VANCOUVER, British Columbia, Oct. 08, 2020 (GLOBE NEWSWIRE) -- Mission Ready Solutions Inc. (“Mission Ready” or the “Company”) (TSXV: MRS) is pleased to announce that, further to its September 18, 2020 news release announcing new contract awards valued at an estimated $127 million, with a ceiling of $435 million (the “C&T Contracts”), and its September 25, 2020 news release reporting that it had received an aggregate of approximately $96 million in purchase orders (each purchase order, a “PO”) across the C&T Contracts, the Company has received $16 million in additional PO’s bringing the total received as of the date of this announcement to approximately $112 million.
All purchase orders received to date across the C&T Contracts call for delivery of the products between October 2020 and March 2021. In accordance with the terms of the C&T Contracts, the Defense Logistics Agency will remit payment to Unifire within 30 days of delivery of the products pursuant to each purchase order.
The related announcements referenced herein can be viewed at www.MRSCorp.com or via the direct links below:
September 25, 2020 – Mission Ready Announces $58.5 Million in New Purchase Orders
September 18, 2020 – Mission Ready Awarded New Contracts for an Estimated $127 Million with a Ceiling of $435 Million
SOE Protest Update
The Company provides the following update with respect to recent developments – and next steps – in the Company’s efforts to reverse a December 2019 decision by the U.S. Defense Logistics Agency (“DLA”) to exclude Unifire, Inc.’s (“Unifire”) proposal from the competition under SPE8EJ-18-R-0001 (Special Operational Equipment (“SOE”) Tailored Logistics Support (“TLS”) Program) (the “Pre-award Protest”). Further to a Company announcement dated March 11, 2020 related to the Pre-award Protest filed with the U.S. Court of Federal Claims (“COFC”), on October 6, 2020, Unifire filed a Notice of Appeal of the COFC’s judgement in response to a September 24, 2020 decision by the COFC denying Unifire’s challenge of the exclusion of its proposal from the competition. Unifire will pursue an appeal in the United States Court of Appeals for the Federal Circuit in addition to seeking a continued stay of the competition for the SOE TLS follow-on contracts while its appeal is pending. 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 its appeal vigorously. The outcome of this proceeding cannot be predicted with certainty, and there can be no assurance that this protest will be resolved in a manner favorable to Unifire.
Buck Marshall, President and CEO of Mission Ready, states, “We recognize and appreciate the value of our incumbency as a prime vendor on the SOE TLS contract – and will certainly take all proper steps to continue in this capacity – however, it is important to note that over 90% of Unifire’s sales captured during 2020 have been entirely outside of the SOE TLS contract vehicle. We remain optimistic that we will have the opportunity to continue performing on the SOE TLS contract for the foreseeable future. While it is true that a piece of our heart belongs with the SOE TLS contract due to the fact that it has helped shape the Company into who we are today, the opportunities to do business with the United States Department of Defense are nearly immeasurable and we have full confidence that we will continue to accelerate along our current sales trajectory, irrespective of our future status as an SOE TLS prime vendor. The exponential growth that we have achieved through entirely unrelated channels so far this year is a testament to the fact that we are nimble, adaptable and empowered to reach new heights in our quest to become a foremost leader in the world of government contracting.”
Monetary values referenced herein have been converted from US currency (USD) to Canadian currency (CAD) using an exchange rate of 1.32 and rounded down to the nearest 0.5 million.
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 “Buck L. Marshall”)
Buck L. Marshall
Chief Executive Officer
Ph: +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.