VANCOUVER, British Columbia, Aug. 07, 2018 (GLOBE NEWSWIRE) -- Mission Ready Solutions Inc. (“Mission Ready” or the “Company”) (TSXV:MRS) is pleased to provide an update on the Company’s forward progress – including the recent news on the Unifire opportunity – and announces a proposed arrangement whereby a streamlined product licensing agreement (the “Licensing Agreement”) would replace the previously announced Foreign Military Distribution Agreement (the “Distribution Agreement”) in order to simplify the compensation structure for its distribution partner and more easily accommodate certain territorial expansion opportunities currently being contemplated.
Unifire Acquisition Opportunity
Further to the Company’s July 31, 2018 news release announcing the proposed acquisition of Unifire, Inc. (“Unifire”), the Company is pleased to provide additional details on the opportunity and its potential value to Mission Ready and its shareholders.
Established in 1987, Unifire is:
- An industry leading Service-Disabled, Veteran-Owned Small Business.
- A Department of Defense Prime Vendor.
- A contract holder for the Defense Logistics Agency (“DLA”) Special Operational Equipment (“SOE”) Tailored Logistic Support (“TLS”) and Fire & Emergency Services Equipment (“FESE”) programs.
Additionally, Unifire holds multiple General Services Administration (“GSA”) schedules, blanket purchase agreements and contracts with organizations such as the Department of Homeland Security, the U.S. Army Corps of Engineers, West Point United States Military Academy, Idaho National Laboratories, Hanford Nuclear Facilities, United States Air Force, United States Marines, United States National Guard, United States Navy, and many others.
“Team Unifire is very excited for this merger which, we believe, will be a complete game-changer for the industry and warfighter. Joining forces with Mission Ready Solutions will provide Unifire with the resources required to accomplish the things we have intended to from the beginning. Under the new team of experienced industry leaders, and the vision of Mission Ready’s CEO, Jeffery Schwartz, we feel this is a very positive move for the industry,” states Dan Raczykowski, President & COO of Unifire.
Who is the DLA?
The DLA is a combat support agency in the United States Department of Defense with more than 26,000 civilian and military personnel throughout the world.
What are TLS programs?
DLA TLS programs – administered by DLA Troop Support – provide authorized Department of Defense, Federal Government and other government customers with streamlined procurement solutions via a standing contract with six approved commercial vendors. Unifire is one of the six approved vendors.
There are two major TLS contracts issued by the DLA Troop Support – Construction & Equipment office that are set aside for small business; Special Operations Equipment and Fire & Emergency Services Equipment. The SOE and FESE TLS programs enable customers to order commercial, off-the-shelf part numbered items within the scope of the program.
What does the proposed acquisition of Unifire mean for Mission Ready?
- Improved cash flow
- Immediate access to highly valuable distribution channels for its tech-centric product portfolio
- Goodwill value from 30 years of contract past-performance
- Addition of skilled and experienced personnel with well-established relationships with key decisions makers in the defense industry
How will the merger of Unifire into Mission Ready help to grow the Unifire business?
Historically, as one of six authorized TLS contract holders, Unifire has been limited in its ability to secure the initial capital required to facilitate many of the larger solicitations. Mission Ready has identified sources of capital that will enable Unifire to pursue TLS solicitation opportunities on a much larger scale than they have been able to at any point in their 30-year history, thereby creating immediate and significant growth potential.
Mission Ready has identified an opportunity for considerable and rapid grow of the Unifire business which has historically been restrained by limited access to capital. Unifire’s solicitation readiness has typically been limited to aggregate outstanding bids not exceeding, on average, approximately USD$2MM per month. Mission Ready has laid the foundation for the procurement of capital facilities that will provide Unifire with access to scalable operating lines – with an immediate availability of minimum USD$20MM – through purchase order and factoring credit mechanisms.
Foreign Military Distribution Agreement
The Company is working diligently to finalize the Licensing Agreement in advance of the initial purchase order(s) (“Purchase Order” or “Purchase Orders”) and expect to complete the agreement for consideration by all parties no later than August 24, 2018.
Pursuant to the proposed Licensing Agreement, payment terms will remain as defined in the Distribution Agreement with a 40% down-payment payable within 10 days of the Company’s receipt of each Purchase Order, and the remaining 60% due upon shipping.
To enhance the Company’s efforts in promoting its Electro-Muscular Disruption technology to domestic and foreign end-users, the Company has created a video showcasing the capabilities of its No-Contact technology which can be viewed at the following link: No-Contact Shield Cover Video.
“We are very pleased with the progress that has been made on both of these exciting initiatives and feel strongly that, once finalized, these two watershed events will be defining moments for Mission Ready, cementing our position in the marketplace as a leading tech-centric defense and tactical solutions provider, both domestically and internationally,” states Jeffery Schwartz, President & CEO of Mission Ready. Schwartz continues, “Access to capital is central to success in winning TLS contracts. Through this merger, Mission Ready has the opportunity to fundamentally impact the TLS playing field, as one of only six approved TLS contract participants, setting the stage for Unifire to take advantage of large and highly accretive market opportunities.”
No-Contact Patent
Mission Ready is pleased to report that it has received a Notice of Allowance from the United States Patent & Trademark Office with respect to amended and supplemented patent claims filed by the Company with respect to its No-Contact Shield Cover and related technology. This notice represents the final stages of the patent filing process, contingent on a USD$500 Issue Fee due October 30, 2018 (the “Due Date”), and the Company is hopeful that the final patent will be issued on or before the due date.
New Corporate Presentation
The Company is pleased to announce further brand enhancements including a new Company logo and an updated corporate presentation which will be available at www.MRSCorp.com on Wednesday, August 8, 2018.
Conference Call
The Company will hold an investor conference call on Wednesday, August 15, 2018 at 5:00PM ET.
In addition to providing a corporate update, the Mission Ready management team will respond to investor enquiries. To submit an enquiry or discussion point to be addressed during the Q&A period, send an email to InvestorCall@MRSCorp.com no later than 5:00PM ET on Tuesday, August 14, 2018. The Company will endeavor to respond to as many enquiries as possible. Once concluded, a link to the audio recording of the live call will be made available at www.MRSCorp.com.
Dial-In Instructions
- Call 1.712.451.0216
- When prompted for your access code, enter 919879#
About Mission Ready Solutions Inc.
Headquartered in Vancouver, British Columbia, Canada, Mission Ready innovates and manufactures leading tech-centric defense and tactical solutions to prevent injuries and enhance the performance of military personnel, first-responders and all those who protect us by equipping them with the next generation of personal protective technologies.
Mission Ready is committed to becoming a global leader in personal protective technologies through the strategic growth of its three synergistic business segments; Innovations & Development, Prototyping & Manufacturing, and Product Sales.
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 500
E: IR@MRSCorp.com
Mission Ready Solutions Inc.
(signed “Jeffery L. Schwartz”)
Jeffery L. Schwartz,
President & CEO
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.
Forward-looking statements are based on assumptions management believes to be reasonable. Although Mission Ready Solutions Inc. has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.