Trucknet signed a strategic agreement with the Florida Beauty Flora Transportation Group, owners of a fleet of hundreds of trucks throughout the US and South America, with the goal of integrating the Company’s platform into FBF Group systems
At the same time, FBF is considering investing in Trucknet, valued at $30 million, with a 10% rate of return
The FBF Group has expertise in the field of transportation services, logistics, combined cargo, storage, refrigeration and distribution while providing its services to the plant and flower growing industry in the US, through a fleet of approximately 250 trucks. FBF Group Headquarters are located in Miami, Florida with additional branches in other US states
The Parties will work to establish a joint initiative between the Company and Pelican Logistics, a company from the FBF Group that works as a freight broker (a middleman between shippers and carriers); this is in order to integrate Trucknet’s technological systems in their operations and turn Pelican Logistics into a digital broker
The use of Trucknet’s platform will reduce logistics costs and lead to optimization of their transport system through the use of: management interface that is adapted for drivers and for the end client, a bidding system able to automatically match trucks with cargo based on location, and an online system for calculating, and thereby reducing, CO2 emissions from the fleet vehicles
According to Hanan Fridman, the Company’s CEO, “the Agreement about which we are reporting is strategic for us and cooperation with the FBF Group can greatly contribute to expanding the Company’s field of activity and the distribution of Trucknet’s product and services in the United States, where there are over 15 million trucks on the roads
I am certain that integration of our platform within the truck fleet of FBF Group is an additional significant step in recognition of the value that the platform, which we developed, brings to the US transport market. The services provided by Trucknet offer significant improvement to the land freight transport process, while reducing logistics costs
The current agreement will lead the FBF Group towards optimization of their shipping system and to substantial economic improvement for the Group, which owns hundreds of trucks. In addition, use of the bidding system that we developed will result in a decrease of empty rides (trucks traveling without cargo) and a reduction in emissions; this can be achieved by using our online system for the calculation of CO2 emissions from vehicle fleets as well as additional services for reducing fuel consumption, and polluting emissions, in diesel engines
Israel 29 January 2023, (TA: Tran) Trucknet announces today that it has signed a preliminary Memorandum of Understanding (MoU) for strategic cooperation between the Company and Florida Beauty Flora and its associated companies (FBF Group) from the United States
As reported to the Company, the FBF Group was established in 1983 in Florida and has expertise in the field of transportation services – logistics, combined cargo, storage, refrigeration and distribution. The FBF Group provides refrigeration logistics services for agriculture, the flower industry and pharmaceuticals in the US, with a fleet of about 250 trucks. FBF Group Headquarters are located in Miami, Florida while there are branches in additional US states and in Colombia
The guidelines for cooperation between the Parties, according to the document, are as follows
The Company and the FBF Group will work together for a period of 120 days to develop a business cooperation plan between the Parties, whose purpose is the integration of the Trucknet platform, and its services, in the FBF Group systems
The Parties will hold ongoing conversations regarding the development of a business collaboration, including the possibility of investment in the Company (based on estimated company value of $30 million) in return for 10% capital allocation from the Company
In addition, the Parties will work to establish a joint initiative between the Company and Pelican Logistics Group, one of the companies from the FBF Group that works as a freight broker (a middleman between shippers and carriers); this is in order to integrate Trucknet’s technological systems in its operations and turn Pelican Logistics into a digital broker, and this in a format to be agreed upon by the Parties
According to the document, the Parties together will work to promote cooperation, at their discretion, and to enter into a detailed and binding Agreement within 120 days from the approval of the MoU. In the document it was clarified that insofar as the Parties do not reach agreement and a detailed Agreement is not signed within the above-mentioned period (including an agreed-upon extension), the MoU will not oblige the Parties (with exception of the mutual obligation of the Parties to maintain confidentiality, as stipulated in the document).
The information above regarding the FBF Group and cooperation with them is, to the best of the Company’s knowledge, based on the information that it holds without the data having been independently checked by the Company
The Company cannot evaluate at this stage chances for the Parties entering into a binding Agreement, if at all, and the possibility for actual cooperation between the Parties, including any investment by the FBF Group in the Company; to the extent that this is carried out, it will be done in line with all required authorization, in accordance with the law
About the Company
Trucknet Enterprise is an “integration platform as a service” company. Its All-in-One digital, cloud-based platform enables transportation and logistics companies to reduce transport costs and save resources by optimizing shipments across all modes of transportation, through the use of Artificial Intelligence (AI), Business Intelligence (BI) and Machine Learning (ML)
The platform aims to establish a unique professional system in the area of shared transport. It includes customized management interfacing for drivers and end users, a smart BID system, automatic matching based on location between trucks and cargo, an easy and quick payment solution for the B2B market, and an online tool for calculating CO2 emissions of fleet vehicles
Trucknet’s software interfaces with all the leading work scheduling (TMS- Transportation Management Systems) and telematics systems, or enables the integration of an original TMS system. Transport companies are provided with full visibility and optimization for fleet management, while using digital documentation (e-CMR), offering complete connectivity, monitoring and transparency
Trucknet’s solution, customized for the needs of each client (tailor made), enables automation and complete optimization for land transport for companies that manage commercial vehicle fleets as well as for customers receiving logistics services. Efficiency is improved, significantly reducing costs, and consequently increasing company profitability, together with a reduction in the service cost
This shared ecosystem that connects trucks with cargo significantly reduces empty miles (mileage accumulated while driving with an empty container). As a result, the number of vehicles on the roads is reduced as well as harmful emissions, damage to the environment and traffic accidents involving heavy vehicles (30% in Israel). This is accomplished by a user interface that automatically prioritizes available vehicles from one company with other transport and logistics companies by making a smart match based on location between empty trucks and available cargo. The data for trucks that travel empty (without cargo) in the world stands at 27% in Europe, 36% in the United States and 46% in Asia
The company also markets a unique fuel catalyst, under the name Trucknet Smart Catalyst, designed to reduce fuel consumption and emissions in heavy-duty vehicle diesel engines. The device is connected to Trucknet’s systems, which carry out calculation of the polluting emissions produced. The unique catalyst, tested in a laboratory experiment by the Israel Defense Forces (IDF), presented a reduction of about 7% in fuel consumption, leading to a reduction of approximately 15% of total emissions
In addition, Trucknet markets PTV Group’s professional online route planning system, intended for entities, websites, and applications; the system uses online routing services for the optimization of traffic-lane planning, synchronization of traffic schedules, deliveries and road work, as well as for route calculation designated for trucks and buses
A 2021 survey carried out by TIAA-CREF (Teachers Insurance and Annuity Association – College Retirement Equities Fund) found that about half of investors currently hold socially responsible investment (ESG – environmental, social, and governance) portfolios, as they realize that the value of an impact investment is more than return alone. The solution offered by Trucknet is therefore an absolute WIN- WIN-WIN for any company that integrates and connects to its platform, as well as for the investor and, of course, for the environment
Trucknet operates in the international transportation and logistics market, valued at about $19.36 trillion, and to date the company has approximately half a million trucks and about 5,000 companies registered from around the world
Since its Initial Public Offer (IPO) on the Tel Aviv Stock Exchange in April 2021, the company has signed a number of Agreements with noteworthy factories, companies and logistics organizations throughout Europe and the US, including operational Agreements with CS PPG Romania S.A., Saint Gobain, DSV, KYNITA, Hochland, Farmec, Carpatina BEVERAGES S.A. and more
Trucknet was founded in 2016 by CEO Mr Hanan Fridman, and the company has more than 40 employees in offices in France, Romania and Israel
