Freight Technologies, Inc. Enters into new Fr8Private Fleet multi-year commitment with Kimberly Clark de Mexico, S.A.B. de C.V.
Private Fleet Continues Accelerating Growth.
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Freight Technologies, Inc. (Nasdaq: FRGT) (“Fr8Tech” or the “Company”), a technology company developing solutions to optimize and automate the supply chain process as well as providing a platform for B2B cross-border shipping in the United States-Mexico-Canada (USMC) region, today announces it has received a two year commitment to from Kimberly Clark de Mexico, S.A.B. de C.V. to expand its fixed fleet product.
The Company announced the launch of its Fr8Private Fleet product earlier this year. The product has been well received across Mexico, the only country where it is presently offered. Fr8Private Fleet operates on the Company’s B2B platform and commits the Company to provide, and its shipper client to pay for, a predetermined amount of load capacity over a stated period of time. Carriers that offer services via Fr8Private Fleet agree to use the Company’s platform to operate all of their loads and to track the progress of their loads, which helps the Company establish itself as a critical tool for operating within that market. The Company is very pleased to announce that it has received a two-year commitment from Kimberly Clark de Mexico – first client of its product – when fulfilled, is estimated to more than triple its capacity in this product over the next three months.
Luisa Lopez, COO of Fr8App, commented, “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. An attractive feature of a longer term contract is that it secures a stream of steady business for 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 Fr8Private Fleet product, and it is very encouraging to receive a commitment of this size from such an important company in this segment.”
Javier Selgas added, “Over the past year, we dedicated time and money to expanding our domestic traffic offerings in both Mexico and the United States. We trust 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 just starting to see a return on this important investment by our company and its investors.”