Ultrack Systems Secures
Significant Debt Reduction
Concord,
Ontario,
CANADA -- January 14, 2021 --
InvestorsHub NewsWire -- 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.
Contact: Ultrack Systems,
Inc
Phone:
800-893-9506
Email: info@ultrack.ca
Website: http://ultrack.ca
Facebook: www.facebook.com/UltrackSolutions
Twitter: https://twitter.com/UltrackI