Wednesday, July 20, 2011 1:12:21 PM
GREAT NEWS FOR MYFT 
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myFreightWorld Technologies Inc. Acquires 100% of Informed Logistics Technologies, LLC Necessary to Complete Full Reporting Status
OVERLAND PARK, KS--(Marketwire - 07/20/11) - myFreightWorld Technologies Inc. (Pinksheets:MYFT - News) 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:
Contact:
Investor Relations Contact:
Equiti-trend Advisors, LLC
(800) 953-3350
==============================
myFreightWorld Technologies Inc. Acquires 100% of Informed Logistics Technologies, LLC Necessary to Complete Full Reporting Status
OVERLAND PARK, KS--(Marketwire - 07/20/11) - myFreightWorld Technologies Inc. (Pinksheets:MYFT - News) 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:
Contact:
Investor Relations Contact:
Equiti-trend Advisors, LLC
(800) 953-3350
$$$ Go to Chrissy's Profit Paradise $$$
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