VANCOUVER, British Columbia, Aug. 02, 2018 (GLOBE NEWSWIRE) -- Mission Ready Solutions Inc. (“Mission Ready” or the “Company”) (TSXV:MRS) wishes to provide an update on the Foreign Military Distribution Agreement first announced on September 6, 2017 (the “Distribution Agreement”), with subsequent related announcements provided on September 20, 2017, November 30, 2017, and December 29, 2017.
Upon entering into the Distribution Agreement in September 2017, the Company was initially optimistic that purchase orders would begin to be submitted quickly, but, for a variety of reasons including the comprehensive due diligence and administrative prerequisites, the Company has neither received a purchase order nor started to deliver its Flex9 Armor or No-Contact products pursuant to the Distribution Agreement.
“We certainly acknowledge the length of time that has elapsed since our initial announcement, but we are confident that the continuing dedicated efforts of our team will be well rewarded through the delivery of purchase orders and the creation of significant shareholder value,” states Jeffery Schwartz, President & CEO of Mission Ready.
As stated in its December 29, 2017 news release, the Company anticipates the receipt of purchase orders to begin in the current calendar year, but acknowledges that it is unable to determine when delivery of such purchase orders will commence.
Pursuant to the Distribution Agreement, purchase orders totaling a minimum of USD$50 million are required by the end of 2018 in order for the distributor to maintain its exclusivity. The Company was hopeful that production would have been underway in order to meet the USD$50 million target, however, at this point, the Company acknowledges that it is logistically unlikely that delivery of these volumes will occur prior to December 31, 2018. In the event that the minimum purchase volumes for exclusivity for 2018, pursuant to the Distribution Agreement, are not met by the distributor, Mission Ready is considering exploring potential options and remedies to maximize the return for all parties involved. Schwartz continues, “With the recent fundamental additions to our executive team and board of directors, we have significantly broadened our global connections within the defense industry, and also strengthened our access to key resources.”
About Mission Ready Solutions Inc.
Headquartered in Vancouver, British Columbia, Canada, Mission Ready innovates and manufactures leading tech-centric defense and tactical solutions to prevent injuries and enhance the performance of military personnel, first-responders and all those who protect us by equipping them with the next generation of personal protective technologies.
Mission Ready is committed to becoming a global leader in personal protective technologies through the strategic growth of its three synergistic business segments; Innovations & Development, Prototyping & Manufacturing, and Product Sales.
Mission Ready trades on the TSX Venture Exchange under the symbol MRS.
For further information, visit MRSCorp.com or contact:
Investor Relations
T: 1.877.479.7778 – Ext 500
E: IR@MRSCorp.com
Mission Ready Solutions Inc.
(signed “Jeffery L. Schwartz”)
Jeffery L. 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 Solutions 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 Solutions 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 Solutions 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 Solutions 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.