VANCOUVER, British Columbia, Dec. 18, 2019 (GLOBE NEWSWIRE) -- Mission Ready Solutions Inc. (“Mission Ready” or the “Company”) (TSXV: MRS) is pleased to announce that, subject to the acceptance of the TSX Venture Exchange, certain creditors have agreed to accept an aggregate of 14,604,387 common shares (the “Shares”) of the Company, at a deemed value of CAD $0.15 per Share, for outstanding promissory notes, consulting fees, accrued interest and other amounts owed totaling CAD $2,190,658 (“Debt Settlements”). The Shares issued pursuant to the Debt Settlements are subject to a statutory hold period expiring four months and one day from the date of issuance of such securities.
Over 98% of the debt being settled – an aggregate of C$2,157,470 – relates to outstanding amounts due to the former owners of Unifire, Inc. (“Unifire”), Darrell Siria, and Unifire’s Chief operating Officer, Daniel Raczykowski. Calculated from the most recent close price of the Company’s shares on the TSX Venture Exchange (“Market Price”), the Shares to be issued pursuant to the Debt Settlements will be issued at an 87.5% premium to the Market Price.
Jeffery Schwartz, President & CEO of Mission Ready, states, “We extend our sincere gratitude to Darrell and Dan as they further demonstrate their unwavering dedication to the Company’s success – we are determined to create sustainable shareholder value to reward Darrell, Dan, and all of those who have entrusted us to lead the Company forward through this challenging but, nonetheless, exciting transitional phase. These Debt Settlements represent a significant improvement of the Company’s balance sheet which will be a key component in our ongoing efforts to obtain increasingly competitive financing rates, higher margins and, in turn, further balance sheet improvements.”
About Mission Ready Solutions Inc.
Mission Ready specializes in providing comprehensive government contracting solutions through its privileged access to a host of government contracting vehicles including multiple General Services Administration (“GSA”) Schedules and the Tailored Logistics Support (“TLS”) Special Operations Equipment (“SOE”) contract administered by the United States Defense Logistics Agency (“DLA”).
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 multi-billion-dollar TLS program developed and supported by the 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 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 5
E: IR@MRSCorp.com
Mission Ready Solutions Inc.
(signed “Jeffery L. Schwartz”)
Jeffery L. Schwartz,
President & CEO
T: 1.877.479.7778
Neither 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.
Forward-Looking Information
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. 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.