Freight Technologies (NASDAQ: FRGT) (“Fr8Tech”), a tech company whose flagship platform, Fr8App, offers industry-leading freight matching services powered by Artificial Intelligence (“AI”) and machine learning, just secured the participation of Whirlpool, one of the world’s largest home appliance manufacturers. According to the company’s CEO, Javier Selgas, this milestone directly reflects the company’s commitment to creating innovative logistics solutions and pushing the envelope concerning improving B2B cross-border shipping and domestic shipping within the USMCA region.
“This significant accomplishment reinforces our position as a trusted logistics partner and paves the way for a promising future with a key industry player,” noted Mr. Selgas (https://ibn.fm/yODaf).
Rafael Flores, the Sr. Manager of Logistics at Whirlpool Mexico, lauded Fr8Tech’s offering, citing how it “aligned with Whirlpool’s vision of improving life at home and being closer to our customers.” In addition, he noted that with the help of Fr8TECH, Whirlpool would leverage new strategic solutions such as Fr8App, which will help it live up to its commitment to sustainable practices by doing away with paper tracking.
“We are confident that this is the beginning of a great relationship,” noted Mr. Flores.
Whirlpool is committed to being the best global kitchen and laundry company. Through innovation and partnerships with entities such as Fr8Tech, the company is constantly pursuing to bring its exceptional products closer to the people in a move to improve life at home. In 2022, the company posted approximately $20 billion in annual sales, with a workforce of over 61,000. With the Fr8App strategic solution, Whirlpool Mexico is optimistic that it will improve its operations within the USMCA region and continue to deliver the excellent service it has always presented to its customers.
“Our team is dedicated to delivering high-quality services supported by the best technologies and that prioritize efficiency and sustainability for all our clients,” noted Mr. Selgas.
“We look forward to continuing to exceed their expectations,” he added.
Fr8Tech ordinary shares also underwent a 10 to :1 reverse share split to regain Nasdaq compliance as of market opening on March 24, 2023. This brought the number of outstanding ordinary shares to 3,271,386, with an adjusted capital value as of the close of market on March 38, 2023, of $4.8 million, based on a share price of $1.460. This represented a 92.7% discount to independent analysts’ target price for the company’s ordinary shares of $20 per share on a split-adjusted basis.
The adjusted capital value of the company, based on the closing price on March 28, 2023, of $4.7 million, amounted to approximately 18.5% of TTM revenues for the year ended December 31, 2022, of $25.9 million. It also represented 13.3% of company guidance of $36 million for total 2023 revenues.
For more information, visit the company’s website at www.Fr8Technologies.com, and their freight matching platform information site at www.Fr8.App.
NOTE TO INVESTORS: The latest news and updates relating to FRGT are available in the company’s newsroom at https://ibn.fm/FRGT
Corporate Communications
IBN (InvestorBrandNetwork)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
Editor@InvestorBrandNetwork.com
About TechMediaWire
TechMediaWire (“TMW”) is a tech-focused financial news and content distribution company, one of 50+ brands within IBN, providing: (1) access to a network of wire solutions via InvestorWire to reach all target markets, industries and demographics in the most effective manner possible; (2) article and editorial syndication to 5,000+ news outlets; (3) enhanced press release solutions to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of corporate communications solutions. As a specialized communications platform with an extensive team of contributing journalists and writers, TMW is uniquely positioned to best serve private and public tech companies that desire to reach a wide audience comprising investors, consumers, journalists and the general public. By putting a spotlight on the latest and greatest in the tech industry, TMW brings its clients unparalleled visibility, recognition and brand awareness. TMW is where investors come to learn about the next big things in tech and the companies that are making them happen.
To receive SMS text alerts from TechMediaWire, text “TECH” to 888-902-4192 (U.S. Mobile Phones Only)
For more information, please visit https://www.TechMediaWire.com
Please see full terms of use and disclaimers on the TechMediaWire website applicable to all content provided by TMW, wherever published or re-published: https://TechMediaWire.com/disclaimer
TechMediaWire (TMW)
Los Angeles, CA
www.TechMediaWire.com
212.418.1217 Office
Editor@TechMediaWire.com
TechMediaWire is part of IBN.
In flood-risk discussion, some policymakers, researchers and industry observers have turned toward mitigation strategies that…
Rail Vision confirmed the completion of its previously announced transaction to acquire a 51% ownership…
The latest agreement represents a follow-on deployment after an initial PureOne rollout announced in December,…
Artificial intelligence is becoming a normal part of daily work for many Americans, according to a new…
Safe Pro Group’s wholly owned ballistics protection unit (Safe-Pro USA LLC) showcased the company’s new…
America’s housing affordability crisis presents powerful opportunity for innovative companies offerings solutions. Xeriant is focused…