Concord, Ontario--(Newsfile Corp. - February 2, 2021) - Ultrack Systems Inc. (OTC Pink: MJLB), a total fleet-management GPS tracking and monitoring solution provider, is pleased to announce that the Company has successfully completed the process of retiring 100,000,000 shares that are currently issued and considered "outstanding" with our corporate share structure. After completing this substantial reduction, the new current Outstanding Share total is approximately 275m.
Ultrack CEO Michael Marsbergen commented: "These 100,000,000 common share reductions is in keeping with my commitment to shareholders to growing this Company and adding value wherever possible. Retiring 100 million shares from our current Outstanding Share count immediately increases shareholder value. At the current market price of about .07 per share for MJLB stock this retirement represents a $7,000,000 USD reduction in shares. Company management is working hard each day to provide value to our shareholder's wherever possible. We will continue to look all options as the year progresses including possibly reducing more outstanding shares or whether a share buyback and or dividend makes more sense."
The Company is also pleased to report that Ultrack has begun the testing phase of the Company's new ELD product and anticipates certification by March. This new ELD product integrally partners with TELUS $TU and Iridium Satellite $IRDM. These partnerships provide potential for exponential growth once the new ELD device becomes officially available for our current customer base as well as new clientele.
The ELD is rapidly becoming a required component across international jurisdictions as countries like the USA and Canada have begun to mandate that commercial fleets be outfitted with the devices to electronically log driving hours, engine data and other compliance specifications. The ELD market is booming accordingly and the Company is strategically positioned to take advantage of this rapidly expanding market with top-of-the-line components the industry's most robust software. The rollout is proving to be very well received by client firms due Ultrack System's intimate familiarity with the needs and spec's of the modern trucking industry, especially the new challenges that lie within the expected shift from combustion to EV transportation venues. In light of these fast-paced developments, the Company will be expanding its sales force and marketing apparatus significantly throughout 2021.
As always, the Company invites current and future shareholders to check back regularly at our website , Facebook page and Twitter page .
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.
Contact: Ultrack Systems, Inc
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