Ultrack Systems Fully Acquires California Trucking Company M-Loan Inc.

Concord, Vaughan, Ontario, May 24, 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 Systems has successfully acquired the California trucking company M-Loan Inc.

M-Loan has an extensive track record within the United States trucking industry and has specialized in the west-coast financing sector. 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. The M-Loan acquisition sets the stage for both companies to come together as one under the Ultrack umbrella. Furthermore, the M-Loan 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.

Ultrack CEO Michael Marsbergen proudly commented on the successful M-Loan acquisition: "My intention is to make this the first of many successful North American acquisitions for Ultrack. I remain convinced that acquiring multiple North American trucking companies that are in line with Ultrack's mission and other existing businesses adds significant value for Ultrack's shareholders. I believe that the M-Loan acquisition will provide significant momentum to expand the Ultrack brand across North American markets. Again let me reconfirm that I am working toward building the Ultrack brand throughout North America. I will post any updates on our Twitter page throughout the coming weeks."

Regarding Ultrack's flagship ELD device certification progress, Ultrack's  ELD is the only Windows version that has been submitted to Transport Canada for certification. We are required to clarify how our Windows product and other key features compare to the Android systems submitted by others. Our 90% completion status reported last month has slowed as a result of these additional reporting changes. Please note that our ELD has completed and passed all of the tests performed by the third party testing agency and we are currently awaiting clarification and direction from Transport Canada regarding the few remaining tests.