SCOTTSDALE, AZ, June 23, 2021 (GLOBE NEWSWIRE) -- AMMO, Inc. (NASDAQ: POWW) (“AMMO” or the “Company”), a premier American ammunition and munition components manufacturer and technology leader, is pleased to announce it has been awarded a contract by the Irregular Warfare Technical Support Directorate (IWTSD), formerly the CTTSO, formed and operating under the U.S. Department of Defense, to design and manufacture multiple Ballistically Matched Multi-Purpose Rounds (BM-MPR) in support of U.S. military operations.
The BM-MPR ammunition is being developed to provide snipers with the ability to switch from standard issue match-grade ammunition to BM-MPR, without re-zeroing (or readjusting the scope on) their weapon. BM-MPRs, by design, deliver superior performance in the field against a wider variety of targets. This new, higher performing BM-MPR will be ballistically matched to current sniper match-grade ammunition, providing snipers with this seamless capability and therefore increasing lethality.
“The tactical operators being served by IWTSD and our Company on this program are the best warfighters in the world. As such, they have unique and swiftly evolving needs and this program falls squarely into that category, addressing a challenging requirement called out by DoD,” said Fred Wagenhals, AMMO’s Chairman and CEO. Mr. Wagenhals continued, noting that “our current team took over our efforts to support the US military in May 2019 - and this team’s focused and professional efforts are paying dividends for the Company and the world-class warfighters we are driven to support. They have made certain we remain creative and reactive, able to move swiftly in R&D to address unique military needs, incorporating our portfolio of products wherever applicable.”
About IWTSD
The Assistant Secretary of Defense for Special Operations/Low-Intensity Conflict (ASD(SO/LIC)) established the Combating Terrorism Technical Support Office (CTTSO) in 1999 to consolidate its research and development programs. The research and development effort that supports the interagency Technical Support Working Group (TSWG) was the first program to transition to CTTSO. The TSWG is divided into 10 subgroups.
Section 922 of the 2017 National Defense Authorization Act directed ASD(SO/LIC) report directly to the Secretary of Defense. On November 18, 2020, the Acting Secretary of Defense authorized the ASD (SO/LIC) to transform the CTTSO to the Irregular Warfare Technical Support Directorate (IWTSD).
IWTSD’s mission is to identify and develop capabilities for DoD to conduct Irregular Warfare against all adversaries, including near-peer competitors and non-state actors, and to deliver those capabilities to DoD components and interagency partners through rapid research and development, advanced studies and technical innovation, and provision of support to U.S. military operations.
About AMMO, Inc.
With its corporate offices headquartered in Scottsdale, Arizona and manufacturing operations located in Manitowoc, Wisconsin, 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