Company Now Well Positioned for Accelerated Revenue Growth
“We are very pleased to complete the acquisition of SemiCab,” commented
Awarded Gartner Cool Vendor in 2020, SemiCab is a global leader in the AI-driven logistics space and developed by a pair of life-long former
SemiCab expanded its platform to the Indian market, driven by strong client demand from several global leaders in the consumer, non-durables space. In 2021, the
To support this plan, the National Digital Freight Exchange (“NDFE”) was created to help improve shipping efficiencies within the largest population centers of
SemiCab’s software has the potential to disrupt the global logistics industry through several powerful aspects of its solution:
- Improved Efficiency: SemiCab’s software improves freight utilization rates from 65% to 90%. This is believed to be one of the highest utilization rate in the industry.
- Cost Savings: These utilization rates enable SemiCab to pass on significant cost savings to end customers. In many cases this represents more than a 10% reduction in overall costs. Truck-based shipping is typically 3% of total sales for most companies.
- Labor Reduction: The utilization of AI across the freight the entire process has a dramatic impact of the staffing required to schedule, monitor, and bill for freight services.
- Sustainability: The reduction of truck usage by up to 35% has the potential to be one of the least invasive, low-cost ways to dramatically reduce the carbon footprint and greenhouse gas emissions of the global logistics space. This is a benefit that can be measured, monetized, and implemented with no costly changes to existing infrastructure, staffing or operations.
Overview of the transaction
The transaction was structured as an asset purchase/sale. At closing,
As part of the transaction, the Company also entered into an option agreement to acquire
For more information regarding the acquisition, please see current report on Form 8-K, which the Company filed with the
About SemiCab
SemiCab is a cloud-based Collaborative Transportation Platform built to achieve the scalability required to predict and optimize millions of loads and hundreds of thousands of trucks. To orchestrate collaboration across manufacturers, retailers, distributors, and their carriers, SemiCab uses real-time data from API-based load tendering and pre-built integrations with TMS and ELD partners. To build fully loaded round trips, SemiCab uses AI/ML predictions and advanced predictive optimization models. On the SemiCab platform, shippers pay less and carriers make more while not having to change a thing.
Since 2020, SemiCab has enabled major retailers, brands and transportation providers to address these common supply-chain problems globally. SemiCab's Orchestrated Collaboration™ AI model has proven to increase transportation capacity, improve asset utilization, reduce empty miles, lower logistics costs, and provide visibility into the entire transportation network. Models show the technology has the capability of saving shippers tens of billions of dollars annually through optimization. Further, SemiCab’s technology also has the potential to play a key role in the improved sustainability model globally. Based on its proven ability to improve truck utilization rates from 65% to over 90%, this results in a dramatic reduction in the carbon footprint of the industry. The optimization of existing truck utilization can add approximately 30% more trucking capacity without adding more trucks, drivers or driven miles which addresses common problems plaguing the industry like severe driver shortage and road congestion. Trucking optimization could also eliminate approximately 25% of CO2 emissions attributable to road freight.
For additional information regarding SemiCab: http://www.semicab.com
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Forward Looking Statements
This press release contains or may contain forward-looking statements and information that is based upon beliefs of, and information currently available to, the Company’s management, as well as estimates and assumptions made by the Company’s management. When used in this press release, the words “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “plan” or the negative of these terms and similar expressions as they relate to Company or Company’s management identify forward-looking statements. Such statements reflect the current view of the Company with respect to future events and are subject to risks, uncertainties, assumptions and other factors relating to the Company’s industry and Company’s operations and results of operations. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended or planned.
Risks and uncertainties related to the proposed transaction include, among others: the risk that the conditions to the closing of the acquisition are not satisfied; potential adverse reactions or changes to business, including those resulting from the announcement or completion of the transaction; unexpected costs, charges or expenses resulting from the transaction; and any changes in general economic and/or industry specific conditions. Consequently, all of the forward-looking statements made by the Company, in this and in other documents or statements are qualified by factors, risks and uncertainties, including, but not limited to, those set forth under the headings titled “Disclosure Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s Transition Report on Form 10-KT for the transition period from
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