Ultrack Signs MOU to Acquire East Coast Trucking Company

“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”

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%.

Category: Accessories, Connected Fleet News, Equipment, Featured, Fleet Diagnostics & Software, Fleet Tracking, General Update, Management, News, Safety, Tech Talk