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Freight Technologies Inc. (NASDAQ: FRGT) Using Technology to Help Customers Overcome Challenges of Cross-Border Logistics, Greatly Improving Efficiency
September 20, 2022

Freight Technologies Inc. (NASDAQ: FRGT) Using Technology to Help Customers Overcome Challenges of Cross-Border Logistics, Greatly Improving Efficiency

  • Freight Technologies is a technology company that develops solutions aimed at optimizing and automating the supply chain process
  • The company’s solutions include Fr8App Platform, Fr8FMS, cloud-based Fr8TMS, Fr8Radar, Fr8Data, and Fr8Fleet
  • Early this year, Freight Technologies unveiled Fr8Fleet, a technology solution for committed capacity planning, and announced it had secured its first contract for this product with Kimberly Clark de Mexico (“KCM”)
  • The company recently reported an expanded relationship with KCM following an agreement to include the Fr8App platform for cross-border logistics for shipments from Mexico to the U.S.

An insights report by multinational KPMG, entitled “The challenges of cross-border international trade,” lists logistics and supply chain as one of the major impediments businesses and suppliers must overcome to build effective and adequate cross-border trading capacity. “Tracking orders, determining liabilities for in-transit goods, and meeting promised delivery timeframes can all be more challenging in cross-border trade due to multicarrier handoffs and border delays,” the report underlines (https://ibn.fm/8qQPg).

In addition to choosing between cross-border shipping or localized fulfillments – two core options to handle the complexity of international logistics – the report recommends the use of technology. “Technology can further simplify the challenges through multi carrier software platforms (also known as logistics control towers), which can select the most appropriate shipping partners and plan routes, prepare parcels for export, and pass on the exporter of record and liability elements to third parties,” the report explains.

Freight Technologies (NASDAQ: FRGT) (“Fr8Tech”), a technology company that develops solutions aimed at optimizing and automating the supply chain process, has always understood the importance of integrating technology into logistics. Through its wholly owned subsidiary Freight App, Inc. (“Fr8App”), the company offers solutions such as the Fr8App Platform, a B2B cross-border shipping marketplace powered by artificial intelligence (“AI”) and machine learning; Fr8FMS, a solution that enables transportation companies and owners to handle their own fleet, thereby reducing operational costs; cloud-based Fr8TMS that allows users to manage fleet and request freight services on the marketplace; Fr8Radar; and Fr8Data.

These technology solutions, the company holds, aim to contribute to its customers’ success by improving their efficiency and profitability. In a February 7 news release that further embodies this commitment, Fr8Tech unveiled Fr8Fleet, a technology solution that facilitates capacity planning by enabling corporate shippers to purchase fleet capacity over time – rather than on a trip-by-trip basis – in exchange for a flat fee (https://ibn.fm/g3FCv). According to CEO Javier Selgas’s comments on the new technology, Fr8Fleet affords participating carriers a steady stream of revenue while solving the need by shippers to secure capacity over time, particularly in the current tight market.

As part of the unveiling, Fr8Tech also announced an agreement with the first corporate client for its Fr8Fleet technology, Kimberly-Clark de Mexico, S.A.B. de C.V. (“KCM”), a leading public company in Mexico that manufactures and commercializes branded consumer products. The initial arrangement was later expanded to include dedicated truck services on the Fr8App Platform for KCM as well as traditional spot services within domestic Mexico.

Fr8Tech and KCM recently expanded their working relationship even further when the former announced that its Fr8App Platform for KCM would now support cross-border logistics for shipments from Mexico to the United States. As a result, Fr8Tech now supports three types of logistics services for the consumer products manufacturer (https://ibn.fm/RwjLn).

“Pleased with the level of service and value KCM received from Fr8Fleet and domestic spot services, KCM logistics management chose the Fr8App platform to address their needs for the U.S./Mexico cross-border traffic,” commented Javier Selgas. “As KCM is one of the top consumer product manufacturers in North America, this important development validates Fr8Tech’s platform and services. KCM’s expanding relationship highlights our potential to increase business with existing customers as well as capture more transportation logistics trade from corporations of all sizes.”

Fr8Tech aims to revolutionize logistics operations for brokers, carriers, and shippers by leveraging technology infrastructure to improve experiences and efficiency. The infrastructure combines everything in a single control center, optimizing logistics, making fleets more efficient, and reducing transportation costs.

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

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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