myFreightWorld Technologies Completes Acquisition With All Modes Transportation
October 07 2010 - 8:30AM
Marketwired
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: J. Michael Head CEO myFreightWorld Technologies Inc.
Tel: 877-549-9438 Email Contact
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