HOUSTON, June 27, 2022 (GLOBE NEWSWIRE) -- Freight Technologies, Inc. (Nasdaq: FRGT, Fr8Tech) is a technology company developing solutions to optimize and automate the supply chain process and providing a platform for B2B cross-border shipping in the NAFTA region. Fr8Tech’s wholly owned Mexican subsidiary, Freight App de Mexico, SA de CV, is on schedule to automate alignment with CFDI 4.0, a legal requirement for companies that are registered to Mexico’s Tax Administration Service (SAT). Fr8App’s footprint in Mexico is extensive, providing only the foremost service to their clients and suppliers through technology.
Javier Selgas, CEO of Freight Technologies and Fr8App, said “We are on schedule to be prepared to support our clients with the new tax requirements by July 2022 and we will help our clients comply with this essential fiscal reporting requirement, which will allow us to reinforce our business relationships in Mexico. By addressing complex tax compliance issues with technology and automation, we increase the value-added nature of our services for anyone that requires CFDI compliance. We believe that smaller carriers can’t afford to develop these solutions in a timely way on their own, so our ability to provide them with an automated tool increases our value proposition for them. ”
CFDI 4.0
CFDI 4.0 is the new version of the Internet Digital Tax Receipt, which will be used by taxpayers to issue their electronic invoices, replacing the previous version (CFDI 3.3). Reporting all transactions using the CFDI 4.0 standard was initially set to be mandatory as of July 2022, but the tax authorities granted an extension to January 2023. The new 4.0 version includes fields to identify the operations where there is an export of goods, identifies if the operations covered by the receipt are subject to indirect taxes and it incorporates new sections to report information regarding operations with the general public; as well as those that are made on behalf of third parties. Non-compliance could result in fines or halting of deliveries with non-compliant paperwork.
About Freight Technologies Inc.
Freight Technologies (Fr8Tech, Nasdaq: FRGT), 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 NAFTA 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 the acquisition.
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 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, the ability of Fr8App to grow and 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 by 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.
Fr8Tech Contact:
Kirsten Chapman, LHA Investor Relations, fr8tech@lhai.com, 415.433.3777
