Freight Technologies Inc.’s (NASDAQ: FRGT) Fr8App Selected by Leading Packaging Company to Manage Cross-Border Shipping

  • Freight Technologies recently announced a significant collaboration with Envases Universales, one of the world’s largest packaging companies
  • The collaboration, anchored in a contract estimated to be valued at over $5 million, is intended to help manage Envases’ transportation needs over the next year
  • According to Fr8Tech, the contract demonstrates Fr8App’s commitment to delivering exceptional transportation services as well as its ability to meet the evolving needs of its clients
  • The collaboration with Envases Universales follows a Jan. 2024 contract with Kawasaki Motores de Mexico for cross-border logistics services

Freight Technologies (NASDAQ: FRGT) (“Fr8Tech”), a technology company, recently announced that its custom-developed, industry-leading Fr8App freight matching platform has been selected by Envases Universales, one of the world’s largest packaging companies, to help manage Envases’ transportation needs over the next 12 months. According to the company, Fr8App was awarded 24 dedicated routes, mostly from Mexico to the U.S., through Envases’ annual 2024 request for quotation (“RFQ”) (https://ibn.fm/0E0rw).

Powered by artificial intelligence (“AI”), machine learning, and cloud computing, the F8App freight-matching platform offers a real-time portal for B2B cross-border and domestic shipping within the USMCA region. It seamlessly connects shippers with an extensive network of carriers and drivers, ensuring reliable and efficient transportation of cargo and optimizing logistics. Moreover, Fr8App uses innovative technology and solutions like live pricing, real-time tracking, fleet management, transportation management, digital freight marketplace, broker, and committed capacity planning to improve matching and operation efficiency.

According to the Feb. 26 news release announcing the significant collaboration with Envases, the awards, estimated to be worth more than $5 million, demonstrate Fr8App’s commitment to delivering exceptional transportation services as well as its ability to meet the ever-changing needs of its clients. Moreover, they underline Fr8App’s expansive network and ability to manage cross-border logistics efficiently. Over the next year, Fr8App will oversee the transportation of over 1,600 loads, ensuring that Envases Universales’ goods are delivered securely and in a timely fashion.

“We are thrilled to have been chosen by Envases Universales to help manage their transportation needs over the coming year,” conveyed Fr8App’s CEO Javier Selgas. “This collaboration not only speaks to our capabilities but also to the trust Envases Universales has in our ability to deliver exceptional service. It also highlights the importance of tactical collaboration between the companies in driving profitable growth and achieving excellence in dependable and efficient logistics execution.”

Fr8Tech nevertheless pointed out that the value of the awarded routes may change based on the needs of Envases Universales, as influenced by the customer demand, or the production output. The company, however, believes the likelihood of Envases Universales experiencing lower-than-expected customer demand or production levels – which may lead to adjustments to the number of awarded routes – is low. Fr8Tech bases this low-probability outcome on Envases Universales’ market leadership in the packaging industry.

Envases Universales is a leading global supplier of quality packaging solutions. The company specializes in the manufacture and supply of aluminum beverage packaging, PET packaging, and food and industrial packaging. It is comprised of 84 manufacturing facilities across the world (https://ibn.fm/VjXOc).

The collaboration with Envases Universales follows the materialization of a contract that Fr8Tech entered with Kawasaki Motores de Mexico, a division of Kawasaki Heavy Industries, Ltd., for cross-border logistics services. Announced Jan. 16, the contract will see Fr8App orchestrate the cross-border logistics for Kawasaki’s iconic Jet Ski models (https://ibn.fm/prruE).

“At Freight Technologies, we take immense pride not only in what we do but also in being chosen by global industries to revolutionize cross-border logistics. This contract with Kawasaki Motores de Mexico is a testament to our commitment to delivering cutting-edge solutions to a variety of industries,” said Selgas of the collaboration.

For more information, visit the company’s website at www.Fr8Technologies.com and its 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

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