Hudson Capital Inc. (NASDAQ: HUSN) (Hudson Capital) announced that
Freight App, Inc. (Fr8App), a North American transportation
logistics technology platform company focused on US-Mexico
cross-border shipping with which Hudson Capital has signed a
definitive Merger Agreement, provided full year 2021 revenue
guidance and company updates.
Javier Selgas, CEO of Fr8Hub, said, “2021 has been a successful
year of transformation, including our numerous transportation
logistics innovations, which deliver compelling value adds for both
of our shipper clients and carrier partners.
“In the fourth quarter of 2021, the logistics market began to
improve, overcoming a very challenging environment including the
adverse effects of COVID 19, commercial truck driver shortages,
diesel price shocks, and a severely constrained commercial
logistics chain throughout North America. Building upon our revenue
for the first nine months of 2021 of $16.2 million, we expect full
year 2021 revenue to grow to between $22 million and $23 million,
which represents an increase of at least 140% over 2020. We
anticipate becoming part of a publicly traded company in 2022,
which we expect will provide us with additional organic and
inorganic opportunities. We are proud of our numerous achievements
that position us to grow and drive shareholder value in 2022 and
beyond.”
Select Accomplishments Year-to-date through November
2021
- Grew loads carried to almost 25,000, up from approximately
9,200 for 2020.
- Increased average miles travelled by servicing more direct
shipments to approximately 2,300 from approximately 1,500 in
2020.
- Increased lanes operated by 500% year over year.
- Tripled shipper client count to 395, up from 130 at the end of
2020.
- Broadened the industries served, which now include consumer
goods, packaging, automotive, raw materials, manufacturing, and
logistics.
- Renewed agreements with all top shipper clients.
- Expanded the carrier partner base to over 2,400 from 1,700 at
the end of 2020.
- Launched numerous major new product offerings: broker portal,
Carta Porte compliance with cross-border reporting requirements,
EDI interfaces v1.0 and v2.0, internal pricing tool, offer manager,
and automated onboarding.
- Formed six collaboration agreements with key players in the
logistics industry yielding integrations, including RC Control,
P44, DAT, RMIS, Dangil Distribution Center, and Mesilla Valley
Transportation.
- Invested in human capital, hiring engineers and sales team
members to support the increasing foothold in Mexico and the
strategic expansion in the US and Canada.
- Strengthened executive leadership with key additions at various
levels across the company, including the new Chief Operating
Officer.
About Freight App, Inc.Freight App, Inc.
(Fr8App), formerly known as FreightHub, Inc., makes shipping
simple, transparent, and efficient. A transportation logistics
technology platform company, Fr8App focuses on truckload freight
for domestic and cross-border markets in Mexico, the US and Canada.
As an innovative digital freight marketplace, broker,
transportation management system (TMS) and public API, Fr8App uses
its proprietary technology platform to connect carriers and
shippers that significantly improves matching and operation
efficiency via innovative technologies such as live pricing and
real-time tracking.
About Hudson Capital Inc.Incorporated in 2014,
Hudson Capital Inc. (formerly known as China Internet Nationwide
Financial Services Inc. (NASDAQ: HUSN)) commenced its business by
providing financial advisory services to small and medium size
companies. The traditional business segments include commercial
payment advisory, intermediary bank loan advisory and international
corporate financing advisory services which help clients to meet
their commercial payment and investment needs. For more
information, about Hudson Capital, please see the documents filed
by Hudson Capital with the SEC at www.sec.gov.
In connection with the proposed merger, Hudson Capital intends
to file relevant materials with the Securities and Exchange
Commission (the “SEC”), including a Registration Statement on Form
S-4 (the “Form S-4”) which was filed with the SEC on November 12,
2020, as amended on December 31, 2020, February 8, 2021, May 18,
2021, June 22, 2021, August 4, 2021 and September 1, 2021, and
includes and serves as a proxy statement/prospectus for Hudson
Capital’s shareholders and a prospectus for Fr8App’s stockholders.
Promptly after the Form S-4 is declared effective by the SEC,
Hudson Capital will mail the definitive proxy statement/prospectus
and a proxy card to each shareholder entitled to vote at the
special meeting on the merger and the other proposals set forth in
the proxy statement. SHAREHOLDERS OF HUDSON CAPITAL ARE
URGED TO READ THESE MATERIALS (INCLUDING ANY AMENDMENTS OR
SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS IN CONNECTION
WITH THE MERGER THAT HUDSON CAPITAL WILL FILE WITH THE SEC WHEN
THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION ABOUT HUDSON CAPITAL, FREIGHTAPP AND THE
MERGER. The definitive proxy statement/prospectus and
other relevant materials in connection with the merger (when they
become available), and any other documents filed by Hudson Capital
with the SEC, may be obtained free of charge at the SEC’s website
(www.sec.gov).
