SOURCE: Mission Ready Services Inc.

Mission Ready Services Inc.

April 27, 2016 20:31 ET

Mission Ready Releases Financial Results for Year Ended December 31, 2015

VANCOUVER, BC--(Marketwired - April 27, 2016) - Mission Ready Services Inc. (TSX VENTURE: MRS) ("Mission Ready" or the "Company") is pleased to report a new high for gross revenues which exceeded $8.5 million for the year ending December 31, 2015. The annual audited financial statements, related management's discussion and analysis ("MD&A") and National Instrument ("NI") 52-109FV1 reports were filed on SEDAR on April 27, 2016 and can be viewed at www.sedar.com.

Highlights:

  • Record revenue in 2015 of over $8.5 million, a 96% increase over the year ended in 2014
  • Net income before other items of $193 thousand compared to a $2.8 million loss in 2014

The Company increased its gross revenues for the year 2015 by $4.2 million to $8.5 million (2014 - 4.3 million), a 96% increase over the prior year. Total expenses in determining Income (Loss) Before Other Items increased 16.4% to $8.3 million from $7.2 million. Income Before Other items increased by $3.0 million from a loss in 2014 of $2.8 to a positive income of $0.2 million. This improvement is attributed primarily to increased revenues and higher profit margins achieved by all segments of the Company.

The Company's overall net comprehensive loss for the year decreased by 87% from $4.4 million last year to $0.6 million for the current year. This loss is mainly attributed to non-cash expenses of $1.0 million for Amortization & Depreciation, $0.32 million for Stock Based Compensation and interest and debenture conversion costs of $0.02 million; partially offset by a foreign currency translation gain of $0.65 million and by net income from operations of $0.19 million in the current year.

As at December 31, 2015, the Company had $5.6 million in total assets, $1.1 million total liabilities and $1.1 million of working capital.

The Company continued its product development efforts throughout 2015 -- including placing its patent-pending No-Contact technology into a riot control shield -- and supported US Army trials while completing the development of its patent-pending line of Next Generation Combat Shirt technologies.

Outlook:

Mission Ready is focused on profitable growth as it continues to expand its services throughout the US Department of Defence, US law enforcement agencies and other protective services agencies within the US and other countries.

Developed by the Companies research and development division, Mission Ready has several wearable protective products that are being readied for market including the following:

  1. Ballistic Combat Shirt
  2. Tactical Police Shirt
  3. No-Contact Modular Riot Shield Cover

To further strengthen its commercialization efforts, the Company is in the process of setting up a manufacturing facility -- PTF Manufacturing Inc. -- based in Campbell County, Tennessee. In addition to manufacturing the Companies own portfolio of revolutionary products, the Company will provide manufacturing services to select clients of Mission Ready.

2015 Summary:

Mission Ready made significant advancements within its various divisions in 2015 paving the way for the Companies 2016 product launch initiatives and growth strategies. Notable advancements from 2015 include:

  • Expansion of partnership with a research client for a US Army research project
  • Department of Homeland Security award as a sub-contractor to North Carolina State University
  • Launch of 10-20 Barstow, California facility
  • Significant advancements on the Companies Next Generation Body Armor
  • The signing of additional representation clients
  • Appointment of New York based Mark Bishop to Board of Directors
  • Signing of exclusive Patent License Agreement with US Army

About Mission Ready Services Inc.

MRSI was created to meet a critical need of one of the world's largest customers, the US Government and in particular the Departments of Defence, Homeland Security and Justice and various other agencies such as law enforcement, first responders and the many others worldwide that help to safeguard our health and security.

MRSI's mission is to save lives and enhance the performance of military personnel, first responders, and those who protect us by working to ensure they are equipped with the best possible personal protective equipment.

Mission Ready Services Inc.

(signed "Rod Reum")

Rod Reum,
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 Services 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 Services 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 Services 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 Services 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.

Contact Information

  • For further information, visit the Company's website at MissionReady.ca or contact:
    Terry Nixon
    Director, Corporate Communications
    Telephone: 1.877.479.7778