HOUSTON, Oct. 25, 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, proudly announces a significant achievement with the recent success of securing an RFQ (Request for Quotation) from a leading global pharmaceutical giant.
The prestigious pharmaceutical conglomerate, renowned for its unwavering commitment to global health and life-changing innovations, has chosen Fr8App as its trusted partner for a crucial logistics operation. This RFQ win marks a monumental milestone for the organization and underscores its continued dedication to excellence and industry-leading logistics solutions.
Under the terms of the RFQ, Fr8App has been awarded 33 lanes to transport pharmaceutical goods from the United States to both Mexico and Canada. The project entails the movement of one to three loads daily per lane, ensuring the timely and secure delivery of vital pharmaceutical products to these international destinations. This immense responsibility is a testament to Fr8Tech’s unwavering commitment to safety, reliability and precision in logistics operations.
The duration of the RFQ extends over seven months, during which Fr8App will provide uninterrupted, end-to-end logistics solutions, including secure transportation, tracking and reporting for each load. Fr8App’s dedicated team of professionals will be overseeing this vital operation to guarantee the smooth and efficient delivery of these critical pharmaceutical products.
"We are incredibly proud and honored to have been chosen to undertake this vital logistics operation," said Javier Selgas, CEO of Fr8Tech. "This achievement represents a significant step in our mission to provide world-class logistics services, especially in the pharmaceutical industry, where precision and reliability are paramount. Our team is ready and excited to meet the high expectations of our esteemed client," concluded Selgas.
With this RFQ win, Fr8App continues to solidify its presence in the competitive logistics market while establishing itself as a trusted partner for global companies in need of secure and efficient transportation solutions.
About Fr8App
Fr8App is a freight forwarding matching platform that uses innovative technology to connect shippers and carriers with available loads and trucks. With a focus on user experience and real-time data, Fr8App is making it easier than ever for businesses to manage their logistics operations and streamline their supply chain. For more information, please visit Fr8App
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, 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 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.
