VANCOUVER, British Columbia, July 04, 2019 (GLOBE NEWSWIRE) -- Mission Ready Solutions Inc. (“Mission Ready” or the “Company”) (TSXV:MRS) is pleased to announce new contract awards (“Awards”) of approximately CAD$5,000,000, the appointment of Marcus Treiber as the Company’s Chief Operating Officer and provide an update on the Company’s continuing progress.
New Contract Awards
Mission Ready, through its wholly-owned subsidiary, Unifire, Inc. (“Unifire”), has received multiple new Awards – valued at approximately CAD$5,000,000 – since its most recent sales announcement, bringing the value of Awards received since the beginning of Q2 2019 to over CAD$40,000,000. “The recent sales achievements are a testament to the loyal support of our shareholders – and tireless efforts of our team over the past 14 months – which have resulted in the robust foundation that has been established to drive sales, win awards and compound the successes that are beginning to materialize,” states Jeffery Schwartz, President & CEO of Mission Ready. “The opportunities available to the Company through its existing government contracts – and as a TLS SOE Prime Vendor – are appreciable and we intend to leverage all available resources to scale-up and capture additional market share going forward.”
Unifire Contracts Explained – Review of DLA’s Tailored Logistics Support Program
The Defense Logistics Agency (“DLA”) developed and supports the Tailored Logistics Support (“TLS”) Program. The TLS Program allows the U.S. Military, U.S. Federal Agencies, and other authorized customers to order brand-specific, commercial off-the-shelf part-numbered items through DLA Prime Vendors.
SOE Program
The Special Operational Equipment (“SOE”) Program, facilitated by DLA through the TLS Program, enables customers to order commercial, off-the-shelf part numbered items within the scope of the contract. Since multiple vendors are solicited for prices, customers benefit from a competitive business model that will ensure best value for the customer.
Prime Vendors
There are 6 Prime Vendors who are eligible to participate in the SOE contract, of which Unifire is one. When a request is submitted for a specific product, DLA will contact the 6 Prime Vendors who will request a price quote from the manufacturers in their respective networks before responding back to DLA with their best price and lead time. This allows the end-user to benefit from the Prime Vendor’s pre-established relationships and secure favorable pricing.
Bid Process & Order Flow
- Customer places an order with DLA
- DLA pre-approves order and obligates funds → Sends Request for Quotation (“RFQ”) to each of the 6 Prime Vendors
- Prime Vendor’s obtain pricing and lead times from their manufacturer(s) → Respond to RFQ
- DLA reviews RFQ responses → Select the winner → Deliver the winning bid to the customer for approval
- Customer approves the winning bid
- DLA forwards customer information to winning bidder for order processing
- Prime Vendor processes the order → Remits payment per specified terms → Coordinates delivery
Appointment of Chief Operating Officer
Mission Ready is pleased to announce the appointment of Marcus Treiber as the Company Chief Operating Officer (“COO”), effective July 1, 2019. Mr. Treiber has served as the Company’s VP of Operations since the acquisition of Unifire and has been instrumental in the development and integration of the newly combined sales teams. Mr. Treiber will continue to establish and refine the Company’s operations and sales protocols for better efficiency, increased bandwidth and, ultimately, bottom-line growth. “I am honored to join Mission Ready’s dynamic leadership team to accelerate the Company’s ambitious plans to rapidly become a household name in the government contracting industry. New ‘white space’ is being identified on a daily basis – Ensuring an effective resource allocation strategy will be cardinal to our success. With a clear understanding of what it takes to build real and sustainable shareholder value, I intend to work with management to equip and incentivize each member of our growing team to push the envelope and stay tuned in to the places we will go together.”
2019 AGM
Mission Ready reports that shareholders represented in person and by proxy approved all resolutions brought before them at the Company’s 2019 Annual General Meeting of its shareholders held in McLean, Virginia on June 26, 2019. The Board of Directors would like to thank the shareholders for their continued support.
The figures referenced herein have been converted from US currency (USD) to Canadian currency (CAD) using an exchange rate of 1.34.
About Mission Ready Solutions Inc.
Mission Ready innovates, manufactures and distributes leading defense and tactical solutions to prevent injuries and enhance the performance of military personnel, first-responders and all those serving on the front lines by equipping them with the next generation of personal protective technologies.
Mission Ready’s wholly-owned subsidiary, Unifire, Inc. (“Unifire”), is 1 of 6 companies globally that is authorized to provide equipment and designated services under the multibillion-dollar Tailored Logistics Support (“TLS”) Program developed and supported by the United States Defense Logistics Agency (“DLA”). Unifire is a designated 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 Special Operations Equipment (“SOE”) contract, 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.
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
T: 1.877.479.7778
CAUTIONARY DISCLAIMER STATEMENT:
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 the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.