VANCOUVER, British Columbia, Sept. 20, 2017 (GLOBE NEWSWIRE) -- Mission Ready Services Inc. (“Mission Ready” or the “Company”) (TSX VENTURE:MRS) is pleased to report that, in an entirely unrelated transaction from the recently announced Foreign Military Distribution Agreement for the supply of minimum USD$400MM in Protect The Force (“PTF”) products over 5-years, PTF, a wholly-owned subsidiary of the Company, has received a USD$400,000 – approximately CAD$490,000 – purchase order (the “Award”) for a domestic government application. To be fulfilled and delivered within 45-days, the Award is for PTF’s High-Threat Harness Plate Carrier (the “Carrier”) and GS3A06 Concealed Soft Armor (the “Armor”).
Made in the United States of America, The High Threat Harness Plate Carrier features full padded shoulders with a unique spacer mesh designed to relieve the load. The front and back torso utilizes a stand-off breathable fabric designed to increase body cooling while the cummerbund features a rear bungee strap closure for increased range of motion. The NIJ 0101.06 certified GS3A06 is a high-performance compilation of ballistics aimed at protecting the forces at the maximum potential without sacrificing mobility.
Jeff Schwartz, President & CEO of Mission Ready stated, “We are very pleased with the exponential momentum that is building for the Company and believe that our recent successes are only the tip of the iceberg with respect to the potential for our innovations and manufacturing divisions. Each of these wins, big or small, further validates the quality of our growing portfolio of top-tier, tech-centric products that we have started to vigorously market to governments and industries on home soil and internationally.”
Foreign Military Distribution Agreement
Further to the September 6, 2017 news release announcing the Foreign Military Distribution Agreement, the Company expects to receive the initial purchase order(s) for the Flex9Armor and No-Contact Tactical Shield Covers during Q4 2017, and is progressing with the required logistics and preparations to scale its manufacturing capacity over a planned 90-day ramp-up period.
Balance Sheet Improvements
The Company recently announced a number of significant measures taken to improve its balance sheet and reduce outstanding liabilities, which included the removal of CAD$5.4MM in debt related to the Wild Things transaction, and the cancellation of over CAD$170,000 in directors’ fees. Further to these capital improvements, Mission Ready is pleased to announce that the recent strengthening of the Company’s share price has resulted in a significant number of outstanding warrant exercises, with approximately CAD$1.2M exercised and received to date.
About Mission Ready Services Inc.
Mission Ready serves to save lives and enhance the performance of military personnel, first responders, and those who protect us by working to ensure they are equipped with the best possible personal protective equipment.
Headquartered in Vancouver, BC, Mission Ready has three distinct, synergistic operating divisions:
- Innovations and Development of Personal Protective Equipment
- Manufacturing of Leading Military & Law Enforcement Personal Protective Equipment
- Cleaning, Decontamination & Repair of Personal Protective Equipment
Mission Ready’s management team offers over 100 years of combined industry experience and is composed of industry experts in developing products, contracting, and selling to the federal government, first responders and tactical markets through open market procurements, teaming arrangements, and a variety of federal contract tools.
For further information, visit MissionReady.ca or ProtectTheForce.com
Terry Nixon - Director, Corporate Communications
Telephone: 1.877.479.7778
Mission Ready Services Inc.
(signed “Jeff Schwartz”)
Jeff Schwartz,
President & CEO
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "anticipate", "believe", "plan", "expect", "intend", "estimate", "forecast", "project", "budget", "schedule", "may", "will", "could", "might", "should" or variations of such words or similar words or expressions. Forward-looking information is based on reasonable assumptions that have been made by Mission Ready Services Inc. as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Mission Ready Services Inc. to be materially different from those expressed or implied by such forward-looking information.
Forward-looking statements are based on assumptions management believes to be reasonable. Although Mission Ready Services Inc. has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Mission Ready Services Inc. does not undertake to update any forward-looking information that is included herein, except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.