VANCOUVER, B.C. – July 27, 2016 – Mission Ready Services Inc. (“Mission Ready” or the “Company”) (TSX-V: MRS) today announced the launch of its new Tennessee-based manufacturing division, PTF Manufacturing Inc. (“PTF Manufacturing” or “PTFM”). PTFM significantly expands Mission Ready’s business by combining its global footprint, technical capabilities and highly-qualified personnel with a well-established dealer network and notable history of combined experience in the defense industry.
- Mission Ready launches PTF Manufacturing, opens facility in Tennessee
- Industry veteran, Jeff Schwartz, joins the Company as head of PTF Manufacturing
- Over 30 new PTF product dealers have been established
- Located in a Tennessee ‘HubZone’ (Historically Underutilized Business Zone) – Potential for USD $ millions in tax credits and business incentives
PTFM, a wholly-owned subsidiary of Mission Ready, is headquartered in Jacksboro Tennessee and will serve as the Company’s manufacturing headquarters to develop and grow its product lines and ready them for the marketplace. Offering a full range of products dedicated to the tactical and defense industry, PTFM’s portfolio of products includes tactical outerwear, canine armor products, bomb suits/blankets, riot control protection, carriers, textiles with integrated electronics and ballistic panels. Prospective Clients/Markets include the Department of Defense, State Department, Government Services Administration, Department of Homeland Security, law enforcement agencies, fire & rescue, e-Commerce companies, tactical distributors/dealers, security companies and GSA support companies.
The PTFM team boasts over a century of combined experience in business, management, production operations, sales and R&D and is led by industry veteran, Jeff Schwartz, who has an extensive background in all aspects of executive management and has served in director level positions for both privately held and publicly traded companies, most recently as President of LC Industries, a $380MM manufacturing and distribution business he helped grow from $50MM during a 12 year tenure. Mr. Schwartz will work closely with the teams at PTF Innovations and PTF Sales to ensure the seamless integration of each division in order to provide a complete and simplified user experience for PTF clients and distributors.
“The PTF Manufacturing team brings significant value to our existing and future relationships through a wealth of skills and experience that will enable us to efficiently deliver quality, custom tactical and armor products,” states Rod Reum, President & CEO of Mission Ready Services Inc. “The ability to manufacture the products we have developed will allow us to retain margins internally, bid more competitively, control quality and preserve our know how.”
Widely considered a state with one of the most business-friendly economic climates in the US, the business tax credits and incentives offered by the state of Tennessee will minimize the Company’s initial and ongoing capital expenditures allowing it to utilize the savings for further growth and added capabilities. Tennessee’s incentives for companies expanding within the state – or relocating to the state – include a combination of tax credits, job training reimbursement grants and public infrastructure development around a project site. The value to PTFM in the first year of operations could exceed $1MM.
About Mission Ready
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.
Headquartered in Vancouver, BC, Mission Ready 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
Mission Ready’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.
For further information, visit 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.
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