Ultrack Systems (MJLB) Expands Worldwide Through Iridium Satellite (IRDM) and Kore Wireless Contract
January 11, 2021 at 08:15 AM EST
Concord, Ontario--(Newsfile Corp. - January 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 entered into contractual agreement with both Kore Wireless and Iridium Satellite in a strategic effort to expand Ultrack services worldwide.
Ultrack renegotiated an existing Kore Wireless contract that further opens up Ultrack's coverage to an additional 180 countries worldwide. Leveraging the power of in-vehicle video analytics, Electronic Logging Device (ELD) functionality, and location-based services in order to deliver deep insights to fleet managers. Visit Kore's website at https://www.korewireless.com
Iridium Satellite (NASDAQ: IRDM) is "the world's only truly global mobile satellite communications company." With a reliable global network, Iridium powers new and innovative opportunities through industry-leading core technology and an ecosystem of partners with expertise in virtually every market. Iridium is enabling solutions for remote sensing, monitoring, and tracking; cloud computing; command and control of autonomous systems, and more. Annual revenues for Iridium in 2019 were $560 million and the company boasted 1.3 million monthly subscribers. Iridium Satellite currently trades on the NASDAQ and as of January 2021 had a market cap of about $5.3 billion. Visit Iridium's website at https://www.iridium.com
Ultrack CEO Michael Marsbergen stated: "Our new relationship with Iridium allows Ultrack products and services to be effectively used in areas with very remote coverage zones worldwide such as isolated oil pipelines and throughout major oceanways. Iridium Satellite targets areas in which cellular service is limited or non-existent but where the need for corporate connectivity is still essential. Iridium not only opens the doors for Ultrack to immediately expand almost anywhere in the world, but it also provides existing and potential Ultrack customers the confidence to know that no matter where our products and services may be used in the world, we assure a robust infrastructure to keep supply chains running."
Marsbergen concluded "Ultrack Systems also reached a decisive and favorable settlement with its key funder for a substantial debt reduction. This was achieved by restructuring the debt in ways that will prevent any near-term dilution through a preferred class stock deal. Details concerning this debt settlement will be released in the coming days. Worldwide coverage immediately opens up the door for new customers while expanding services for existing ones. I commit to adding value to the Company for our shareholders anywhere we can. We look forward to continuing to execute our aggressive growth strategy throughout 2021 and will actively update our shareholders moving forward."
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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