Discount Tire to Implement GenFlat Collapsible Shipping Containers on Key Trade Route

Rhea-AI Summary

GenFlat Holdings (OTC Pink: GFLT) has announced a strategic partnership with Discount Tire to implement collapsible shipping containers for tire shipments between Thailand and California. The innovative system allows four collapsed containers to be stacked in the space of one standard container during return trips, optimizing shipping space and reducing costs. Discount Tire will begin using GenFlat containers in late November 2024, aiming to achieve significant reductions in carbon emissions and capital investments through this closed-loop shipping solution.

Positive

• Strategic partnership secured with one of world's largest tire retailers
• Implementation of efficient closed-loop shipping route
• Space optimization: 4:1 container stacking ratio during return trips
• Immediate implementation timeline (November 2024)

Negative

• None.

LONG BEACH, Calif., Nov. 26, 2024 (GLOBE NEWSWIRE) -- GenFlat Holdings, Inc. (OTC Pink: GFLT), a pioneer in collapsible shipping container technology, is thrilled to announce a strategic partnership with Discount Tire, one of the world’s largest tire retailers.

Under the agreement, Discount Tire will utilize GenFlat’s innovative collapsible containers to streamline tire shipments on a closed-loop route from Thailand to California. Once the tires are offloaded, the containers will be collapsed, with four collapsed units stacked in the space of a single container. The collapsed containers will then be shipped back to Thailand for reloading. This approach significantly optimizes shipping space, reduces repositioning costs, and minimizes carbon emissions.

“Discount Tire demonstrates remarkable vision in its dedication to cost savings and advancing environmental, social, and governance (ESG) goals,” said Drew Hall, Chief Executive Officer of GenFlat Holdings. “We have always believed that our containers offer transformative benefits for retailers. Seeing Discount Tire embrace this technology underscores the value of our sustainable solutions.”

“We are excited to partner with GenFlat on this initiative,” said Scott Spata, Chief Supply Chain Officer at Discount Tire. “At Discount Tire, we are always looking for innovative ways to reduce our environmental footprint. By integrating GenFlat’s cost-effective and sustainable container solution, we are confident we will achieve unprecedented reductions in carbon emissions and capital investments.”

Discount Tire will begin utilizing GenFlat containers in the fourth week of November 2024.

About GenFlat

GenFlat is a leading innovator in container technology, specializing in collapsible containers designed to revolutionize shipping logistics. With a commitment to sustainability and efficiency, GenFlat aims to reshape the future of container shipping, providing state-of-the-art solutions that optimize space utilization, reduce transportation costs, and lower carbon emissions. GenFlat manufactures containers with CIMC in Dalian, China. For more information visit www.genflat.com.

Safe Harbor Statement

The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may," "will," "should," "plans," "explores," "expects," "anticipates," "continues," "estimates," "projects," "intends," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in methods of marketing, delays in manufacturing or distribution, changes in customer order patterns, changes in customer offering mix, delays due to issues with outsourced service providers, those events and factors described by us in Item 1.A "Risk Factors" in our most recent Form 10-K; other risks to which our company is subject; other factors beyond the company's control. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

For media inquiries or further information about GenFlat, please contact:

info@genflat.com

FAQ

What is the new partnership between GenFlat Holdings (GFLT) and Discount Tire?

GenFlat Holdings (GFLT) has partnered with Discount Tire to provide collapsible shipping containers for tire shipments on a closed-loop route from Thailand to California, starting November 2024.

How will GenFlat's (GFLT) collapsible containers benefit Discount Tire's shipping operations?

The collapsible containers will optimize shipping space by allowing four collapsed units to be stacked in the space of one container during return trips, reducing repositioning costs and carbon emissions.

When will Discount Tire start using GenFlat's (GFLT) collapsible containers?

Discount Tire will begin utilizing GenFlat's collapsible containers in the fourth week of November 2024.