Participants in the SolicitationHudson Capital
and its directors and executive officers may be deemed participants
in the solicitation of proxies from Hudson Capital’s shareholders
with respect to the merger. A list of the names of those directors
and executive officers and a description of their interests in
Hudson Capital are included in the prospectus/proxy statement for
the proposed merger and are available at www.sec.gov. Additional
information regarding the interests of such participants will be
contained in the prospectus/proxy statement for the proposed merger
when available. Information about Hudson Capital’s directors and
executive officers and their ownership of ordinary shares of Hudson
Capital is set forth in Hudson Capital’s Annual Report on Form 20-F
filed with the Securities and Exchange Commission on May 5, 2021.
These documents can be obtained free of charge from the sources
indicated above.
Fr8App and its directors and executive officers may also be
deemed to be participants in the solicitation of proxies from the
shareholders of Hudson Capital in connection with the proposed
merger. A list of the names of such directors and executive
officers and information regarding their interests in the proposed
merger are included in the prospectus/proxy statement for the
proposed merger, and are available at www.sec.gov.
Forward Looking StatementsThis press release
includes “forward-looking statements” within the meaning of the
“safe harbor” provisions of the United States Private Securities
Litigation Reform Act of 1995. Hudson Capital’s and Fr8App’s actual
results may differ from their expectations, estimates, and
projections and, consequently, you should not rely on these
forward-looking statements as predictions of future events. Words
such as “expect,” “estimate,” “project,” “budget,” “forecast,”
“anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,”
“believes,” “predicts,” “potential,” “continue,” and similar
expressions (or the negative versions of such words or expressions)
are intended to identify such forward-looking statements. These
forward-looking statements include, without limitation, Hudson
Capital’s and Fr8App’s expectations with respect to future
performance and anticipated financial impacts of the proposed
acquisition, the satisfaction of the closing conditions to the
proposed acquisition, and the timing of the completion of the
proposed acquisition.
These forward-looking statements involve significant risks and
uncertainties that could cause the actual results to differ
materially from those discussed in the forward-looking statements.
Most of these factors are outside Hudson Capital’s and Fr8App’s
control and are difficult to predict. Factors that may cause such
differences include, but are not limited to: (1) the occurrence of
any event, change, or other circumstances that could give rise to
the termination of the definitive merger agreement (the
“Agreement”); (2) the outcome of any legal proceedings that may be
instituted against Hudson Capital or Fr8App following the
announcement of the Agreement and the transactions contemplated
therein; (3) the inability to complete the proposed acquisition,
including due to failure to obtain approval of the shareholders of
Hudson Capital and stockholders of Fr8App, certain regulatory
approvals, or satisfy other conditions to closing in the Agreement;
(4) the occurrence of any event, change, or other circumstance that
could give rise to the termination of the Agreement or could
otherwise cause the transaction to fail to close; (5) the impact of
COVID-19 pandemic on Fr8App’s business and/or the ability of the
parties to complete the proposed acquisition; (6) the inability to
obtain or maintain the listing of Hudson Capital’s shares of common
stock on Nasdaq following the proposed merger; (7) the risk that
the proposed acquisition disrupts current plans and operations as a
result of the announcement and consummation of the proposed merger;
(8) the ability to recognize the anticipated benefits of the
proposed merger, which may be affected by, among other things,
competition, the ability of Fr8App to grow and manage growth
profitably, and retain its key employees; (9) costs related to the
proposed merger; (10) changes in applicable laws or regulations;
(11) the possibility that Hudson Capital or Fr8App may be adversely
affected by other economic, business, and/or competitive factors;
(12) risks relating to the uncertainty of the projected financial
information with respect to Fr8App; (13) risks related to the
organic and inorganic growth of Fr8App’s business and the timing of
expected business milestones; and (14) other risks and
uncertainties indicated from time to time in the prospectus/proxy
statement on the Form S-4, relating to the proposed merger,
including those under “Risk Factors” therein, to be filed by Hudson
Capital and in Hudson Capital’s other filings with the SEC. Hudson
Capital cautions that the foregoing list of factors is not
exclusive. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those indicated or
anticipated by such forward-looking statements. Hudson Capital and
Fr8App caution readers not to place undue reliance upon any
forward-looking statements, which speak only as of the date made.
Hudson Capital and Fr8App do not undertake or accept any obligation
or undertaking to release publicly any updates or revisions to any
forward-looking statements to reflect any change in their
expectations or any change in events, conditions, or circumstances
on which any such statement is based.
No Offer or SolicitationThis press release
shall not constitute a solicitation of a proxy, consent, or
authorization with respect to any securities or in respect of the
proposed merger. This press release shall also not constitute an
offer to sell or the solicitation of an offer to buy any
securities, nor shall there be any sale of securities in any states
or jurisdictions in which such offer, solicitation, or sale would
be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. No offering of securities
shall be made except by means of a prospectus meeting the
requirements of Section 10 of the Securities Act of 1933, as
amended, or an exemption therefrom.
Fr8App Contact:Moriah Shilton or Kirsten
Chapman, LHA Investor Relations, fr8app@lhai.com, 415.433.3777
Hudson Capital Contact:Hon Man Yun, Chief
Financial Officer, man@hudsoncapitalusa.com, (852) 98047102
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