VANCOUVER, B.C. – Mission Ready Services Inc. (TSX-V: MRS) – Mission Ready Services Inc. (“Mission Ready” or “MRSI”) is pleased to report that 10-20 Services Inc. (“10-20” or the “Company”), a wholly-owned subsidiary of MRSI, has recorded another revenue growth quarter in 2015.
- Record Revenue in Q1 2015 of over $1M and cash flow positive operations
- Seven out of eight quarter over quarter revenue increases
- Received $200K purchase order from US Army Special Operations Command
- Commenced work with US National Guard (Washington and South Carolina)
10-20 has recorded increased revenues in seven of the last eight quarters and earned $1.25 million in revenues in the first quarter 2015. As the Company has completed its site setup at Barstow and now has a large trained workforce it has been able to increase its efficiencies and generate cash flow positive operations.
At the beginning of 2014, 10-20 won an award to clean & repair general personal equipment and gear for the US Army Special Operations Command. To date the Company has cleaned over 122,000 pieces of equipment and returned this gear back into service saving the government approximately 88% over replacement cost with total savings to the Government of greater than $10 million. 10-20 received in May another $200k continuing purchase order to carry on this work.
In third quarter 2014, 10-20 won a $4.2 million contract to clean and decontaminate infantry combat equipment for the US Marine Corps Logistics Systems Command in Barstow CA. This contract began in the beginning of October 2014 with gear being cleaned at the Washington and North Carolina sites. Work also began at the Company’s new site in Barstow in late March 2015. To date we have cleaned and repackaged over 2,600 pallets of gear representing approximately $70.2 million of infantry combat equipment with savings over replacement cost to the government in excess of $67 million.
In addition to work for the US military, 10-20 has begun work with the US National Guard in both Washington State and South Carolina. The National Guard is a separate organization within the US Department of Defense and its 450k members are controlled by the respective states. This work includes ongoing cleaning of mechanics coveralls and complete restoration of body armor. The Company plans to expand its work with other National Guard states adjacent to its facilities.
About 10-20 Services Inc.
10-20 was formed to provide services and product sales to the U.S. Federal Government and its contractors. 10-20 operates military cleaning and repair facilities in Washington State, adjacent to Joint Base Lewis-McCord (JBLM); North Carolina, adjacent to Fort Bragg (the world’s largest military installation); California near Marine Corps Logistics Base Barstow. Additionally, the Company operates retail service centers on-base at JBLM and Fort Bragg to serve the individual soldier market and gain exposure for 10-20 Services at the base level.
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.
For further information, visit the Company’s website at MissionReady.ca or contact:
Terry Nixon – Director, Corporate Communications
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. http://www.mrscorp.com/10-20-services-inc-continues-aggressive-growth-strategy/ http://www.mrscorp.com/10-20-services-inc-continues-aggressive-growth-strategy/ http://www.mrscorp.com/10-20-services-inc-continues-aggressive-growth-strategy/ http://www.mrscorp.com/10-20-services-inc-continues-aggressive-growth-strategy/ http://www.mrscorp.com/10-20-services-inc-continues-aggressive-growth-strategy/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.