Ultrack Signs MOU To Fully Acquire California Company M-Loan Inc.

Rhea-AI Summary

Ultrack Systems Inc. (OTC Pink: MJLB) has signed a Memorandum of Understanding (MOU) with M-Loan Inc. (MLON) for a full acquisition, which will make MLON a wholly owned subsidiary. This deal promises to strengthen Ultrack's position in the trucking industry, complementing its ongoing acquisition of Power Moves Transport, Inc. The CEO, Michael Marsbergen, expressed confidence in the strategic value of these acquisitions for shareholders. The company is also nearing completion of its Electronic Logging Device (ELD) certification process, expected to boost its market presence in 2022.

Positive

• Acquisition of M-Loan Inc. will enhance Ultrack's service offerings in the trucking industry.
• Strategic alignment with ongoing acquisition of Power Moves Transport, Inc. may lead to significant market expansion.
• Nearing completion of ELD certification could create competitive advantages in fleet management.

Negative

• None.

Concord, Ontario, March 30, 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 (MOU) with M-Loan Inc., a California company (“MLON”) which provides Ultrack the opportunity to fully acquire the target company.

Under the terms of the MOU Ultrack Systems would purchase 100% ownership of MLON and MLON would become a wholly owned subsidiary of MJLB on the day of closing. 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. MLON has an extensive track record within the trucking industry and has specialized in financing sector.

Ultrack CEO Michael Marsbergen commented on the MOU with M-Loan Inc: "This is Ultrack's second planned acquisition of an American trucking company. Ultrack also continues to move toward the final agreement with Power Moves Transport, Inc. (PWTI). I am highly confident that acquiring multiple North American trucking companies that are in line with Ultrack's mission and other existing business adds significant value for Ultrack's shareholders. I envision a day in the not-too-distant future of fleets of North American trucks doing business all under the Ultrack banner. As far as Ultrack's game-changing ELD certification progress, we are currently at about the 90% completion mark with the approval agency, and we have received additional testing clarification from Transport Canada. While we await the final approval, I continue to add value to the Company."

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 MOU with M-Loan Inc.?

The MOU allows Ultrack to acquire 100% ownership of M-Loan Inc., which will enhance its capabilities in the trucking industry.

What impact will the M-Loan acquisition have on MJLB?

The acquisition is expected to strengthen Ultrack's market position and service offerings in fleet management.

When is the expected closing date for the M-Loan acquisition?

The closing date will be determined following customary due diligence by both parties.

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

Ultrack is approximately 90% complete with its ELD certification process, pending final approval.