myFreightWorld Technologies Expects New Contracts to Generate $25 Million in Managed Revenues in 2011 Date : 03/14/2011 @
12:01AM
Source : MarketWire
Stock : myFreightWorld Technologies Inc. (MYFT)
Quote : 0.045 0.005 (12.50%) @ 10:43AM
myFreightWorld Technologies Expects New Contracts to Generate $25 Million in Managed Revenues in 2011
MY Freightworld Tech (USOTC:MYFT)
Intraday Stock Chart
Today : Monday 14 March 2011
myFreightWorld Technologies Inc. (PINKSHEETS: MYFT) announced today that it expects its managed revenue business to increase by approximately $25 Million based on recent contract additions. The Company projects that total managed revenues for 2011 will be $60 Million.
The Company said that it expects the largest percentage of this growth to come from its fee-based, "non contract" business. MYFT CEO J. Michael Head commented, "Managed Revenue represents the total amount of transactions that use MYFT service products. All of our transactions earn us a fee, but only those transactions that use our carrier contracts, and therefore create a credit risk, are shown on the financial statements as revenues. Our total revenues are expected to be approximately $19 Million for 2011."
MYFT currently provides transportation solutions to over 100 private labels and serves 8 of the top 50 largest 3PLs (third-party logistics managers) in North America. Contract awards include a previously announced vendor agreement with Schneider National, a global leader in truckload, logistics, and intermodal services.
"Within the 3PL industry, very few companies offer what we do, a means to dramatically scale up your 3PL transportation business without incurring the costs. With customers like Schneider National and other top-tier Fortune 500 clients, we are successfully implementing a business model that creates much higher profit margins and can save our customers thousands of dollars in software installs and maintenance fees," added Mr. 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 Transportation Partnership. For more information on the Company, visit www.myfreightworld.com.
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:
J. Michael Head
CEO
myFreightWorld Technologies Inc.
www.myfreightworld.com
1-877-549-9438
Email Contact
