VANCOUVER, BRITISH COLUMBIA, CANADA – MAY 14, 2020 – Mission Ready Solutions Inc. (“Mission Ready” or the “Company”) (TSXV: MRS) is pleased to announce that, further to its news release dated April 28, 2020, the Company has received a CAD $24,000,000 (twenty-four million) contract award (“Contract Award”) from the US Department of Homeland Security (“DHS”) Federal Emergency Management Agency (“FEMA”) for the provision of personal protective equipment (“PPE”) to be delivered between May 12, 2020 and September 30, 2020.
The Statement of Work received by the Company from FEMA provides the following information relative to the background and scope of the Contract Award:
“The COVID-19 outbreak was declared as a national emergency via Presidential Proclamation on March 13, 2020. The community spread of COVID-19 has evolved at a fast pace resulting in an urgent need to procure personal protective equipment to support the containment and response to the outbreak. The need and extent for personal protective equipment will continue to evolve as the virus spreads throughout the nation. The Federal Emergency Management Agency (FEMA) is seeking to procure supplies in support of COVID-19 Personal Protective Equipment & Medical Supplies. The Contractor shall provide various personal protective equipment as identified in the IDIQ Contract to FEMA specified locations.”
In addition to the CAD $24,000,000 awarded to Mission Ready, the Contract Award includes an option, exercisable at FEMA’s discretion, for an additional CAD $12,000,000 (twelve million) to be awarded to Mission Ready no later than September 30, 2020 (the “Option”), for an aggregate potential contract value of up to CAD $36,000,000.
“We are grateful for the opportunity to contribute meaningfully to the fight against COVID-19,” states Jeffery Schwartz, President and CEO of Mission Ready. “Utilizing Unifire’s vast network of product manufacturers and distributors established over a 30-year period, we are uniquely positioned to respond quickly and competitively to the increasing volume of government and industry requests for personal protective equipment. As we work to become increasingly nimble and grow the bottom line, we will remain focused on accretive opportunities that allow the Company to retain profits to be reinvested and leveraged for further growth. Being a delivery order, the Company will not require any additional facility space, equipment or personnel to facilitate the FEMA Contract Award. Additionally, as is the generally the case with the bulk of Unifire’s business, this Contract Award followed our response to a federal solicitation for specific products that had been vetted and pre-cleared by the US government – meeting or exceeding safety and efficacy standards established and mandated by the Food and Drug Administration – for use by those fighting for us on the front lines.”
The Company’s ability to demonstrate adequate capital availability to fulfill delivery orders continues to contribute to its success in winning contracts. The Company will utilize commercially-competitive-rate financing provided by its existing capital partners to facilitate the delivery of the products to FEMA. Logistics and product delivery will be direct from manufacturer to end customer.
Monetary values referenced herein which relate to contract awards have been rounded down to the nearest million after being converted from US currency (USD) to Canadian currency (CAD) using an exchange rate of 1.40.
About Mission Ready Solutions Inc.
Mission Ready specializes in providing comprehensive government contracting solutions through its privileged access to a host of government contracting vehicles including its Special Operational Equipment (“SOE”) Tailored Logistics Support (“TLS”) contract administered by the United States Defense Logistics Agency (“DLA”), and Multiple Award Schedule contracts administered by the United States General Services Administration (“GSA”).
Mission Ready’s wholly-owned subsidiary, Unifire, Inc. (“Unifire”), is one of six companies, globally, authorized to provide equipment and designated services under DLA’s SOE TLS program. Unifire is a designated Small Business and an industry-leading manufacturer and distributor of over 1.5 million fire, military, emergency, and law enforcement products. As an incumbent awardee of the SOE TLS contract, with extensive knowledge and experience in providing solutions to the US Federal Government, Unifire utilizes its highly-efficient, scalable technology infrastructure to provide procurement solutions for program managers, military and federal contracting offices, base supply centers, and other governmental supply agencies.
Mission Ready trades on the TSX Venture Exchange under the symbol MRS.
For further information, visit MRSCorp.com or contact:
T: 1.877.479.7778 – Ext 5
Mission Ready Solutions Inc.
(signed “Jeffery L. Schwartz”)
Jeffery L. Schwartz,
President & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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 Solutions 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 Solutions Inc. to be materially different from those expressed or implied by such forward-looking information. 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 Solutions Inc. does not undertake to update any forward-looking information that is included herein, except in accordance with applicable securities laws.