Algorhythm Holdings, Inc. (“Algorhythm”) (NASDAQ: RIME), an
AI-driven technology and consumer electronics holding company,
announced today that SemiCab, Inc.’s subsidiary, SMCB Private
Solutions Limited (“SemiCab India”), has entered into a master
service agreement (MSA) with Apollo Tyres, Ltd. (“Apollo”), India’s
largest tire manufacturer. As a top 10 global tire producer, Apollo
generated over $3 billion in sales in 2023, operating in more than
100 countries across Asia, Europe, and North America.
Algorhythm’s subsidiary SemiCab Holdings, LLC
(“SemiCab”) will provide enterprise-level software services to
SemiCab India to provide its AI-powered platform, designed to
reduce service costs, improve delivery accuracy, and eliminate
empty miles. Apollo has awarded SemiCab India a commercial pilot
freight contract, allowing for highly scalable lane service without
financial or geographical limitations, subject to mutual
consent.
The contract, beginning in October 2024, will
initially cover the densely populated commercial corridors in
southern India with planned expansion into southwest India, with an
initial duration of twelve months. Apollo plans to expand the scope
of the agreement incrementally, assigning additional lanes as
SemiCab demonstrates the capacity to meet their shipping needs.
“We are thrilled to partner with Apollo Tyres,”
said Gary Atkinson, CEO of Algorhythm. “Apollo is now the first
tire company to join the National Digital Freight Exchange (NDFE)
to collaborate with SemiCab, and this contract represents the
potential to be our largest freight opportunity in India to date.
We are excited to serve another major player committed to advancing
the Indian market.”
Ajesh Kapoor, Founder & President of
SemiCab, added, “We are thrilled to partner with such a globally
recognized brand as Apollo Tyres. This collaboration marks a
significant milestone for SemiCab, as it opens the door to immense
growth opportunities within one of the largest and most established
companies in the industry. By leveraging our AI-powered platform,
we are confident in our ability to drive meaningful cost
efficiencies and delivery improvements for Apollo. This partnership
represents a major step forward in our mission to revolutionize
freight logistics in India, and we are excited about the growth it
will drive for both of our businesses.”
The MSA will be serviced by SemiCab’s Indian
subsidiary, SMCB Private Solutions Limited, which Algorhythm holds
an option to acquire, with the acquisition expected to close in Q4
2024.
About Algorhythm Holdings
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.
For additional information regarding SemiCab:
http://www.semicab.com
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.
Investor Relations
Contact:investors@algoholdings.comwww.algoholdings.com
Forward Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Any statement that is not historical in nature is a
forward-looking statement and may be identified by the use of words
and phrases such as "expects," "anticipates," "believes," "will,"
"will likely result," "will continue," "plans to," "potential,"
"promising," and similar expressions. These statements are based on
management's current expectations and beliefs and are subject to a
number of risks, uncertainties and assumptions that could cause
actual results to differ materially from those described in the
forward-looking statements, including the risk factors described
from time to time in the Company's reports to the SEC, including,
without limitation the Company’s Transition Report on Form 10-KT
for the transition period from April 1, 2023 to December 31, 2023,
the Company’s Quarterly Report on Form 10-Q for the quarter ended
March 31, 2024.
You should not place undue reliance on any
forward-looking statement, each of which applies only as of the
date of this press release. Except as required by law, we undertake
no obligation to update or revise publicly any of the
forward-looking statements after the date of this press release to
conform our statements to actual results or changed expectations,
or as a result of new information, future events or otherwise.
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