SCOTTSDALE, Ariz., May 06, 2021 (GLOBE NEWSWIRE) -- AMMO, Inc. (Nasdaq: POWW ) (“AMMO” or the “Company”), a premier American ammunition and munition components manufacturer and owner of GunBroker.com, the leading online marketplace dedicated to the lawful sale of firearms, hunting, shooting and related products, is pleased to announce that it has entered into a non-binding Letter of Intent (“LOI”) with Mill City Ventures III, Ltd. (OTCBB: MCVT) (“Mill City”), a non-bank lender and specialty finance company, whereby the two companies will work together to provide GunBroker.com customers with the option to purchase items through the GunBroker.com website using short-term consumer financing provided by Mill City.
AMMO’s Chief Executive Officer Fred Wagenhals, addressed the LOI, noting that, “the development of our Mill City relationship is the first of many steps our management team has in store to unlock the exciting GunBroker.com platform. Our plan from the outset with GunBroker.com was to leverage the incredible “eBay®-type” platform by providing important consumer services and expanded product offerings through multiple channels. Each of these initiatives are designed to further open the GunBroker.com platform to more users by presenting them with a variety of opportunities to purchase such as split payment, monthly installments etc. Our research indicated the Company could reasonably target a 30% average order volume increase, with repeat user metrics potentially increasing approximately 20% when our point of sale consumer financing program is rolled out. We believe the program we are developing with Mill City will be well-received by the GunBroker.com patrons, while placing the Company in a position to substantially enhance the platform’s already impressive sales metrics at every level, with strong revenue increases expected to follow, all of which enhances AMMO shareholder value.”
Mill City’s Chief Executive Officer, Douglas M. Polinsky, stated that “we are proud to continue growing our relationship with the world’s greatest manufacturer of premier ammunition and are excited about the opportunity to work with AMMO now that it has successfully closed on the GunBroker.com merger. As a result, we look forward to helping AMMO grow its business while at the same time offering attractive returns for the Mill City shareholders. The financing program we are developing with AMMO is being designed to provide consumer-friendly financing options for interested users. Our clear charge is to measurably increase consumer access and revenue opportunities for AMMO and Mill City.”
Pursuant to the terms of the LOI, the parties intend to finalize the terms and conditions of their working relationship over the course of the second calendar quarter and arrive at a definitive financing agreement. No assurances can be given, however, that the parties will successfully negotiate and enter into a definitive agreement.
About AMMO, Inc.
With its corporate offices headquartered in Scottsdale, Arizona. 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.
About GunBroker.com
GunBroker.com is the largest online marketplace dedicated to firearms, hunting, shooting and related products. Aside from merchandise bearing its logo, GunBroker.com currently sells none of the items listed on its website. Third-party sellers list items on the site and Federal and state laws govern the sale of firearms and other restricted items. Ownership policies and regulations are followed using licensed firearms dealers as transfer agents. Launched in 1999, GunBroker.com is an informative, secure and safe way to buy and sell firearms, ammunition, air guns, archery equipment, knives and swords, firearms accessories and hunting/shooting gear online. GunBroker.com promotes responsible ownership of guns and firearms. For more information, please visit: www.gunbroker.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