SCOTTSDALE, AZ, Sept. 23, 2021 (GLOBE NEWSWIRE) -- AMMO, Inc. (NASDAQ: POWW & POWWP) (“AMMO” or the “Company”), a leading vertically integrated producer of high-performance ammunition and components and operator of GunBroker.com, the largest online marketplace serving the firearms and shooting sports industries today, is pleased to announce it has been awarded a contract by the Irregular Warfare Technical Support Directorate (IWTSD), formerly CTTSO, formed and operating under the U.S. Department of Defense, to design and manufacture signature-on-target rounds (SoT) in support of U.S. military operations.
The SoT ammunition is being developed to provide warfighters with the ability to see the impact of rounds fired from their weapon systems on a wider variety of targets, both day and night. The SoT ammunition allows the machine gunner to see bullet impacts without a visible signature in flight exposing their firing location in the manner which occurs with currently utilized tracer ammunition. This advanced capability will increase survivability by reducing firing position identification and increase lethality by supporting the shooter’s ability to place more rounds on target and in the beaten zone.
“AMMO is extremely proud of this contract award and the expansion of its development efforts and focused support of IWTSD’s critical work with the tactical operators we both serve. These operators have special needs and this program was developed to address two of the most critical – safety and increased lethality,” said Fred Wagenhals, AMMO’s Chairman and CEO.
About IWTSD
The Assistant Secretary of Defense for Special Operations/Low-Intensity Conflict (ASD(SO/LIC)) established the Combating Terrorism Technical Support Office (CTTSO) in 1999 to consolidate its research and development programs. The research and development effort that supports the interagency Technical Support Working Group (TSWG) was the first program to transition to CTTSO. The TSWG is divided into 10 subgroups.
Section 922 of the 2017 National Defense Authorization Act directed ASD(SO/LIC) report directly to the Secretary of Defense. On November 18, 2020, the Acting Secretary of Defense authorized the ASD (SO/LIC) to transform the CTTSO to the Irregular Warfare Technical Support Directorate (IWTSD).
IWTSD’s mission is to identify and develop capabilities for DoD to conduct Irregular Warfare against all adversaries, including near-peer competitors and non-state actors, and to deliver those capabilities to DoD components and interagency partners through rapid research and development, advanced studies and technical innovation, and provision of support to U.S. military operations.
About AMMO, Inc.
With its corporate offices headquartered in Scottsdale, Arizona, AMMO designs and manufactures products for a variety of aptitudes, including law enforcement, military, sport shooting and self-defense. The Company was founded in 2016 with a vision to change, innovate and invigorate the complacent munitions industry. AMMO promotes branded munitions as well as its patented STREAK™ Visual Ammunition, /stelTH/™ subsonic munitions, and armor piercing rounds for military and law enforcement use. For more information, please visit: www.ammo-inc.com.
About GunBroker.com
GunBroker.com is the largest online marketplace dedicated to firearms, hunting, shooting and related products. Aside from merchandise bearing its logo, GunBroker.com currently sells none of the items listed on its website. Third-party sellers list items on the site and Federal and state laws govern the sale of firearms and other restricted items. Ownership policies and regulations are followed using licensed firearms dealers as transfer agents. Launched in 1999, GunBroker.com is an informative, secure and safe way to buy and sell firearms, ammunition, air guns, archery equipment, knives and swords, firearms accessories and hunting/shooting gear online. GunBroker.com promotes responsible ownership of guns and firearms. For more information, please visit: www.gunbroker.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 Current Reports filed on Form 8-K.
Investor Contact:
Reed Anderson
ICR
Phone: (646) 277-1260
IR@ammo-inc.com
