VANCOUVER, BRITISH COLUMBIA – APRIL 28, 2020 – Mission Ready Solutions Inc. (“Mission Ready” or the “Company”) (TSXV: MRS) today provided a business update along with details of the impact of the COVID-19 pandemic on its on-going operations and business activities.
With employees, partners and customers across multiple geographies, Mission Ready management continue to closely monitor developments surrounding the COVID-19 pandemic. The Company’s focus is on the safety and wellbeing of its employees, customers, and partners, and is taking precautions to minimize the spread of COVID-19 in alignment with local government policies and national and international agency recommendations.
To help combat the pandemic, Mission Ready has formed an independent COVID-19 response team consisting of 15 select inside and outside Company representatives working in cooperation to source and supply mission critical product and service solutions including personal protective equipment (“PPE”), shelters, and third-party logistics services. Based on the current guidance and timelines provided by government health authorities, the increased demand for critical life-saving equipment is likely to extend through, at minimum, December 2020 – In consideration of this, interim arrangements have been made to ensure the maintenance of the Company’s core operations despite the temporary reassignment of certain sales and contracting personnel.
“We are fully engaged and entirely committed to helping our customers, communities and partners during this difficult time of COVID-19 – If there was ever an opportunity to demonstrate our commitment to protecting those who protect us, it is now,” said Jeffery Schwartz, President & CEO of Mission Ready. “Unexpected events – COVID-19 being no exception – are precisely why we put such great emphasis on certain, largely unseen, foundational initiatives including process automations, forging strong relationships with key vendors, and building a dynamic sales and customer relations team that can adapt to situations in real-time.”
2019 Audited Financial Statements and Related Filings
As a result of the COVID-19 pandemic, the Company will be relying on the coordinated relief provided by the securities regulators which consists of a 45-day extension for certain periodic filings, as announced by the Canadian Securities Administrators (“CSA”) on March 18, 2020, with respect to the filing of its annual financial statements, management’s discussion and analysis, and related officer certificates for its financial year ended December 31, 2019.
The notice released by the CSA stated that securities regulators will be providing coordinated relief consisting of a 45-day extension for certain periodic filings required to be made on or prior to June 1, 2020 as a result of the COVID-19 pandemic. As such, the British Columbia Securities Commission (“BCSC”) has enacted BC Instrument 51-515, Temporary Exemption from Certain Corporate Finance Requirements (“BCI 51-515”).
The Company will be relying on the temporary exemption pursuant to BCI 51-515 in respect to the following provisions:
- the requirement to file audited financial statements for the year ended December 31, 2019 (the “Financial Statements”) within 120 days of the Company’s financial year end as required by section 4.2(b) of National Instrument 51-102 Continuous Disclosure Obligations (“NI 51-102”);
- the requirement to file management discussion and analysis (the “MD&A”) for the period covered by the Financial Statements within 120 days of the Company’s financial year end as required by section 5.1(2) of NI 51-102; and
- the requirement to file certifications of the Financial Statements (the “Certificates” and together with the Financial Statements and MD&A, the “Annual Filings”) pursuant to section 4.1 of National Instrument 52-109 Certification of Disclosure in Issuer’s Annual and Interim Filings and section 4.2(b) of NI 51-102.
The Company is continuing to work diligently with its auditors to file the Annual Filings by June 15, 2020.
The Company confirms that there have been no material developments, other than those disclosed through news releases, since the filing of its condensed interim consolidated financial statements for the period ended September 30, 2019.
Additionally, the Company advises that management and other insiders of the Company are subject to a trading black-out policy as described, in principle, in section 9 of National Policy 11-207 Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.
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.