SemiCab India Acquires New Client for Pilot Program
Fort Lauderdale, FL, Dec. 18, 2024 (GLOBE NEWSWIRE) -- Algorhythm Holdings, Inc. (NASDAQ: RIME) (“Algorhythm” or the “Company”), an AI technology and consumer electronics holding company, today announced that its subsidiary, SemiCab Holdings, LLC (“SemiCab”), has been awarded a commercially scalable pilot program with the world’s sixth-largest global consumer packaged goods (CPG) producer. The new freight business, launched as a proof-of-concept initiative in late October, will initially focus on the densely populated southwestern India commercial corridor.
SemiCab will provide enterprise-level software services to SMCB Solutions Private Limited (“SemiCab India”) to provide its AI-powered platform, designed to reduce service costs, improve delivery accuracy, and eliminate empty miles. SemiCab India has acquired the rights to handle cargo for this new client and provide its highly scalable lane service without financial or geographical limitations, subject to mutual consent.
“This is a very a positive milestone for SemiCab, particularly in such a rapidly scaling market like India,” commented Gary Atkinson, CEO of Algorhythm. “This is now the tenth member of the National Digital Freight Exchange (NDFE) that has partnered with SemiCab for a pilot program. We are extremely excited to serve yet another major player in the global consumer packaged goods space.”
“SemiCab’s mission —leveraging its AI and machine learning software platform to reduce empty trucking miles—is clearly resonating,” continued Mr. Atkinson. “Based on client shipping data evaluated during the bidding process, we believe these pilot relationships have the potential to scale significantly within 12 months of launch. Our close collaboration with the NDFE positions us for meaningful growth, as we aim to prove our platform’s value in delivering cost savings and operational efficiencies for our clients.”
This new business will be serviced by SemiCab India, which Algorhythm is actively pursuing to acquire in the first quarter of 2025.
About Algorhythm
Algorhythm Holdings, Inc. is a holding company with two primary investments. First, the Company owns SemiCab Holdings, an emerging leader in the AI-enabled global logistics industry. Second, the Company owns The Singing Machine Company, the worldwide leader in the consumer karaoke industry.
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.
The Singing Machine Company, Inc. is the worldwide leader in consumer karaoke products. Based in Fort Lauderdale, Florida, and founded over forty years ago, the Company designs and distributes the industry's widest assortment of at-home and in-car karaoke entertainment products. Their portfolio is marketed under both proprietary brands and popular licenses, including Carpool Karaoke and Sesame Street. Singing Machine products incorporate the latest technology and provide access to over 100,000 songs for streaming through its mobile app and select WiFi-capable products and is also developing the world’s first globally available, fully integrated in-car karaoke system. The Company also has a new philanthropic initiative, CARE-eoke by Singing Machine, to focus on the social impact of karaoke for children and adults of all ages who would benefit from singing. Their products are sold in over 25,000 locations worldwide, including Amazon, Costco, Sam’s Club, Target, and Walmart. To learn more, go to www.singingmachine.com.
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.
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