SOURCE: myFreightWorld Technologies Inc.

myFreightWorld Technologies Inc.

October 07, 2010 08:30 ET

myFreightWorld Technologies Completes Acquisition With All Modes Transportation

Combined Retail Business to Generate Revenues of $10 Million in 2011

OVERLAND PARK, KS--(Marketwire - October 7, 2010) -  myFreightWorld Technologies Inc. (PINKSHEETS: MYFT) (www.myfreightworld.com) and privately held All Modes Transportation ("All Modes") (www.allmodestrans.com) of Kansas City jointly announced today the completion of their acquisition agreement previously announced on August 6, 2010. Effective September 1, 2010, MYFT's retail division has merged into All Modes, a freight transportation services company with over 75 years of industry management experience.

As a result of the transaction, CEO of All Modes, Stephen Ruggiero, will preside over the company's combined retail division, including the integration of technology-based sales and marketing tools presently used by All Modes. Since All Modes' inception in 2007, revenues have doubled every year. For 2008 and 2009, All Modes revenues were $2,219,000 and $5,336,000, respectively. Revenues projected for 2011 are in excess of $10,000,000. myFreightWorld expects the acquisition to be non-dilutive and accretive to earnings in 2011.

CEO of myFreightWorld, J. Michael Head, stated, "With this acquisition complete, our retail division will take an important leap forward, while MYFT focuses on our wholesale business. All Modes is the perfect platform for that to happen. We are now able to reduce our overhead costs, while we grow our gross margins and revenue streams more effectively. Under the direction of Stephen Ruggiero, we have gained an experienced logistics executive. His ingenuity and forward-thinking use of technology in the truckload sector complements to our core competency in the less-than-truckload sector, and brings new value-added tools to expand our wholesale IT product. This creates a strong cross-selling, shared services platform from which to accelerate our top- and bottom-line growth."

About myFreightWorld

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.

Notice on Forward-Looking Statements

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 Securities and Exchange Commission including the company's Annual Report, Quarterly Reports and other periodic filings.

Contact Information

  • Contact:
    J. Michael Head
    CEO
    myFreightWorld Technologies Inc.
    Tel: 877-549-9438
    Email Contact