Business
Ultrack Signs MOU To Fully Acquire California Company M-Loan Inc.
Ultrack Signs MOU To Fully Acquire California Company M-Loan Inc..
About this update from Ultrack Systems, Inc.
[{"type":"text","content":"\n 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 tra...