Concord, Ontario–(Newsfile Corp. – January 14, 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 a favorable debt reduction with the Company’s key funder.
The Company also reached a decisive and favorable settlement with its key funder for a substantial debt reduction of $105,150.00. This was achieved by restructuring the debt in ways that will prevent any dilution through the issuance of Preferred Series “A” class of shares. The Preferred Series “A” shares has voting rights of two thousand five hundred (2,500) votes for every share held and the shares are Non-Convertible. This outstanding debt represents the vast majority of the corporate debt and the Company is thrilled to have achieved an approximately 65% removal of the entirety of this debt from off Company books for Q1, 2021.
Ultrack CEO Michael Marsbergen commented: “We are grateful for the attention that Ultrack “MJLB” has received during the month of December and the increasing shareholder base. As we move forward into Q1 of 2021 our team has really taken a close look at our company’s capital structure. I am committed to growing this company and adding value to our shareholder base wherever possible. As evidence of my commitment and in an effort toward getting 2021 started off on the right foot we’ve secured with our primary funding partner the immediate debt cancellation of $105,150.00 convertible debt. Management is working hard to assure our shareholders of a stable and responsible share structure.”
Paperwork has already begun in earnest to retire shares and will be submitting next week to the transfer agent for processing. Ultrack Systems management believes the corporate transfer agent will acknowledge this retirement and update the share structure numbers accordingly. The Company is committed to seeing this reduction through to the finish line early in Q1, 2021.
As always, 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
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.
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