SOURCE: VirTra Systems

VirTra Systems

May 03, 2011 15:45 ET

VirTra Systems Cancels Shareholder Meeting

TEMPE, AZ--(Marketwire - May 3, 2011) - VirTra Systems, Inc. (PINKSHEETS: VTSI) announced today the special shareholder meeting scheduled for Wednesday, May 4, at its corporate headquarters, has been cancelled.

In order to pass, Proposition One needed a two-thirds majority support of all outstanding shares, requiring 105,604,939 votes for the reverse split. Currently shareholders are voting 95,033,702 shares for and 39,577,109 shares against, falling approximately 6.6% short of passing.

"It was more difficult than expected to obtain votes from shareholders with approximately 23,385,084 shares not returning a vote. Of the shareholders who did vote, the vast majority was supportive of the proxy. Regardless of this outcome, VirTra will continue to focus our energies on further building a successful enterprise and increasing shareholder value. To that end, management still plans to engage an auditing firm to certify its 2010 and 2011 financials and eventually register with the U.S Securities and Exchange Commission in an effort to uplist to a higher exchange," said Bob Ferris, VirTra's CEO.

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).

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.

Contact Information

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