VANCOUVER, B.C. – Mission Ready Services Inc. (TSX-V: MRS) – Mission Ready Services Inc. (“Mission Ready” or “MRSI” the “Company”) announces that its quarterly unaudited financial statements, related Management’s Discussion & Analysis (“MD&A”) and National Instrument (“NI”) 52-109FV1 reports for the period ended September 30, 2014 were filed on SEDAR on December 01, 2014, and can be viewed at www.sedar.com.
Third Quarter 2014 Highlights
- 3 month revenue of $804,227, an increase of 38% over Q3 2013
- Record 9 month revenue of $2,551,672, an increase of 38% over Q1-Q3 2013
- Cash balance of $540,814 with subsequent $4 million financing as announced October 10, 2014
- Total net loss of $1,058,982 in Q3
The quarter provided a record year of revenue from Protect The Force’s (“PTF”) consulting manufacturing and representation services along with inspection, cleaning and repair revenue from 10-20 Services Inc. (“10-20”).
The company incurred a net loss of $1,058,982 which included a one-time royalty equalization cost of $89,494, as per the terms of its intellectual property agreement for its Advanced Cleaning System, and a non-cash charge for stock-based compensation expense of $155,435.
The Company also incurred costs during the quarter performing an extensive wash test for the US Army on ballistic shoot packs to determine the long-term effects, if any, of 10-20’s Advanced Cleaning System. In addition, the Company incurred setup costs for the US Marine Corps contract awarded to 10-20 in August 2014. 10-20 has ramped up to three shifts per day, seven days a week at both its operating sites in Washington State and North Carolina as of late September 2014 and will be opening a new site in California, doubling its current output.
Protect The Force has also continued to invest in developing its proprietary products while seeking R&D funding from the US Department of Defense for PTF and its clients.
Subsequent to the third quarter end:
- The Company completed a $4 million financing
- Development work started on the $1.48 million Marine Corps Systems Command contract
- Work commenced on several client development projects
- Site installation work began on new facility in California
About Mission Ready
MRSI was formed 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.
Headquartered in Vancouver, BC, MRSI 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
MRSI’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.
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. 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.