HOUSTON, March 16, 2023 (GLOBE NEWSWIRE) -- Freight Technologies, Inc. (Nasdaq: FRGT) (“Fr8Tech''), a technology company whose custom-developed Fr8App, an industry-leading freight-matching platform powered by AI and machine-learning and offers a real-time portal for B2B cross-border shipping and domestic shipping within the USMCA region, is proud to announce the launch of its new brand Fr8Now, a digital freight-matching platform that offers less-than-truckload (LTL) services in Mexico.
With Fr8Now, Freight Technologies is marking its entry into the highly fragmented and rapidly growing LTL market in Mexico, which is estimated to be growing significantly, and has few established players.
The company believes that Fr8Now will revolutionize the LTL segment in Mexico by digitizing shipments and providing real-time shipping services to businesses across the region, using technology in a manner that other market participants are unable to offer. The Fr8Now platform, similar to Fr8App, uses machine-learning algorithms to match shippers with the best carriers, making the entire shipping process faster, more efficient, and more cost-effective.
“Our team has worked tirelessly to bring Fr8Now operational,” said Javier Selgas, CEO of Fr8Tech. “With our new platform firmly in place, we believe we are one of the first companies in Mexico to offer LTL digital solutions. We are confident that Fr8Now will be a game-changer for businesses looking to ship goods both in-country in Mexico and from Mexico to the exterior. We offer a value-add to small businesses in Mexico seeking economic product distribution as well as small carriers seeking local distribution routes - so it’s a win-win solution on a number of fronts. These markets are already well developed in the US but we believe they are at a nascent stage in Mexico,” concluded Selgas.
Fr8Now already has its first loads in transit from one of Fr8Tech’s existing customers, offering additional synergies as we offer clients a variety of products - from LTL to cross-border to managing enterprise fleets. Fr8Tech platform's innovative technology, whether through Fr8App, Fr8fleet or Fr8Now, offers exceptional service and provides businesses with a unique opportunity to streamline their logistics operations and boost their bottom line.
The successful rollout of Fr8App throughout North America has paved the way for the launch of Fr8Now, which is set to empower Mexican businesses with cutting-edge LTL freight-matching technology and provide an entry point into the US LTL market. Fr8Now's real-time portal offers businesses, small and large, complete control over their shipping process, allowing them to track their shipments and remain informed as to their status every step of the way.
On March 7, 2023, Fr8Tech announced the company achieved $4.4 million in quarterly revenue for Q4 2022 with YTD 2022 revenue at an impressive $25.9 million, up 20.6% from the prior year. It also announced that the Fr8Now brand was expected to start operations “in the near future”. Fr8Tech management also announced that its 2023 revenue guidance is $36 million in annual revenue, representing a nearly 40% growth from Fr8App’s 2022 full-year revenue.
What is LTL?
LTL is an acronym for Less Than Truckload, meaning shipments of cargo that do not occupy the full capacity of a truck, or FTL. The LTL service works by consolidating multiple shipments from different clients into the same truck, which allows for reduced shipping costs for each shipper but higher margins for the consolidator of the shipments.
About Fr8Now
Fr8Now was developed to be the go-to choice for businesses of all sizes looking for reliable and efficient LTL shipping services originating in Mexico. Our streamlined booking process, nationwide coverage, and network of reputable carriers ensure that your shipment arrives on time and in perfect condition, every time. At Fr8Now, we understand the importance of your shipment and are committed to providing exceptional service. Our team of experienced logistics professionals is dedicated to handling every aspect of your shipment, so you can focus on growing your business. Don't settle for anything less than the best in LTL shipping. Contact Fr8Now today for a free quote and experience the difference our trusted platform can make for your business. Freight Technologies' Fr8Now is now available for businesses looking to ship LTL within Mexico. For more information, visit https://fr8now.mx/
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 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.
