VANCOUVER, British Columbia, Jan. 23, 2020 (GLOBE NEWSWIRE) -- Mission Ready Solutions Inc. (“Mission Ready” or the “Company”) (TSXV: MRS) is pleased to announce that it has outperformed its previously reported delivery projections for the 4th quarter of 2019 by approximately 25%, reports recent developments related to its Special Operations Equipment contract, announces proposed warrant amendments, and provides a recap of the Company’s milestones and achievements from 2019.
Contract Awards | 2019 Fulfilments, Current Order Queue
The Company is pleased to report approximately C$12,500,000 in order fulfilments during the 4th quarter of 2019 (October 1, 2019 to December 31, 2019), exceeding the C$10,000,000 projected for the period (as announced in a news release dated December 5, 2019) by approximately C$2,500,000. An aggregate of approximately C$22,000,000 in orders were fulfilled by the Company between January 1, 2019 and December 31, 2019 while over C$50,000,000 in previously-announced contract awards remain in the queue to be fulfilled in accordance with a delivery schedule extending through Q1 2021.
SOE Contract | GAO Protest
Further to the Company’s December 5, 2019 announcement related to Unifire, Inc’s (“Unifire”) continued incumbency as a prime vendor on the Special Operations Equipment (“SOE”) Tailored Logistics Support (“TLS”) Program, on January 6, 2020, Unifire filed a pre-award protest with the U.S. Government Accountability Office (“GAO”) challenging the decision of the U.S. Defense Logistics Agency (“DLA”) to exclude Unifire’s proposal from the competition under SPE8EJ-18-R-0001. Unifire believes that it has a meritorious claim that DLA’s decision to exclude Unifire’s proposal was made in a manner inconsistent with prescribed U.S. federal government regulations. Unifire intends to prosecute the bid protest vigorously. The outcome of this proceeding cannot be predicted with certainty, and there can be no assurance that this protest will be resolved administratively in a manner favorable to Unifire.
As an incumbent SOE Prime Vendor, the Company will continue to work diligently to capture further sales through the active US$4 billion bridge contract (the “SOE Bridge”) (which extends through March 6, 2020) while also devoting sufficient resources to capturing accretive revenue-generation opportunities across all other current and future sales channels available to the Company.”
Warrant Amendments
The Company also announces that it intends, subject to the acceptance of the TSX Venture Exchange (the “TSXV”), to amend the exercise price of 12,998,380 outstanding warrants (each a “Warrant”), from C$0.40 per common share (each a “Share”) to C$0.28 per Share for 11,261,380 Warrants issued on April 2, 2019 and C$0.22 per Share for 1,737,000 Warrants issued on August 15, 2019. The Company also intends to extend the expiry date of the 11,261,380 Warrants and 1,737,000 Warrants from April 2, 2020 and August 15, 2020, respectively, to December 31, 2020.
2019 Year-in-Review
2019 was another active year for the Company’s stock with an aggregate of 153,223,289 shares traded – on a consolidated basis – within Canada, at a volume-weighted average price of approximately C$0.215. The quantity of shares traded in 2019 climbed approximately 45% from the previous year during which 105,743,398 were traded at a volume-weighted average price of approximately $0.265.
Jeffery Schwartz, President & CEO of Mission Ready, states “2019 was truly a transformational year for Mission Ready, a year filled with many challenges, triumphs and everything in between. Following our acquisition of Unifire, we successfully:
- secured over C$3,000,000 in equity financing through the issuance of units at C$0.25 as reported in announcements dated April 2, 2019 and August 15, 2019;
- eliminated over C$2,500,000 in debt from the balance sheet through the issuance of Mission Ready stock at an average price per share of approximately C$0.16; and
- significantly increased market awareness through an ambitious and multifaceted slate of public-relations initiatives including:
- the launch of a comprehensive full-year PR campaign facilitated by Stockhouse;
- the creation of new digital media incorporating Unifire into the Mission Ready group of companies;
- weekly strategic presentations to affluent buy-side and sell-side institutional investors and other capital markets professionals;
- attendance at a host of select capital market and industry functions;
- an investor roadshow throughout Eastern Canada; and
- broad circulation of the 22 Company announcements released during 2019 – disseminated through top-tier news dissemination services including Globe Newswire – including a December 2019 news release providing revenue guidance through Q1 2021.
We are also exceptionally proud of the extraordinary team that we were able to assemble during the year and we look forward to identifying additional talented and passionate people to bring on board as we forge ahead in 2020.”
Monetary values referenced herein which relate to contract awards and order fulfilments 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 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.