VANCOUVER, B.C. – Mission Ready Services Inc. (TSX-V: MRS) – Mission Ready Services Inc. (“Mission Ready” or the “Company”) is pleased to report that it has recorded record revenue for the first quarter in 2015.
- Record revenue in Q1 2015 of over $2M, a 229% increase over Q1 2014
- Record approval ratings for new body armor developed by the Company
- Patent filed for new electric shock riot shield
The Company has increased its gross revenues for the first quarter in 2015 by 229% over the first quarter 2014 to $2.0 million (2014 – $.6 million). Total expenses in determining Loss Before Other Items increased 85% to $2.2 million from $1.2 million. The Company recorded a net comprehensive loss of $351,162. This loss is attributed to the following: non-cash expenses for Amortization & Depreciation, Debenture Accretion, Stock Based Compensation and debenture conversion costs totaling $0.5 million; non-recurring expenses for Debenture & Other Interest, $22 thousand; that was partially offset by a foreign currency translation gain of $325 thousand.
Product development efforts undertaken were for items that are expected to be launched in 2015 including, placing our patented No-Contact technology into a law enforcement vest, canine harness and a riot control shield. We also completed development and supported US Army trials for a new generation combat shirt and concurrently developed a Tactical Police Shirt (patents pending).
Performance for the first quarter 2015 results are much improved over fourth quarter 2014 for both 10-20 Services and Protect The Force. 10-20 revenues were in excess of $1.2 million for the quarter and its operations have become cash flow positive. For Protect The Force, the product development group created over $.2m in revenues as work has begun on the $1.4 million contract award from the US Navy Marine Corps as well as several other projects for clients and other government entities.
10-20 Services Inc.
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 the 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. Savings over replacement cost to the government is in excess of $67 million.
In addition to work for the US military, 10-20 has started to provide cleaning services to the US National Guards in both Washington State and South Carolina. This work includes the ongoing cleaning of mechanic coveralls and the complete restoration of body armor. The National Guard has approximately 450,000 members nationally that are controlled by the respective states where they are located. 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 bases located in states adjacent to its facilities.
Protect The Force Inc.
Protect The Force’s gross revenues for the three months ended March 31, 2015 increased 181% over the same period for 2014. The Company’s technology and product development division invested $139 thousand in the development of our own patentable products such its Ballistic Combat Shirt and a Tactical Police Shirt that integrates advanced protection, high human performance (to an athletic level) and system weight reduction. The Ballistic Combat Shirt has undergone extensive field testing by the US Army achieving high approval ratings from soldiers. The law enforcement version is currently in testing and evaluation with a number of SWAT teams and other US and international law enforcement agencies.
In September 2014 the Company won an award of $1.4 million from the US Navy Marine Corps to perform research and development of the Marine Corps Next Generation Body Armor Architecture. Work on this project started in late November and is projected to extend out to September 2016. The Company also assisted some of its clients in obtaining grants from the US Army for research and development over the next two years and will participate in those development efforts.
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. 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.