Ultrack to purchase Power Moves Transport fleet
Ultrack Systems, a business that provides GPS tracking and monitoring solutions, has signed a memorandum of understanding to purchase Power Moves Transport. Power Moves Transport has a solid track record in the business of shipping cars throughout the U.S., Ultrac said. The deal is still subject to due diligence and will involve an exchange in shares.
A purchase price was not revealed.
"This important 100% acquisition of a seasoned U.S.A. trucking company immediately adds value to Ultrack's bottom line while expanding our corporate reach into likeminded horizontal markets," said Ultrack CEO Michael Marsbergen. "Furthermore, this acquisition immediately expands Ultrack's footprint into strategic USA locations so that Ultrack can be thought of more as a 'North American' company and not simply a 'Canadian' company." Ultrack Systems, located in Concord, Ont., is a publicly traded company that develops and distributes monitoring and tracking systems for leasing, transportation, construction, and disposal businesses.
It also plans to launch an electronic logging device in 2022.