SOURCE: myFreightWorld Technologies Inc.

myFreightWorld Technologies Inc.

March 06, 2012 09:02 ET

MYFT Promotes White, Gentry, Sims to Senior Positions; Profit Visibility Remains for 2012

OVERLAND PARK, KS--(Marketwire - Mar 6, 2012) - myFreightWorld Technologies, Inc.(PINKSHEETS: MYFT) promoted three key executives into senior positions. Drew White was named Chief Operating Officer, Nick Gentry was named Chief Financial Officer, and Janette Sims Vice President-Finance and Controller.

MYFT also accepted the resignation of Mark Hebden as Executive Vice President and head of Sales and Marketing, effective immediately. The Company has engaged an executive recruiting firm based in Kansas City to place a top-level sales and marketing executive into the management ranks.

"Drew, Nick and Janette have all distinguished themselves superbly during their tenures at myFreightWorld," said Kevin C. Childress, President and CEO. "Drew's performance in organizing and streamlining our processes has allowed us to be more productive at every operating level. Nick's oversight of Finance and IT has allowed us to point the Company in the right direction with much better management information and much tighter visibility into our operations. Janette has taken full control of our numbers and financial operations and has greatly increased our financial controls while spearheading our team in the Company's first audit.

"Our focus will now shift to the top line and the profitable acquisition of new customers along with a deepening of our existing, excellent customer and partner relationships," added Childress.

In his role as COO, Mr. White will be responsible for all of the Company's operations and customer service functions. He previously served as VP-Operations. As CFO, Mr. Gentry will oversee finance, administration and information technology. Mr. Gentry previously served as VP-Finance. Ms. Sims, previously the Company's Controller, will be responsible for audit, cash management, financial statement reporting and forecasting.

"Mark Hebden served the Company with vigor and purpose for seven years and we thank him for that," Mr. Childress added. "The Company bears his mark in many ways."

In addition, Mr. Gentry provided the following information in order to provide an update to the public regarding 2011 results and early 2012 performance. "While our 2011 results are not yet audited, we expect to show a net loss of approximately $1.7 million for 2011, a significant improvement from 2010 on a combined entity basis, but obviously unsustainable," said Gentry. "However, major cost cuts imposed in late 2011, significant productivity increases as noted by Kevin, and several top line growth initiatives have begun to bear fruit. Our January loss before interest, taxes, depreciation, and amortization was reduced significantly from December levels, and that improving trend has continued into February. As we previously announced, the Company continues to anticipate profitability on an EBITDA basis during the second half of 2012 with net profits to follow a few quarters after. We are on or ahead of that plan currently and will have more to say on that subject in our earnings call which will take place later this month."

"Our business recovery continues and I'm more than pleased with the results and trends," said Childress. "Our contract shipment levels are growing at or better than forecast. Our new business pipeline is the most robust in years. Our All Modes subsidiary under the strong leadership of division president Stephen Ruggiero is showing above-forecast growth and profitability and continues to add monthly to both customers and loads. All Modes is expected to see revenue increases in excess of 50% in 2012 over 2011. Moreover, because of productivity benefits derived from combining corporate functions between our two companies, All Modes' economies of scale are expected to improve during 2012, accelerating the division's rate of profit growth as well as that of the consolidated companies. We are very excited about what Stephen is doing at All Modes and the prospect for profitability at the combined entity."

The Company's audit continues to progress on schedule and an announcement regarding 2011 earnings and 2012 prospects will be made during late March. An earnings release and conference call will be announced as the time approaches. A PowerPoint presentation has been made available on the Company's website, http://myfreightworld.com/investor-information, that outlines the Company's progress and strategy.

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