HOUSTON, June 04, 2024 (GLOBE NEWSWIRE) — Freight Technologies, Inc. (“Freight Technologies”, “Fr8Tech” or the “Company”) (NASDAQ: FRGT), an innovative logistics technology solutions company offering its custom-developed Fr8App, an industry-leading freight-matching platform powered by AI and machine learning that offers a real-time portal for B2B cross-border and domestic shipping within the USMCA region, is proud to announce a significant milestone in the expansion of its Fr8Radar module within the Fr8App platform. In the first half of 2024, Fr8Radar has successfully integrated with 15 new GPS providers, bringing the total number of GPS integrations to 28. This advancement brings Fr8App closer to its goal of becoming the most connected, comprehensive, and integrated platform for monitoring trucks in Mexico and facilitating cross-border logistics.
Fr8Radar is an essential module that integrates the Fr8App platform with GPS providers across Mexico and the United States. This integration allows for real-time tracking of truck and trailer positions, directly from the GPS devices installed in the vehicles. With the logistics ecosystem comprising numerous GPS providers, each with its own interface, Fr8Radar consolidated these various interfaces into a single, centralized control center.
“At Freight Technologies, we are committed to advancing the logistics industry through cutting-edge technology,” said Javier Selgas, Chief Executive Officer of Freight Technologies. “The recent expansion of Fr8Radar significantly enhances our platform’s capability to provide real-time visibility and security for our clients. This is particularly crucial for the Mexican over-the-road transportation industry and cross-border logistics involving Mexico, where the risk of cargo theft is a significant concern.”
The integration of multiple GPS providers into one control center not only streamlines operations but also heightens security measures. By offering a consolidated view, Fr8Radar enables transportation companies to anticipate and respond to potential threats more effectively. This proactive approach is vital for safeguarding valuable cargo and ensuring timely deliveries.
Freight Technologies’ continuous integration efforts reflect its dedication to providing the most advanced and reliable solutions in the logistics sector. With the addition of 15 new GPS providers, Fr8Radar now stands as one of the most integrated platforms for truck monitoring in Mexico, offering unparalleled support for cross-border operations.
“Security and efficiency are at the core of our mission,” Mr. Selgas emphasized. “By continuously expanding our network of GPS integrations, we are empowering our clients with the tools they need to protect their assets and optimize their logistics processes.”
About Freight Technologies Inc.
Freight Technologies 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 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, real-time tracking, digital freight marketplace dashboards, brokerage matching, 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 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 impact of the COVID-19 pandemic on Fr8App Inc.’s business, if it should recur; (2) the inability to obtain or maintain the listing of Fr8Tech’s ordinary shares on Nasdaq; (3) changes in applicable laws or regulations; (4) the possibility that Fr8Tech or Fr8App Inc. may be adversely affected by other economic, business and/or competitive factors; (5) risks relating to the uncertainty of the projected financial information with respect to Fr8App Inc.; (6) risks related to the organic and inorganic growth of Fr8App Inc.’s business and the timing of expected business milestones; and (7) other risks and uncertainties identified, including those under “Risk Factors,” to be filed by Freight Technologies in its other filings with the U.S. Securities and Exchange Commission. 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.
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