As of June 12, 2022 Canadian fleets must register approved ELDs.
Electronic logging devices (ELDs) are equipment that automatically records driving time in commercial motor vehicles. This helps make sure that drivers are compliant with hours of service regulations resulting in reduced fatigue for drivers, improved administrative efficiency, and safer roads.
On May 5, 2021, the Canadian Council of Motor Transport Administrators (CCMTA) announced all jurisdictions support a period of progressive enforcement without penalties until June 12, 2022, including elevated education and awareness for motor carriers and drivers. In other words, there’s a one year grace period
Meaning, in less than a year Fleet Management companies, need to register their fleets with approved ELD’s confirmed by one of the two accredited certification bodies, FPInnovations or CSA Group.
As of 2018, there were over 413,000 Fleet registrations. That’s a huge market in need of certified ELD’s within the next year.
That’s why Ultrack Systems, Inc. (OTCMKTS:MJLB) caught my eye.
MJLB is a fleet-management GPS tracking and monitoring solution provider, with a large suite of products. Most intriguing, however, is their flagship DrivelineELD product.
The company is currently awaiting certification from FPInnovations according to their latest press release. Currently, on the ELD certification site there are no ELD’s currently certified.
If MJLB is certified relatively soon, it could see a serious influx of revenue from Canadian fleet companies looking to meet regulatory satisfaction before the June 2022 deadline.
Currently, sitting at $0.059 per share, MJLB might be in a prime position to rebound toward its 52-week high of $0.20. If any sort of positive news hits on their certification, that could be a catalyst.
MJLB should be on your watchlist.
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