Ultra Systems Inc. (OTCMKTS:MJLB) is currently trading at $0.0566, with more than 91K shares exchanging hands today compared to an average daily volume of 1.49M. Interestingly, the stock has a 52 week high of 26 cents, suggesting considerable room for the stock to run up if the Company releases any positive news.
Let’s dive into the Company’s specifics. MJLB is located in Concord, Ontario, and is engaged in the business of providing GPS tracking solutions. The Company boasts of developing, implementing, and distributing electronic monitoring and tracking systems for companies in leasing, transportation, construction, disposal, and many other service-driven industries. The Company plans to launch a new ELD product in 2021 in partnership with major corporations that will take the trucking industry by storm.
So has the Company reached its 2021 goals yet? It looks like shareholders will have to be more patient. As per a recent press release by MJLB, the approval of its flagship DriveLineEL has been delayed. The delay primarily seems to be due to a reformed testing protocol outside of the J1708/J1939 mandate. Therefore, Ultra is making the hardware/software changes and will submit the updated DrivelineELD for certification.
Nevertheless, MJLB is highly confident that its flagship ELD will receive this necessary approval. Once granted final approval, Ultrack’s name and DriveLineELD product will appear at this official government link: https://tc.canada.ca/en/road-transportation/electronic-logging-devices/list-certified-electronic-logging-devices.
This could very well be a great time to take a close look at MJLB while the stock while it’s cheap. Approval on ELD could send MJLB soaring. In addition, not too far fetched, but some of the logistics companies that could be reached out upon approval of the ELD include UPS, Union Pacific (NYSE:UNP), J.B. Hunt Transport Services (NASDAQ:JBHT), Kirby (NYSE:KEX).