SCOTTSDALE, AZ, Nov. 06, 2020 (GLOBE NEWSWIRE) -- AMMO, Inc. (OTCQB: POWW) (“AMMO” or the “Company”), a premier American ammunition and munition components manufacturer and technology leader, today announced it delivered the final payment concluding its 2019 $27 million acquisition of the Jagemann Stamping Company’s (JSC) brass casing division by paying in full the Seller’s $5.8 million Note.
Jagemann Stamping Company’s brass division was regarded as one of the best-in-class brass suppliers to the ammunition and munition components industry for decades. This completed acquisition further solidifies AMMO’s position in the ammunition industry as a leading manufacturer of innovative and high-quality products. Although the balance was due in 2021, the Company decided to satisfy the Seller’s Note in full (approximately nine (9) months early) in support of its efforts to execute on the Company’s business plans.
“We targeted JSC’s well-established brass casing division in 2018 and closed the transaction in early 2019, rebranding the operations as Jagemann Munition Components (JMC), because of the industry leading position they had established based upon their cutting-edge equipment and world class team. We have seamlessly integrated that team and operation into the AMMO operations since closing in 2019 and are excited to have concluded the transaction with the early payoff of the Seller Note”, said Fred Wagenhals, AMMO’s CEO. “We continue to enhance our JMC brass casing and loaded ammunition operations by adding more cutting edge equipment to support exponential increases in manufacturing output while bringing on additional team members with an impressive depth of industry and manufacturing knowledge in support of our efforts to continue to meet the growing demand for our products.”
About AMMO, Inc.
AMMO was founded in 2016 with a vision to change, innovate and invigorate the complacent munitions industry. The Company designs and manufactures products for a variety of markets, including law enforcement, military, hunting, sport shooting and self-defense. AMMO promotes its company branded munitions, its patented STREAK™ Visual Ammunition, /stelTH/™ subsonic munitions, and O.W.L. Technologies®. The Company’s corporate offices are headquartered in Scottsdale, Arizona. Manufacturing operations are based in both northern Arizona and Manitowoc, Wisconsin. For more information please visit: www.ammoinc.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