Ultrack's Newest Acquisition M-Loan Inc. Reports Highest Corporate Revenue Ever in 2021

Rhea-AI Summary

Ultrack Systems Inc. (OTC Pink: MJLB) has announced the complete acquisition of M-Loan Inc., which achieved record revenues in fiscal year 2021, significantly boosting Ultrack's overall revenue by more than threefold. CEO Michael Marsbergen highlighted the strategic importance of this acquisition in expanding Ultrack's footprint in the U.S. trucking market. M-Loan has an established history in the west-coast financing sector and is a preferred vendor for Schneider Trucks. Additionally, Ultrack's flagship ELD is progressing towards deployment pending Transport Canada approval.

Positive

• M-Loan Inc. reported record revenues for fiscal year 2021, tripling Ultrack's overall corporate revenue.
• The acquisition enhances Ultrack's presence in the lucrative U.S. trucking market, indicating potential future growth.
• Ultrack's flagship ELD is nearing approval from Transport Canada, which may lead to rapid deployment and increased market penetration.

Negative

• None.

Concord, Ontario, June 29, 2022 (GLOBE NEWSWIRE) -- Ultrack Systems Inc. (OTC Pink: MJLB), a total fleet-management GPS tracking and monitoring solution provider, is pleased to announce that Ultrack's newest acquisition "M-Loan Inc." has reported its highest corporate revenue ever in fiscal year 2021, thereby more than tripling Ultrack's overall Company revenue.

Ultrack CEO Michael Marsbergen proudly commented on M-Loan's record year: "Ultrack fully acquired M-Loan Inc. because of the strategic footprint it provides the Company within broader USA markets while immediately adding additional value to Ultrack's bottom line. With M-Loan's record revenue year I am proud to say that Ultrack has basically tripled our overall corporate revenue. I am working towards building the Ultrack brand throughout North America and realizing the vision of fleets of North American trucks doing business all under the Ultrack banner."

Since 2004, 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. M-Loan Inc. also operates under the DBA "Capital Pacific Funding" and has operated as a preferred vendor for Schneider Trucks.

The Ultrack flagship ELD has passed 90 plus % of the third-party approval tests and is now in the hands of Transport Canada. Our testing agency remains in contact with Transport Canada and is doing everything possible to ensure ultimate approval and rapid deployment of the device upon approval.

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.

Email: info@ultrack.ca
Website: http://ultrack.ca
Facebook: www.facebook.com/UltrackSolutions
Twitter: https://twitter.com/ultracki

FAQ

What is the significance of M-Loan's record revenue for Ultrack (MJLB)?

M-Loan's record revenue more than triples Ultrack's overall corporate revenue, enhancing its financial position.

How does the acquisition of M-Loan affect Ultrack's market strategy?

The acquisition strengthens Ultrack's footprint in the U.S. trucking market, which is critical for its expansion plans.

What is the expected impact of Ultrack's ELD product approval?

Approval from Transport Canada is anticipated to facilitate quick deployment of the ELD, potentially increasing Ultrack's market share.

When did Ultrack Systems complete the acquisition of M-Loan Inc.?

Ultrack announced the acquisition of M-Loan Inc. on June 29, 2022.