Ultrack Signs MOU to Acquire East Coast Trucking Company

Rhea-AI Summary

Ultrack Systems Inc. (OTC Pink: MJLB) has signed a Memorandum of Understanding to acquire Power Moves Transport, Inc. (PWTI), a trucking company specializing in automobile transport across the U.S. The acquisition aims to enhance Ultrack's market presence in North America and is expected to add value to the company's financial performance. The U.S. trucking industry generated $737.3 billion in 2020, highlighting significant growth opportunities. Currently, Ultrack's certification is approaching completion at 81%, moving towards the goal of 100%.

Positive

• 100% acquisition of Power Moves Transport, enhancing market presence in North America.
• Acquisition expected to positively impact Ultrack's financial performance.
• Positioning Ultrack to be perceived as a North American entity, not just Canadian.
• Certification progress improved from 78% to 81%.

Negative

• None.

Concord, Ontario, Feb. 18, 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 has signed a Memorandum of Understanding with an east coast trucking company which provides Ultrack the opportunity to fully acquire the target company.

Under the terms of the MOU Ultrack Systems would purchase 100% ownership of Power Moves Transport, Inc. (PWTI). Both parties will perform customary due diligence and position themselves for the closing. A share exchange between the parties will be utilized to facilitate the closing of the transaction. PWTI has a solid track-record within the niche trucking industry of transporting automobiles throughout the United States.

Ultrack CEO Michael Marsbergen enthusiastically explained the acquisition: "This important 100% acquisition of a seasoned USA trucking company immediately adds value to Ultrack's bottom line while expanding our corporate reach into likeminded horizontal markets. I believe the MOU expresses favorable terms to both companies and provides tremendous benefits for both companies to come together as one under the Ultrack umbrella. Furthermore, this 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."

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. In 2020, the trucking industry in the US generated $737.3 billion, down from 2019 when it generated $791.7 billion, the decline likely due to restrictions from the COVID-19 pandemic. Still, the industry is massive, and the outlook remains positive for future growth.

The Company stated in our recent press release based on firm data from the testing agency that Ultrack's certification is 78% completed. That number is now closer to 81% and continues to move toward 100%.

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

FAQ

What is the significance of Ultrack's acquisition of Power Moves Transport?

The acquisition expands Ultrack's market presence in North America and is expected to enhance financial performance.

When was the Memorandum of Understanding signed for the acquisition?

The MOU was signed on February 18, 2022.

What are the financial prospects of the U.S. trucking industry?

The U.S. trucking industry generated $737.3 billion in 2020, indicating robust growth potential.

What is the current status of Ultrack's certification process?

Ultrack's certification process has improved to 81% completion.