SOURCE: VirTra Systems

VirTra Systems

March 02, 2011 09:50 ET

VirTra Systems Becomes Debt-Free Company

TEMPE, AZ--(Marketwire - March 2, 2011) - Bob Ferris, VirTra Systems' CEO (PINKSHEETS: VTSI), today announced that VirTra is now a debt-free company.

VirTra has paid $121,254.17 to the IRS, which is the final payment needed to eliminate that liability. As of today, in all accounts both past and present, VirTra is in good standing with the IRS.

In addition, VirTra announced today that they have sold back the land to the original landowner. The land was purchased to permit expected expansion, however, the unexpected Gander Mountain Academy rollout required VirTra to obtain a larger facility in a short period of time, rather than having time to build on the land. VirTra no longer has the liability or asset associated with the land.

When new management took control of the company in 2008, VirTra had liabilities that totaled approximately $4.645 million, today the company is completely without debt after strategically and systematically eliminating IRS, Dutchess and all other previous debts from VirTra's path forward.

Bob Ferris, VirTra Systems' CEO, said, "While VirTra is best known for unparalleled realism and quality in the market of firearms training simulators, it is a real blessing to add financial strength to our corporate resume."

About VirTra Systems
VirTra Systems, Inc. offers the world's most realistic firearms training simulators for Military and Law Enforcement customers around the globe. VirTra is the highest standard in simulation, offering a full range of the finest firearms training systems to fit any budget, the world's best simulated recoil systems, and the ability to add and measure real stress during training with the Threat-Fire™ return fire system (patent pending). www.virtra.com.

Comments are based on current management expectations, and are considered "forward-looking statements," generally preceded by words such as "plans," "expects," "believes," "anticipates," or "intends." We cannot promise future returns. Our statements reflect our best judgment at the time they are issued, and we disclaim any obligation to update or alter forward-looking statements as the result of new information or future events.

VirTra and the VirTra logo are trademarks of VirTra Systems, Inc.

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