HOUSTON, April 01, 2022 (GLOBE NEWSWIRE) -- Hudson Capital Inc. (NASDAQ: HUSN) announced that on March 30, 2022, it has sold its wholly-owned subsidiary, Hong Kong Internet Financial Services (HKIFS), to private investors.

Javier Selgas, CEO of Hudson Capital and Freight App, Inc., said, “As we focus more on our core business as a transportation logistics technology platform company and on improving operations, we decided it would be prudent to divest from any non-core, non-performing businesses. With the sale of HJIFS, our operations are 100% based in North America, creating room for long-term growth in our target markets.”

Transaction
The sale of HKIFS was completed on March 30, 2022 and included all of the prior operations, obligations, and commitments related to its Chinese operations. The sale of HKIFS will result in Hudson Capital departing from its legacy PRC financial advisory business. The Company expects immaterial financial effects from the sale outside of incurring minimal legal expenses to assemble and formalize the transaction.

About Hudson Capital Inc. and Freight App, Inc.
Freight App, Inc. (Fr8App), North American transportation logistics technology platform company focused on US-Mexico cross-border shipping, is a wholly-owned subsidiary of Hudson Capital Inc. (NASDAQ: HUSN) headquartered in Houston, Texas. Fr8App, focusing on truckload freight for domestic and cross-border markets in Mexico, the US and Canada, makes shipping simple, transparent, and efficient. Fr8App uses its proprietary technology platform to connect carriers and shippers and significantly improve matching and operation efficiency via innovative technologies such as live pricing and real-time tracking, digital freight marketplace, broker, transportation management, fleet management, and committed capacity solutions.

Forward Looking Statements
This 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 acquisition.