VANCOUVER, British Columbia, March 08, 2019 (GLOBE NEWSWIRE) -- Mission Ready Solutions Inc. (“Mission Ready” or the “Company”) (TSXV: MRS) reports that, further to its February 12, 2019 announcement related to the escrowed close of the acquisition of Unifire, Inc. (“Unifire”), the Company is pleased with the recent progress made in meeting the requirements pursuant to TSX Venture Exchange (“TSXV”) Policy 5.3, and is working diligently to complete its submission for final acceptance as quickly as possible.
Unifire Receives TLS Contract Extensions
On March 7, 2019, Unifire was awarded a bridge contract (the “SOE Bridge Contract”) with the Defense Logistics Agency (“DLA”) to extend its current Tailored Logistics Services (“TLS”) Special Operations Equipment (“SOE”) contract for an additional year with the new expiration date being March 6, 2020. The SOE Bridge Contract – carrying a maximum dollar value of USD$4 billion – was awarded to the six incumbent TLS SOE contract holders, including Unifire, and will continue coverage of the full line of SOE and incidental services under the DLA Troop Support SOE TLS program. Additional information on the SOE Bridge Contract can be viewed at the following link:
https://dod.defense.gov/News/Contracts/Contract-View/Article/1779133/
Unifire Growth - Credit Facilities
The Company is also pleased to report that all documentation related to the previously referenced scalable USD$20MM revolving supplier credit facility (the “Credit Facility”) provided to Unifire by Capstone Capital Group, LLC (“Capstone”) has been finalized and includes provisions for the uninterrupted assignment of the Credit Facility to Mission Ready upon the Company’s receipt of final acceptance of the acquisition of Unifire by the TSXV.
Private Placement Offering
Mission Ready also announces that, subject to the approval of the TSX Venture Exchange, it proposes to raise up to CAD$2,000,000 through a non‑brokered private placement (the “Private Placement”) of up to 8,000,000 units (the "Units") at a price of $0.25 per Unit. Each Unit will consist of one common share (each a "Share") in the capital of the Company and one transferable common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one additional Share of the Company for a period of one year at an exercise price of $0.40.
The Company plans to use the proceeds of the Private Placement for advancing the Company’s targeted growth initiatives, to expand the Company’s sales pipeline and for general working capital.
Finder’s fees may be payable in connection with the Private Placement. All securities issued will be subject to a hold period of four months and one day pursuant to applicable securities laws.
About Unifire, Inc.
Founded in 1987, Unifire is a specialized solutions provider to the US Defense Logistics Agency, and one of 6 Companies worldwide that is authorized to provide equipment and designated services under the multi billion-dollar Tailored Logistics Support framework. Unifire is a Service-Disabled Veteran Owned Small Business and an industry leading manufacturer and distributor of over 1.5 million fire, military, emergency, and law enforcement products.
As an incumbent awardee of DLA’s TLS and Fire and Emergency Services (“FES”) contracts with extensive knowledge and experience in providing solutions to the US Federal Government, Unifire utilizes its highly-efficient and scalable technology infrastructure to provide procurement solutions for program managers, military and federal contracting offices, base supply centers, and other governmental supply agencies.
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
The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements.
This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.
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.