Concord, ON (GLOBE NEWSWIRE) - Ultrack Systems Inc. (OTC Pink: MJLB), a total fleet-management GPS tracking and monitoring solution provider, is pleased to announce that Ultrack Systems has successfully acquired the California trucking company M-Loan Inc.
M-Loan has an extensive track record within the United States trucking industry and has specialized in the west-coast financing sector. The United States trucking industry enjoys the highest GDP in the world of any trucking industry. The GDP of the USA's trucking industry alone is higher than that of the entire GDP of many nations. The M-Loan acquisition sets the stage for both companies to come together as one under the Ultrack umbrella. Furthermore, the M-Loan acquisition immediately expands Ultrack's footprint into strategic USA locations so that Ultrack can be thought of more as a 'North American' company and not simply a 'Canadian' company.
Ultrack CEO Michael Marsbergen proudly commented on the successful M-Loan acquisition: "My intention is to make this the first of many successful North American acquisitions for Ultrack. I remain convinced that acquiring multiple North American trucking companies that are in line with Ultrack's mission and other existing businesses adds significant value for Ultrack's shareholders. I believe that the M-Loan acquisition will provide significant momentum to expand the Ultrack brand across North American markets. Again let me reconfirm that I am working toward building the Ultrack brand throughout North America. I will post any updates on our Twitter page throughout the coming weeks."
Regarding Ultrack's flagship ELD device certification progress, Ultrack's ELD is the only Windows version that has been submitted to Transport Canada for certification. We are required to clarify how our Windows product and other key features compare to the Android systems submitted by others. Our 90% completion status reported last month has slowed as a result of these additional reporting changes. Please note that our ELD has completed and passed all of the tests performed by the third party testing agency and we are currently awaiting clarification and direction from Transport Canada regarding the few remaining tests.
Ultrack's ELD is a completely standalone unit that does not transmit the driver ELD data to a remote server. All Android ELD devices have to connect to a remote server to download driver ELD data before the driver can start their trip. The advantage to Ultrack's ELD is that we have an instantaneous login and the Android system could take up to 10 min depending on connectivity. Because of these key differences between our ELD and all others, Transport Canada has been slow to finalize certification. However, investors should take heart that certification delayed is not certification denied! The Company believes Ultrack will soon be able to offer a certified ELD product like no other in the industry once Transport Canada (the absolute final hurdle in the ELD certification process) grants Ultrack the coveted thumbs up.
The Company invites current and future shareholders to check back regularly at our website http://ultrack.ca, Facebook page: https://www.facebook.com/UltrackSolutions and Twitter page: https://twitter.com/ultracki
About MJLB: Located in Concord, Ontario, Ultrack Systems Inc., (www.ultrack.ca) is a publicly traded company listed on the OTCMARKETS under the MJLB trading symbol. Ultrack Systems Inc., is a provider of GPS tracking solutions. We develop, implement, and distribute electronic monitoring and tracking systems for companies in leasing, transportation, construction, disposal, and many other services driven industries. Our platform includes live tracking, reports, and alerts on a web-based platform. Our mission is to provide the best fleet tracking, reporting systems and our commitment to service. The Company plans to launch a new ELD product in 2022 in partnership with major corporations that will take the trucking industry by storm.
Safe Harbor Statement: This Press Release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect the Company's current beliefs and are based upon information currently available to it. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. The Company undertakes no obligation to update or advise in the event of any change, addition or alteration to the information catered in this Press Release, including such forward-looking statements.
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