It was quite a good day in the markets for investors in Ultrack Systems Inc (OTCMKTS:MJLB) as the company’s stock came into focus in a big way and ended up with gains of as much as 14% for the day.
Trading Data
On Tuesday, MJLB stock surged 14% to $0.0230 with 7.74 million shares, compared to its average volume of 416K shares. The stock moved within a range of $0.0195 – 0.0309 after opening trade at $0.0224.
Ultrack Systems Fully Acquires California Trucking Company M-Loan Inc.
The fleet management GPS tracking and monitoring solutions providing firm came into focus in a big way on Tuesday after it announced that it had acquired M-Loan Inc. M-Loan is a trucking company that is based out of California. The news about the acquisition came as a source of considerable optimism for investors and the Ultrack stock flew on the back of that.
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In this context, it may be a good move for investors to consider taking a look at M-Loan a bit more closely. The company has a well-known record in the trucking industry in the United States and has been particularly active in the financing sector in the South-Western part of the country.
Additionally, it ought to be noted that the trucking industry in the United States is a highly lucrative one, and at this point, it commands the biggest GPD among all trucking industries in the world. Hence, the acquisition could well prove to be a major boost for Ultrack.
Key Quote
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.”
Technical Data
MJLB stock is below the 20-Day and 50-Day Moving averages of $0.0235 and $0.0260 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0397.
