VANCOUVER, BC--(Marketwired - November 29, 2016) - Mission Ready Services Inc. ("Mission Ready" or the "Company") (TSX VENTURE: MRS) announces that its quarterly unaudited financial statements, related Management's Discussion & Analysis ("MD&A") and National Instrument ("NI") 52-109FV2 reports for the period ended September 30, 2016 were filed on SEDAR on November 29, 2016 and can be viewed at http://www.sedar.com.
For the nine months ended September 30, 2016 the Company's gross revenues decreased by $3.4 million to $3.6 million (2015 - $7.1 million), a 49% decrease over the same period in the prior year. This decrease is due to a one-time $4.2 million contract the company performed for the US Marines that was completed in the fall of 2015. The lower gross revenues of the Company's Cleaning and Remediation division was partially offset by increased revenues of the Research Development & Manufacturer Representation divisions and the start of revenues generated by the Manufacturing division. Total expenses included in determining Income (Loss) Before Other Items decreased 28% to $4.8 million from $6.6 million. Income Before Other items decreased by $1.6 million from income in 2015 of $0.48 million to a loss of $1.14 million in 2016. The decrease in revenues and expenses is primarily due to the Company's performance of the previously mentioned one year contract for the US Marines in 2015 partially offset by the initial set up costs of the Company's new manufacturing facility.
Flex9Armor™ Manufacturing Begins
A key focus of the Company is on its proprietary Flex9Armor™ base layer shirt for law enforcement agencies and foreign militaries. The Company recently completed its first shipment of shirts to a US County SWAT team. Additional Flex9Armor™ shipments are currently being prepared for a foreign military order while evaluations are underway by a number of European NATO nations.
Acquisition of NIJ Ballistic Certifications
With the acquisition of certain manufacturing assets, trademark, customer list and 23 certifications of models that Comply with the U.S. Department of Justice, National Institute of Justice ("NIJ") standard-0101.06 for ballistic-resistance of body armor of ForceOne, LLC, the Flex9Armor™ and other PTF ballistic products are now being manufactured at the Company's recently launched manufacturing facility based in Campbell County, Tennessee -- a designated HUBZone (Historically Underutilized Business Zone).
Winner of TEEX Award
The Company recently won an award through the US DoD's Defense to Response (D2R) Technology Program for the provision of USD $110,000 in services from Texas A&M Engineering Extension Service's Product Development Center (TEEX PDC) to commercialize PTF's Flex9Armor™ to enhance public safety and homeland security.
About Mission Ready
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.
Headquartered in Vancouver, BC, Mission Ready has three distinct, synergistic operating divisions:
- Strategic consulting services and manufacturers representation
- Equipment inspection, cleaning/decontamination and repair services of personal protection equipment
- Product research and development
Mission Ready's management team offers over 100 years of combined industry experience and is composed of industry experts in developing products, contracting, and selling to the federal government, first responders and tactical markets through open market procurements, teaming arrangements, and a variety of federal contract tools.
Mission Ready Services Inc.
(signed "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.