- Freight Technologies recently announced receipt of a two-year commitment from Kimberly Clark De Mexico, SAB de CV (“KCM”), that will significantly expand its Fr8PrivateFleet product
- Fr8Tech introduced Fr8PrivateFleet at the end of 2021 through its wholly owned subsidiary Freight App, Inc.capacity
- The product solves shippers’ need to secure freight over time rather than on a trip-by-trip basis and provides carriers, who can deliver the shipper’s loads based on this criterion, with a steady stream of employment opportunities and revenue
- The two-year commitment is set to more than triple Fr8Tech’s capacity in the Fr8PrivateFleet product over three months
Freight Technologies (NASDAQ: FRGT) (“Fr8Tech”), a company specializing in creating and providing supply chain optimization and automation solutions, and Freight App, Inc. (“Fr8App”), its wholly owned subsidiary, have always sought to create offerings that contribute to their clients’ success by improving efficiency and profitability. This operational principle is exemplified by, among others, the company’s technology solution for committed planning, Fr8PrivateFleet, which was launched late last year (https://ibn.fm/IuryE).
Designed to help solve shippers’ needs to secure freight capacity over time rather than on a trip-by-trip basis and guarantee carriers a steady stream of revenue, Fr8PrivateFleet matches carriers who have the capacity to carry a predetermined amount of load over a stated period, with shippers. To take advantage of the convenience offered, shippers pay for the capacity they require, while the carriers commit to using Fr8Tech’s B2B marketplace, known as Fr8App, to operate all of their loads and track the progress of their loads. Active tracking of the loads and their progress helps improve security for all parties.
The advantages of Fr8PrivateFleet persuaded new and existing Fr8App customers to integrate it into their operations, among them the product’s first client, Kimberly Clark de Mexico, SAB de C.V. (“KCM”), and one of Mexico’s largest food producers (https://ibn.fm/hUYKs). Over the months since Fr8Tech announced KCM as Fr8PrivateFleet’s first client in February this year, the relationship has expanded significantly.
For instance, in September, Fr8Tech announced it would support other logistics services for KCM in addition to offering the committed capacity planning product. These include dedicated truck service on the Fr8App platform, traditional spot services within domestic Mexico, and cross-border logistics for shipments from Mexico to the United States and Canada (https://ibn.fm/qarKR).
In a development that further expands this relationship, Fr8Tech recently announced it had secured a two-year commitment from KCM to expand its fleet product. The commitment, once fulfilled, is estimated to triple Fr8Tech’s capacity in its Fr8PrivateFleet solution over the next three months, according to an October 27 news release (https://ibn.fm/6F1Yd).
“It is very rewarding to receive this commitment, which we will begin to fulfill as soon as we secure the capacity required to do so,” commented Luisa Lopez, COO of Fr8App. “An attractive feature of a longer-term contract is that it secures a stream of steady business on our Fr8App platform over the term of the contract. As a company, we have invested a significant amount of time and resources in developing the Fr8PrivateFleet product, and it is very encouraging to receive a commitment of this size from such an important company in this segment.”
Having dedicated time and money over the past year to expand its domestic freight and traffic offerings in both Mexico and the United States, Fr8Tech CEO Javier Selgas notes, the company “trusts that this is the first in a number of new agreements that we will secure over the coming months in relation to our Mexico domestic market offerings. We are only beginning to see a return on this important investment by our company and its investors.”
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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