NetworkNewsBreaks – Freight Technologies Inc. (N
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Posted On: 05/08/2023 4:36:48 PM
NetworkNewsBreaks – Freight Technologies Inc. (NASDAQ: FRGT) Discontinues Alliance with Mexico-Based Freight Company
Freight Technologies (NASDAQ: FRGT), a technology company whose custom-developed Fr8App offers a real-time portal for business-to-business (“B2B”) cross-border shipping and domestic shipping within the USMCA region, has discontinued its alliance with Zaro Transportation. Fr8App is an industry-leading freight-matching platform powered by AI and machine-learning. “At Fr8Tech, we entered into the strategic alliance with Zaro expecting to be able to reach a certain level of sales at margins that we expected would be lower than our other business segments but at acceptable levels,” said Fr8App CEO Javier Selgas in the press release. “Our alliance with Zaro enhanced Zaro’s ability to provide services in the tremendously competitive U.S. freight market, but recent market conditions — including significant insurance premium increases for our alliance — caused us to re-evaluate the longer-term prospects of this opportunity. We decided to discontinue the alliance to allow the Fr8Tech team to focus on our higher-margin segments. We recently announced that we had our highest monthly increase in new clients during the month of March 2023. We need to focus our limited resources to growing these promising segments over what is now a highly competitive, low-margin U.S. domestic business.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Freight Technologies (NASDAQ: FRGT), a technology company whose custom-developed Fr8App offers a real-time portal for business-to-business (“B2B”) cross-border shipping and domestic shipping within the USMCA region, has discontinued its alliance with Zaro Transportation. Fr8App is an industry-leading freight-matching platform powered by AI and machine-learning. “At Fr8Tech, we entered into the strategic alliance with Zaro expecting to be able to reach a certain level of sales at margins that we expected would be lower than our other business segments but at acceptable levels,” said Fr8App CEO Javier Selgas in the press release. “Our alliance with Zaro enhanced Zaro’s ability to provide services in the tremendously competitive U.S. freight market, but recent market conditions — including significant insurance premium increases for our alliance — caused us to re-evaluate the longer-term prospects of this opportunity. We decided to discontinue the alliance to allow the Fr8Tech team to focus on our higher-margin segments. We recently announced that we had our highest monthly increase in new clients during the month of March 2023. We need to focus our limited resources to growing these promising segments over what is now a highly competitive, low-margin U.S. domestic business.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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