VANCOUVER, British Columbia, Aug. 15, 2019 (GLOBE NEWSWIRE) -- Mission Ready Solutions Inc. ("Mission Ready" or the "Company") (TSXV:MRS) announces an upcoming investor presentation webcast ("Webcast"), the close of the current private placement offering, a proposed Shares for Debt arrangement, a stock option grant, and the engagement of Alvin "Skip" Church as the Vice President of the Company's wholly-owned subsidiary, Unifire, Inc. ("Unifire").
Webcast Investor Presentation
Presented by Mission Ready's CEO and Chief Operating Officer - Jeffery Schwartz and Marcus Treiber, respectively - the Webcast will be held on Thursday, September 19th, at 11:00 AM ET where they will provide an introductory presentation covering key areas of Mission Ready's business including an overview of the defense and first responder industries, business opportunities, competitive advantages and growth strategy. Investors will have an opportunity to ask management relevant questions through an interactive question and answer (Q&A) portal.
To listen to the webcast or to ask questions during the live event, please pre-register at the following link: https://event.webcasts.com/starthere.jsp?ei=1256886&tp_key=9a72ef017d
An archived version of the Webcast will be available on the Company's website, www.MRSCorp.com, following the event.
Mission Ready reports that it has experienced certain delays in finalizing a strategic investment related to the private placement offering announced July 8, 2019 (the "Offering"). In light of these delays and recent developments, management have chosen to close the Offering at this time rather than seeking to extend the Offering on the current terms. In connection with the closing of the Offering, the Company has accepted certain individual subscriptions totaling CAD $434,250 and issued 1,737,000 units (the "Units") at a price of CDN$0.25 per Unit. Each Unit consists of one common share in the capital of the Company (a "Share") and one whole transferable common share purchase warrant (a "Warrant"). Each whole Warrant is exercisable to acquire one Share at an exercise price of CDN$0.40 per Share for a period of 12 months from the close of the Offering.
The Company intends to use the proceeds of the Offering for general working capital.
Insiders of the Company acquired an aggregate of 682,000 Units in the Offering, which participation constituted a "related party transaction" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the Units acquired by the insiders, nor the consideration for the Units paid by such insiders, exceed 25% of the Company's market capitalization.
No finder's fees were paid in connection with the Offering.
The Offering remains subject to final acceptance by the TSX Venture Exchange.
The securities issued in connection with the Offering, and any Shares that may be issuable upon exercise of any such securities, will be subject to a statutory hold period expiring four months and one day from the date of issuance of such securities.
The Company announces that, subject to the acceptance of the TSX Venture Exchange, certain creditors have agreed to accept an aggregate of 1,481,818 common shares (the "Shares") of the Company, at a deemed value of CAD $0.22 per Share, for outstanding director fees, consulting fees, and other amounts owed totaling CAD $326,000. The Shares issued pursuant to the debt settlement are subject to a statutory hold period expiring four months and one day from the date of issuance of such securities.
Stock Option Grant
Announces that it has granted incentive stock options (the "Options"), pursuant to its stock option plan (the "Plan"), for a total of 5,750,000 common shares of the Company, to certain directors, officers and consultants of the Company. The Options, subject to the terms of the Plan and the corresponding Option agreement for each optionee, are exercisable at a price of CAD $0.22 per share for a period of up to five years.
Skip Church Appointed to VP of Operations, Unifire
Mission Ready is pleased to welcome Alvin "Skip" Church to serve as Unifire's VP of Operations. Following over a decade of service as a commissioned officer in the United States Marine Corps, Mr. Church served in an executive capacity with several organizations in the personal protection industry. In addition to multiple certifications related to the defense industry, Mr. Church holds a Bachelor's degree in Finance and a Master's degree in Logistics Management.
John Stone, President of Unifire states, "I would like to welcome Skip Church to the Unifire team. His service with Marine Corps Systems Command as an acquisition professional gives him a unique perspective on our current customer base. His credentials, specifically his certifications in program management and acquisition, as well as familiarity with the Defense Logistics Agency, will be invaluable to Unifire as an incumbent prime vendor on the Tailored Logistics Support Special Operations Equipment contract."
"I am excited to join the Mission Ready team," states Mr. Church. "I have worked my entire career to provide critical equipment and services to our nation's warfighters, first responders and federal employees; it is an honor to champion for these courageous men and women to help keep them safe as they defend our freedom and venture willingly into harm's way."
About Mission Ready Solutions Inc.
Mission Ready innovates, manufactures and distributes leading defense and tactical solutions to prevent injuries and enhance the performance of military personnel, first responders and all those serving on the front lines by equipping them with the next generation of personal protective technologies.
Mission Ready's wholly-owned subsidiary, Unifire, Inc. ("Unifire"), is 1 of 6 companies globally that is authorized to provide equipment and designated services under the multibillion-dollar Tailored Logistics Support ("TLS") Program developed and supported by the United States Defense Logistics Agency ("DLA"). 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 DLA's Special Operations Equipment ("SOE") contract, with extensive knowledge and experience in providing solutions to the US Federal Government, Unifire utilizes its highly efficient and 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 500
Mission Ready Solutions Inc.
(signed "Jeffery L. Schwartz")
Jeffery L. Schwartz,
President & CEO
CAUTIONARY DISCLAIMER STATEMENT:
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.
Forward-looking statements are based on assumptions management believes to be reasonable. Although Mission Ready Solutions 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 Solutions Inc. does not undertake to update any forward-looking information that is included herein, except in accordance with applicable securities laws.
Neither the 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.
Source: Mission Ready Solutions Inc.