an additional two years and encompasses the transportation of products and goods throughout Mexico.

This renewal marks the continuation of a successful collaboration that began in 2022. Since inception, the relationship between Fr8Tech and Kimberly-Clark de México has grown steadily, with significant year-over-year increases in over-the-road (OTR) load capacity and expanded service. Currently, the Company is managing three key services for Kimberly-Clark: dedicated capacity under Fr8Fleet, as well as OTR spot for domestic shipments in Mexico and OTR spot for US-MX cross border shipments, both under Fr8App. Under the extended agreement, Freight Technologies will continue to provide these logistics services to help ensure the seamless distribution of Kimberly-Clark's goods and products.

Luisa Lopez, COO of Fr8Tech, commented: “We’re pleased to extend our services with Kimberly-Clark de México for another two years. This renewal demonstrates the confidence our client has in the quality of Fr8Tech’s logistics solutions and highlights the benefits of utilizing Fr8Fleet and Fr8App in making supply chains more efficient. We are excited to continue working together as we build on the progress made over the last two years.”

Javier Selgas, CEO of Freight Technologies, added, “Our long-term relationship with Kimberly-Clark de México demonstrates the value and reliability of our logistics solutions. This renewal is a direct result of the investments and enhancements we have made in our technology and service offerings. We remain confident that it will continue to deliver long-term value to both our customers and the Company. As we continue to enhance and scale our product, we expect to further solidify our position as a key logistics provider in the Mexican region.”

About Freight Technologies Inc.

Freight Technologies (Nasdaq: FRGT) (“Fr8Tech") is a technology company offering a diverse portfolio of proprietary platform solutions powered by AI and machine learning to optimize and automate the supply chain process. Focused on addressing the distinct challenges within the supply chain ecosystem, the Company’s portfolio of solutions includes the Fr8App platform for seamless OTR B2B cross-border shipping across the USMCA region; Fr8Now, a specialized service for less-than-truckload (LTL) shipping; Fr8Fleet, a dedicated capacity service for enterprise clients in Mexico; and Waavely, a digital platform for efficient ocean freight booking and management of container shipments between North America and ports worldwide. Together, each product is interconnected within a unified 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, brokerage support, 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. Fr8Tech’s and Fr8App Inc.’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 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 inability to obtain or maintain the listing of Fr8Tech’s ordinary shares on Nasdaq; (2) changes in applicable laws or regulations; (3) the possibility that Fr8Tech or Fr8App Inc. may be adversely affected by other economic, business and/or competitive factors; (4) risks relating to the uncertainty of the projected financial information with respect to Fr8App Inc.; (5) risks related to the organic and inorganic growth of Fr8App Inc.’s business and the timing of expected business milestones; and (6) other risks and uncertainties identified, including those under “Risk Factors,” to be filed in Fr8Tech other filings with the Securities Exchange Commission.

Fr8Tech 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. Fr8Tech and Fr8App Inc. caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Fr8Tech and Fr8App Inc. 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 duration of FRGT's renewed contract with Kimberly-Clark de México?

The renewed contract extends the relationship for an additional two years from January 2025.

What services does FRGT provide to Kimberly-Clark de México under the agreement?

FRGT provides three key services: dedicated capacity under Fr8Fleet, OTR spot for domestic shipments in Mexico, and OTR spot for US-MX cross border shipments under Fr8App.

When did FRGT's initial partnership with Kimberly-Clark de México begin?

The partnership between FRGT and Kimberly-Clark de México began in 2022.

How has FRGT's service volume with Kimberly-Clark de México changed since 2022?

The relationship has grown steadily with significant year-over-year increases in over-the-road (OTR) load capacity and expanded service.