Freight Technologies (NASDAQ: FRGT) (“Fr8Tech”), an innovative logistics technology solutions company offering its custom-developed Fr8App, an industry-leading freight-matching platform powered by AI and machine learning that offers a real-time portal for B2B cross-border and domestic shipping within the USMCA region, today announced that it has come to an agreement with Freight Opportunities LLC. The agreement will see the extinguishment of $906,000 of outstanding promissory notes and accumulated interest as well as $220,000, the remaining balance of Convertible Notes held on Fr8Tech’s June 30, 2024, balance sheet. According to the announcement, Freight Opportunities remains an equity investor in Fr8Tech.
“This development is very positive news for Freight Technologies. It is a strong vote of confidence in the long-term prospects of the company and in management’s ability to drive real innovation in the logistics industry across the USMCA market. We are excited about the opportunities in front of us and are eager to execute against them in order to deliver long-term results to our stakeholders,” said CEO Javier Selgas.
To view the full press release, visit https://ibn.fm/qBiux
About Freight Technologies Inc.
Freight Technologies (“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, real-time tracking, digital freight marketplace dashboards, brokerage matching, transportation management, fleet management, and committed capacity solutions. The company is headquartered in Houston, Texas. For more information, please visit Fr8Technologies.com.
NOTE TO INVESTORS: The latest news and updates relating to FRGT are available in the company’s newsroom https://ibn.fm/FRGT
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