Ultrack Systems Inc (MJLB)

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MJLB agreed

https://backend.otcmarkets.com/otcapi/company/dns/news/document/46739/content
Ultrack Systems Successfully Retires An Initial One Hundred Million Outstanding Common Shares

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: "This 100,000,000 common share reduction 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.