Freight Technologies Advances Transformation to Accelerate Innovation, Reduce Costs, and Drive Growth
-Fr8Tech's Transportation Management System (TMS) to formally launch in February
-Company announces workforce reduction to create operational efficiencies and align resources
HOUSTON, Feb. 07, 2025 (GLOBE NEWSWIRE) -- Freight Technologies, Inc. (Nasdaq: FRGT) ('Fr8Tech'' or 'Freight Technologies'' 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, today announced significant updates in its strategic evolution as a technology-centric enterprise.
Fr8Tech continues to advance its transformational focus on technological innovation to enhance and expand current operations with its valued customers, as it builds upon the commercialization of its Transportation Management System (TMS) software, scheduled to formally launch later this month. Fr8Tech's TMS serves as an in-house digital command center for logistics teams, enabling them to oversee and optimize the movement of goods with enhanced precision. It allows companies to track shipments in real-time, select the most suitable carriers, administer delivery routes, communicate with drivers, manage documentation, and integrate with both inventory and billing systems. By automating these processes and delivering actionable insights, our TMS can significantly reduce costs and risks, improve decision-making and operational efficiency, and elevate overall supply chain management performance.
'Our commitment to evolving into a leading technology company is evident with the launch of our game-changing TMS,' said Javier Selgas, CEO of Freight Technologies. 'By embracing automation and reducing manual processes, we are not only enhancing our service offerings but also paving the way toward sustainable profitability. This transformation allows us to better serve our customers and deliver increased value to our shareholders.'
As part of this transformation, the Company has conducted a comprehensive, organization-wide analysis to determine the appropriate team size and structure. Following this review, the Company has completed a headcount restructuring process aimed at streamlining operations and reducing costs. This includes a 20% reduction in workforce across the Company to create operational efficiencies and align resources to support our technology-driven objectives. CFO Don Quinby noted, 'Workforce reductions are always difficult and never a decision we make lightly. We are making every effort to treat our departing colleagues with respect and gratitude for their contributions and support them in their transition. These measures are expected to strengthen Fr8Tech's financial results over 2025 and better position the Company to reach profitability on an adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) basis by the end of the year.'
Other recent developments further underscore Fr8Tech's dedication to this strategic direction. Earlier this year, the Company successfully completed a $3 million private placement offering of convertible preferred stock, bolstering its financial position to support ongoing software development. Additionally, Fr8Tech has renewed a multi-year logistics services agreement with Kimberly-Clark de México and other large enterprise customers, reflecting continued expansion and adoption of our innovative and cost-effective solutions.
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 Monterrey, Mexico. 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 SEC.
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.
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