Hudson Capital Combines with Freight App, Inc., Adopts its Leadership Team and US Headquarters
February 15 2022 - 7:05AM
Hudson Capital Inc. (NASDAQ: HUSN) (Hudson) acquired 100% of
Freight App, Inc. (Fr8App) as a wholly owned subsidiary on Monday,
February 14, 2022. As part of the transaction, Hudson appointed
Fr8App’s leadership to replace Hudson’s retiring board, CEO Warren
Wang, and CFO Man Yun and adopted Fr8App’s U.S. Headquarters in
Houston, Texas. Effective February 15, 2022, Hudson Capital, Inc.
named Javier Selgas as CEO and Paul Freudenthaler as CFO. The newly
appointed Board of Directors includes Selgas and independent
directors Nicholas Adler, Marc Urbach, and William Samuels.
Selgas stated, “This merger is a culmination of nearly two years
of dedicated work and investment. I want to thank Mr. Wang and Mr.
Yun for their involvement in this process and to also thank the
former board of directors for their service. We are grateful for
their contributions and are excited to now be a part of a
US-headquartered, publicly listed company.”
“We believe, Fr8App, a U.S.-headquartered, North American
company, is fast becoming a leader in transportation logistics
technology with a focus on US-Mexico cross-border shipping. Fr8App
grew revenue by 119% in 2020 and based on preliminary results, by
134% in 2021 over the prior year. Fr8App offerings provide
compelling solutions to carrier and shipper partners and to
logistics industry needs in general in a freight market that is
second only in size to the US domestic fleet market,” concluded
Selgas.
Freudenthaler said, “Confident in Fr8App’s long-term growth,
Fr8App shareholders invested over $20 million in the company over
the past 18 months. Over the next several quarters, we expect to
simplify our capital structure. As a public company, we plan to
capitalize on a number of growth opportunities which may include
developing additional technology and/or acquiring complementary
offerings to our present suite of solutions.”
Fr8App Webinar CEO Javier Selgas, CFO Paul
Freudenthaler and President Mike Flinker will hold a webinar on
Wednesday, February 23, 2022 at noon ET to discuss the company and
its vision for 2022.
About Hudson Capital Inc. and Freight App,
Inc.Freight App, Inc. (Fr8App), North American
transportation logistics technology platform company focused on
US-Mexico cross-border shipping, is a wholly-owned subsidiary of
Hudson Capital Inc. (NASDAQ: HUSN) headquartered in Houston, Texas.
Fr8App, focusing on truckload freight for domestic and cross-border
markets in Mexico, the US and Canada, makes shipping simple,
transparent, and efficient. 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 and real-time tracking, digital freight
marketplace, broker, transportation management, fleet management,
and committed capacity solutions.
Forward Looking StatementsThis press release
includes “forward-looking statements” within the meaning of the
“safe harbor” provisions of the United States Private Securities
Litigation Reform Act of 1995. Hudson Capital’s and Fr8App’s actual
results may differ from their expectations, estimates, and
projections and, consequently, you should not rely on these
forward-looking statements as predictions of future events. Words
such as “expect,” “estimate,” “project,” “budget,” “forecast,”
“anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,”
“believes,” “predicts,” “potential,” “continue,” and similar
expressions (or the negative versions of such words or expressions)
are intended to identify such forward-looking statements. These
forward-looking statements include, without limitation, Hudson
Capital’s and Fr8App’s expectations with respect to future
performance and anticipated financial impacts of the
acquisition.
These forward-looking statements involve significant risks and
uncertainties that could cause the actual results to differ
materially from those discussed in the forward-looking statements.
Most of these factors are outside Hudson Capital’s and Fr8App’s
control and are difficult to predict. Factors that may cause such
differences include, but are not limited to: (1) the impact of
COVID-19 pandemic on Fr8App’s business; (2) the inability to obtain
or maintain the listing of Hudson Capital’s ordinary shares on
Nasdaq; (3) the risk that the acquisition disrupts current plans
and operations as a result of the announcement and consummation of
the merger; (4) the ability to recognize the anticipated benefits
of the merger, which may be affected by, among other things,
competition, the ability of Fr8App to grow and manage growth
profitably, and retain its key employees; (5) costs related to the
merger; (6) changes in applicable laws or regulations; (7) the
possibility that Hudson Capital or Fr8App may be adversely affected
by other economic, business, and/or competitive factors; (8) risks
relating to the uncertainty of the projected financial information
with respect to Fr8App; (9) risks related to the organic and
inorganic growth of Fr8App’s business and the timing of expected
business milestones; and (10) other risks and uncertainties
identified, including those under “Risk Factors”, to be filed by in
Hudson Capital’s other filings with the SEC. Hudson Capital
cautions that the foregoing list of factors is not exclusive.
Should one or more of these risks or uncertainties materialize, or
should underlying assumptions prove incorrect, actual results may
vary materially from those indicated or anticipated by such
forward-looking statements. Hudson Capital and Fr8App caution
readers not to place undue reliance upon any forward-looking
statements, which speak only as of the date made. Hudson Capital
and Fr8App do not undertake or accept any obligation or undertaking
to release publicly any updates or revisions to any forward-looking
statements to reflect any change in their expectations or any
change in events, conditions, or circumstances on which any such
statement is based.
Fr8App Contact:Kirsten Chapman, LHA Investor
Relations, fr8app@lhai.com, 415.433.3777
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