myFreightWorld Technologies Inc. Acquires 100% of Informed Logistics Technologies, LLC Necessary to Complete Full Reporting S...
July 20 2011 - 9:15AM
Marketwired
myFreightWorld Technologies Inc. (PINKSHEETS: MYFT) announced today
that it has reached an agreement with all principals and founders
to acquire 100% of Informed Logistics Technologies, LLC (ILT), the
founding information technology company that is the basis of all
MYFT operating systems and software innovations. The ILT
acquisition is valued at over $6,000,000.
CEO of myFreightWorld, J. Michael Head, stated, "MYFT has had
the option to acquire 51% of ILT since the original acquisition of
the myFreightWorld Contract Management group. I'm pleased to report
that we have structured an agreement to acquire 100% of ILT.
Combining ownership was always our intention as soon as we achieved
positive Earnings Before Income Taxes, Depreciation and
Amortization (EBITDA), which we did in May. This acquisition
ensures that MYFT controls the technology development going
forward, in addition to eliminating the substantial fees that were
paid to ILT for ongoing software system rights. Our audit and
finance team recommended this transaction in order to consolidate
the financial statements before the completion of the audit."
Mr. Head also commented on the Company's financial audit, "The
undertaking to complete a comprehensive, financial audit has
required every company department to fully examine and report on an
extensive pre-audit checklist. Management continues to diligently
work towards completing all financial reporting as evidenced by the
timing of ILT acquisition. While this undertaking has taken longer
than our earlier estimates for completion, our commitment to
becoming a full-reporting entity, and eventually up-list MYFT,
remains firm."
Mr. Head continued, "Our executive team is focused on the long
term goals of the Company as further evidenced by the fact that we
are at the completion stage of our fund raising efforts, which will
ensure the completion of the financial audit and the continued
growth of the organization. Please note that our executive team and
I are well aware of the short-term negative impact that our share
price has endured during our recent 'quiet period' and the delay in
the completion of our financial audit. However, our focus remains
on the long term, as we hope that it is for all shareholders. I'm
confident that those shareholders who continue to be patient will
be rewarded. Let's not lose sight of the fact that we achieved
positive EBITDA despite challenging economic times, plus we now own
our technology base. I would like to remind our shareholders that
while MYFT provides transportation services to the 3PL market, our
technology is what sets us apart. The acquisition of ILT not only
adds tremendous value to our enterprise today, but its technology
is the fuel that will drive our value in the future."
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 suppliers of shipments during the entire Shipment Life
Cycle. For more information, see www.myfreightworld.com.
myFreightWorld's mission is to realize shareholder value and
wealth through monetization of its projects and potential
discoveries through partnerships with significant participants 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 consequence of new information, future events, or otherwise.
Statements are subject to risks and uncertainties that may cause
actual outcomes 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: Investor Relations Contact: Equiti-trend Advisors, LLC
(800) 953-3350
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