HOUSTON, March 30, 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, secured a contract with Whirlpool Mexico for domestic logistics shipping services.
Rafael Flores, Sr. Manager Logistics of Whirlpool Mexico: "Aligned with Whirlpool's vision of improving life at home and being closer to our consumers, in the logistics area we are looking for new strategic solutions such as Fr8App linked to our commitment to sustainable practices by eliminating the use of paper tracking and the good service they have so far presented to our customers. We are confident that this is the beginning of a great relationship."
"Fr8App's commitment to innovative logistics solutions has been recognized with a major milestone - securing participation on our platform by one of the world's largest home appliance manufacturers, Whirlpool. This significant accomplishment reinforces our position as a trusted logistics partner and paves the way for a promising future with a key industry player. Our team is dedicated to delivering high-quality services supported by the best technologies and that prioritize efficiency and sustainability for all of our clients. We look forward to continuing to exceed their expectations." - Javier Selgas, CEO of Fr8Tech.
Fr8Tech ordinary shares underwent a 10 to:1 reverse share split to regain Nasdaq compliance with trading post-split beginning as of market open on March 24, 2023. The number of outstanding ordinary shares immediately following the reverse split was 3,271,386. The adjusted capital value of the company, based on shares outstanding following the reverse split and the share price as of close of market on March 28, 2023 of $1.460, was approximately $4.8 million, a 92.7% discount to independent analyst's target price for the company's ordinary shares of $20 per share on a split-adjusted basis. This implies a potential upside of over 12X on the closing price of March 28, 2023 of $1.460. The adjusted capital value of the company based on the closing price on March 28, 2023 of $4.7 million amounts to approximately 18.5% of TTM revenues for the year-ended December 31, 2022 of $25.9 million, and is 13.3% of company guidance of $36 million for total 2023 revenues. Both discount percentages are figures that the company believes to be significant discounts to market comparable shares.
About Whirlpool Corporation
Whirlpool Corporation (NYSE: WHR) is committed to being the best global kitchen and laundry company, in constant pursuit of improving life at home. In an increasingly digital world, the company is driving purposeful innovation to meet the evolving needs of consumers through its iconic brand portfolio, including Whirlpool, KitchenAid, Maytag, Consul, Brastemp, Amana, Bauknecht, JennAir, Indesit, Yummly and InSinkErator. In 2022, the company reported approximately $20 billion in annual sales, 61,000 employees and 56 manufacturing and technology research centers. Additional information about the company can be found at WhirlpoolCorp.com
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.
