Concord, Ontario–(Newsfile Corp. – February 11, 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 secured two new contracts for Ultrack’s products and services to be used in two fleets of high-end car rental companies. Additionally, the Company is now in the final phase before the official launch of Ultrack’s new ELD product and substantial hurdles have been cleared successfully.
In early February, the Company inked two new deals for Ultrack’s products and services to be used by two high-end car rental companies. These car rental companies represent brand new clients for Ultrack and immediately helps the Company to achieve deeper penetration into the car rental/leasing niche, which happens to be vast. The global car rental market size was valued at $92.92 billion in 2019 and is projected to reach $214.04 billion by 2027, registering a CAGR of 10.7% from 2020 to 2027. North America accounted for the highest share in the global car rental market in 2019, in terms of revenue, and LAMEA is anticipated to exhibit remarkable growth rate during the forecast period. (from https://www.alliedmarketresearch.com/car-rental-market)
Most significantly, Ultrack is pleased with the progress in this “final lap” of the Company’s new ELD before the official North American launch. 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 and the industry’s most robust software. Any US carrier entering Canada will need to be using certified hardware and the hardware they are currently using will need to be certified by the 3rd party certification company for Canadian roadways. Which will put Ultrack in a very good position for US market sales.
Ultrack CEO Michael Marsbergen enthusiastically commented: “Ultrack’s new ELD product will be submitted at the end of February for the approval process by regulators and once approved, our new ELD product will be an industry disruptor. Our device is faster, longer ranged, has more robust infrastructure, more security, and ultimately provides far more comprehensive real-time and logged data to the end-user than anything currently available. Reaching the finish line on our new ELD device will catapult Ultrack into a new tier of revenue and industry recognition. I feel like the past 14 years of business is leading up to this point: all of our technology that we’ve built upon, all of the strong industry relationships we’ve grown, all of our strategic partnerships with multi-billion-dollar corporations like Telus and Iridium Communications. I believe that Ultrack’s new ELD is going to become the new trucking industry standard at some point in 2021-2022.”
The Company is currently in talks with two entities (one company and one government) that represent massive fleets of vehicles keenly interested in Ultrack’s new ELD product. These companies have provided a positive verbal commitment to come online with Ultrack’s new ELD once the ELD approval process is completed.
The Company invites current and future shareholders to check back regularly at our website http://ultrack.ca, Facebook page 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 service driven industries. Our platform includes live tracking, reports, and alerts on a web-based platform. Our mission is to provide the best fleet tracking, reporting systems and our commitment to service. The Company plans to launch a new ELD product in 2021 in partnership with major corporations that will take the trucking industry by storm.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.
Ultrack Systems, IncPhone:
Email: [email protected]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/74192