SOURCE: myFreightWorld Technologies Inc.

myFreightWorld Technologies Inc.

May 05, 2011 09:00 ET

myFreightWorld Increases Managed Revenues to Over $260 Million With Closing of FMI Agreement

OVERLAND PARK, KS--(Marketwire - May 5, 2011) - myFreightWorld Inc. (PINKSHEETS: MYFT) today announced that it has closed on an agreement with Anaheim, California-based Freight Management Inc. (FMI) (http://www.freightmgmt.com/cms/), a worldwide provider of freight services, which will result in MYFT's managed revenues increasing to $268 million. The agreement involves the transfer of MYFT's retail contract management business to a subsidiary operation that will be managed by FMI. In addition, FMI has agreed to utilize MYFT's suite of enterprise logistical management services on 100% of its managed accounts.

FMI CEO Bob Walters stated, "Today's announcement is the result of our team's hard work over the past 15 months when MYFT first announced forming a strategic alliance with us. During that time, we have devoted time and resources to develop the best possible systems for our existing customer base and created the foundation for exponential growth."

MYFT CEO J. Michael Head commented, "This is a milestone achievement in our business plan. FMI is a 40-year veteran in the transportation industry and the market clout they bring positions us for profitable growth. With this alliance, we have entered the estimated $30 Billion Less-than-Truckload market. This has enabled us to increase our managed revenues by over $200 million. Bringing Bob Walters, CEO, Tim Ponder, President, both of FMI and their very talented management group into our team also bolsters our domain knowledge significantly."

About myFreightWorld Technologies Inc.

myFreightWorld Technologies Inc. is a business services firm that specializes in providing technology, transportation and supply chain management services to third party logistics managers (3PLs) and transportation intermediaries (TIs), primarily in the United States. Leveraging its proprietary Web-based software platform, the Company provides its 3PL and Motor Carrier customers with a Customer Relationship Management (CRM) information pipeline that provides complete visibility to shippers, consignees and other interested parties of shipments during the entire Shipment Life Cycle. For more information, see www.myfreightworld.com.

myFreightWorld's vision is to realize shareholder value and wealth through monetization of its projects and potential discoveries through partnerships with significant players with ready capital and production expertise. The matters set forth in this press release may contain forward-looking statements regarding myFreightWorld and its business within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements speak only as of the date on which they are made and myFreightWorld undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. Statements are subject to risks and uncertainties that may cause actual results to differ materially. These risks are detailed from time to time in the company's periodic reports filed with the OTC Pinksheets including the company's Annual Report, Quarterly Reports and other periodic filings.

Contact Information

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    Investor Relations Contact:
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    (800) 953-3350