VANCOUVER, British Columbia, June 19, 2020 (GLOBE NEWSWIRE) -- Mission Ready Solutions Inc. (“Mission Ready” or the “Company”) (TSXV: MRS) is pleased to provide the following update related to new contract awards, the status of its Q1 2020 filings, and other corporate matters.
C$2.9MM Manufacturing Contract
The Company is pleased to announce that it has received a C$2.9MM purchase order (“Purchase Order”) from a United States Small Business Administration 8(a) certified company (the “8A Partner”) to manufacture and supply specialized body armor systems for the United States Department of Defense.
The Purchase Order follows the 2019 launch of a collaborative effort between Mission Ready and the 8A Partner, to design a modular, scalable, female-specific body armor (“FBA”) system tailored to meet the requirements of female military personnel. Deliveries of the FBA products pursuant to the Purchase Order are scheduled to begin in August 2020 and conclude in January 2021.
Jeffery Schwartz, President and CEO of Mission Ready, states, “We are excited to continue expanding our partnerships with small business and 8A companies across the United States to secure additional avenues to distribute the Company’s in-house manufactured products.”
C$4.4MM Distribution Contract
The Company is pleased to announce that, through its wholly-owned government contracting division, Unifire, Inc. (“Unifire”), it has been received a C$4.4MM purchase order (the “Purchase Order”) from the United State Department of Health and Human Services for the procurement and supply of personal protective equipment (“PPE”) for the Indian Health Service. Subject to product availability, the PPE pursuant to the Contract Award is scheduled to ship directly from the manufacturer in December 2020.
Q1 2020 Filings Status Update
Mission Ready reports that, further to its news release dated May 20, 2020, the Company is continuing to work diligently to file its interim financial statements for the first quarter ended March 31, 2020 by July 16, 2020 (corrected from the reference to July 17, 2020 contained in the Company’s May 20, 2020 news release), pursuant to the coordinated relief provided by the securities regulators which consists of a 45-day extension for certain periodic filings, as announced by the Canadian Securities Administrators (“CSA”) on March 18, 2020.
The Company is relying on the temporary exemption pursuant to BC Instrument 51-515 Temporary Exemption from Certain Corporate Finance Requirements (“BCI 51-515”) in respect to the following provisions:
- the requirement to file interim financial statements for the three months ended March 31, 2020 (the “Financial Statements”) within 60 days after the end of the Company's interim period as required by section 4.4(b) of National Instrument 51-102 Continuous Disclosure (“NI 51-102”);
- the requirement to file management discussion and analysis (the “MD&A”) for the period covered by the Financial Statements within 60 days after the end of the Company's interim period as required by section 5.1(2) of NI 51-102; and
- the requirement to file certifications of the Financial Statements (the “Certificates” and together with the Financial Statements, the “Interim Filings”) pursuant to section 5.1 of National Instrument 52-109 Certification of Disclosure in Issuer’s Annual and Interim Filings and section 4.4(b) [being the filing deadline for interim financial statements] of NI 51-102.
The Company confirms that there have been no material developments, other than those disclosed through news releases, since the filing of its audited consolidated financial statements for the year ended December 31, 2019, which were filed on SEDAR on June 15, 2020.
Additionally, the Company advises that management and other insiders of the Company are subject to a trading black-out policy as described, in principle, in section 9 of National Policy 11-207, Failure to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.
AGM and Statement of Executive Compensation
Due to the health implications and constraints associated with the COVID-19 pandemic in terms of social gatherings and travel restrictions, the Company is relying on the blanket relief provided by the TSX Venture Exchange, the Canadian Securities Administrators and the British Columbia Securities Commission in respect of the following provisions:
- the requirement to hold its annual general meeting of shareholders (“AGM”) within 15 months of its last preceding annual meeting of shareholders (pursuant to section 4.1 of TSX Venture Exchange Policy 3.2 Filing Requirements and Continuous Disclosure); and
- the requirement to file a statement of executive compensation within 180 days of the Company's year end (pursuant to section 9.3.1(2.2) of National Instrument 51-102 – Continuous Disclosure Obligations).
Pursuant to the March 23, 2020 Notice to Issuers published by the TSX Venture Exchange, the Company is relying on the temporary relief measure permitting the Company to “hold its 2020 Annual General Meeting on any date in 2020 up to and including December 31, 2020.”
The Company is relying on section 11 of BCI 51-516 in respect of the filing of an executive compensation disclosure document and will include such statement of executive compensation in the information circular to be mailed to security holders and filed on SEDAR in connection with its AGM.
Monetary values related to contract awards referenced herein have been rounded down to the nearest hundred thousand after being converted from US currency (USD) to Canadian currency (CAD) using an exchange rate of 1.35.
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 its Special Operational Equipment (“SOE”) Tailored Logistics Support (“TLS”) contract administered by the United States Defense Logistics Agency (“DLA”), and Multiple Award Schedule contracts administered by the United States General Services Administration (“GSA”).
Mission Ready’s wholly-owned subsidiary, Unifire, Inc. (“Unifire”), is one of six companies, globally, authorized to provide equipment and designated services under DLA’s SOE TLS program. 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 the SOE TLS contract, with extensive knowledge and experience in providing solutions to the US Federal Government, Unifire utilizes its highly-efficient, 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.