- Freight Technologies (Fr8Tech) just secured the participation of Whirlpool, one of the world’s largest home appliance manufacturers, in what the CEO, Javier Selgas, regards as a “huge milestone” for the company
- This move reflects Fr8Tech’s commitment to creating innovative logistics solutions and pushing the envelope concerning improving B2B cross-border shipping and domestic shipping within the USMCA region
- 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”
- Mr. Selgas expressed his optimism about the new engagement, noting how confident the company was that this is just the beginning of a great relationship
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.
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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