SOURCE: myFreightWorld Technologies Inc.

myFreightWorld Technologies Inc.

March 17, 2011 00:01 ET

myFreightWorld Technologies Signs Agreement to Convert $2 Million Debt Into Equity

Strengthens Balance Sheet to Become a Fully Reporting Company

OVERLAND PARK, KS--(Marketwire - March 17, 2011) - myFreightWorld Technologies Inc. (PINKSHEETS: MYFT) announced today that a Letter of Intent (LOI) agreement has been reached with MFW Holdings, the founding shareholders of MYFT, to convert an existing $2 Million note payable to MFW Holdings into MYFT common stock. This transaction, upon completion, will eliminate $2 million of debt from MYFT's balance sheet.

"This conversion LOI has been reached for the mutual benefit of both entities and represents a strong vote of confidence by our debtors and long-standing shareholders," said MYFT CEO J. Michael Head. "When the definitive agreement is signed, our balance sheet will be materially improved and completes another important step towards becoming a fully reporting company. Our goal as a fully reporting company is to attain greater transparency and liquidity for our stock, while meeting the highest standards of corporate governance. We expect the definitive agreement to be completed and approved by the Board of Directors in the second quarter of 2011," said MYFT CEO J Michael Head.

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. Demonstrating its commitment to the environment, MYFT is a member of the U.S. EPA SmartWay Transport Partnership. For more information on the Company, visit

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