SCOTTSDALE, Ariz., Jan. 05, 2021 (GLOBE NEWSWIRE) -- AMMO, Inc. (Nasdaq: POWW ) (“AMMO” or the “Company”), a premier American ammunition and munition components manufacturer and technology leader, has entered into a term sheet with the City of Manitowoc, Wisconsin to acquire in excess of 35 acres in the Manitowoc Industrial Park (“MIP”) for the purpose of constructing an expanded loaded ammunition and brass casing manufacturing plant.
In conjunction with its Payson, Arizona based ammunition loading operation, the Company currently operates in Wisconsin in an approximate 50,000 sq. ft. leased facility situated in the MIP where its JMC brass manufacturing business, military-grade ammunition development and supporting loading operations reside. Following the City Council’s unanimous approval at last evening’s meeting, AMMO will now work with Mayor Justin Nickels and his team to prepare the definitive Development Agreement to consummate the transaction which is founded upon seven figures in incentives tied to substantial job growth and development of the world-class plant. AMMO’s current plans call for constructing a best-in-class $12 million (est.), 160,000 sq. ft. facility on the site to be fully operational in the Summer of 2022. AMMO’s newly minted cutting-edge facility will support the Company’s plan to exponentially expand its manufacturing base of operations in the heart of the US, ensuring it is best positioned from a facilities and location perspective to serve the entire US and its overseas customer base. AMMO anticipates opening the new plant with approximately 150 employees, expecting to increase its workforce over the following 18-24 months and beyond.
“This new state-of-the-art plant will strengthen AMMO’s laser focus on designing and manufacturing premium products for the commercial, military, law enforcement and overseas markets,” said Fred Wagenhals, AMMO’s Chairman and CEO. Mr. Wagenhals also noted that “Mayor Justin Nickels, his staff and the entire Council have demonstrated a can-do approach to supporting business and manufacturing growth in their community, providing a platform for AMMO to be a significant employer in the area, poised for continued growth in the months and years to come.”
“We are excited AMMO has selected Manitowoc to expand its manufacturing operations, bringing excellent paying jobs that will make a difference in our community.” “We look forward to developing a strong partnership with the AMMO team – a partnership which we believe will lead to future growth down the road and further solidify Manitowoc as a manufacturing hub for many different industries,” said Mayor Nickels.
About AMMO, Inc.
With its corporate offices headquartered in Scottsdale, Arizona. AMMO, Inc. (the “Company and/or AMMO”) designs and manufactures products for a variety of aptitudes, including law enforcement, military, sport shooting and self-defense. The Company was founded in 2016 with a vision to change, innovate and invigorate the complacent munitions industry. AMMO promotes branded munitions as well as its patented STREAK™ Visual Ammunition, /stelTH/™ subsonic munitions, and armor piercing rounds for military use. For more information please visit: www.ammo-inc.com.
Forward Looking Statements
This document contains certain “forward-looking statements”. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to, any projections of earnings, revenue or other financial items; any statements of the plans, strategies, goals and objectives of management for future operations; any statements concerning proposed new products and services or developments thereof; any statements regarding future economic conditions or performance; any statements or belief; and any statements of assumptions underlying any of the foregoing.
Forward looking statements may include the words “may,” “could,” “estimate,” “intend,” “continue,” “believe,” “expect” or “anticipate” or other similar words, or the negative thereof. These forward-looking statements present our estimates and assumptions only as of the date of this report. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the dates on which they are made. We do not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the dates they are made. You should, however, consult further disclosures and risk factors we include in Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Reports filed on Form 8-K.
Investor Contact:
Rob Wiley, CFO
AMMO, Inc.
Phone: (480) 947-0001
IR@ammo-inc.com