VANCOUVER, BRITISH COLUMBIA – (May 31, 2018) – Mission Ready Services Inc. (“Mission Ready” or the “Company”) (TSX VENTURE: MRS) is pleased to announce the addition of Anthony J. Walton to the Company’s Board of Directors (“Board”), effective June 1, 2018, and the completion of the previously announced name change, effective June 5, 2018.
Board Changes
Anthony Walton is Vice Chairman, Americas, for Standard Chartered Bank, where he maintains the Bank’s relationships with its key corporate and financial clients and guides strategic direction for the Americas. He also plays a critical role in developing businesses between the Americas and Asia, in particular China, for the Bank and its clients.
Mr. Walton has over 40 years of commercial and investment banking experience. He started with Chase Manhattan Bank in New York in 1966 where he assumed multiple worldwide assignments over his 16-year tenure. His final role at Chase was Senior Vice President and CEO of the Global Trade Finance Group, which he founded in more than 40 countries. From 1983 to 1993, Mr. Walton was Chief General Manager, Americas and Europe, of Westpac Banking Corporation and served on the main Board of Directors of Westpac in Sydney, Australia. Later, Mr. Walton served as CEO of a private investment bank owned by members of the Wal-Mart Walton family, and then as CEO of the Caspian Group, an emerging markets investment bank in 20 countries. Mr. Walton serves on the board of New York City’s Financial Services Advisory Committee, the China Business Initiative Advisory Board of Columbia Business School, the American Australian Association, and the Episcopal Charities of New York City.
Mr. Walton has also been appointed as the Chair of the Company’s Audit Committee.
Vitor Fonseca has announced that, effective May 31, 2018, he will resign from the Company’s Board of Directors (the “Board”) and move to its Advisory Committee. Mr. Fonseca stated that he is stepping aside to facilitate the appointment of Mr. Walton. Management wish to express their sincere appreciation for Mr. Fonseca’s longstanding dedication to the Company since joining the Board in 2013. “We are very grateful to Mr. Fonseca for his years of service to the Company and are pleased that he will continue to offer his breadth of knowledge and insight in an advisory capacity going forward” states Jeffery Schwartz, President & CEO of Mission Ready.
New Director of Manufacturing
Mission Ready reports that it has appointed Joe Reid, an industry veteran with over 40 years of apparel manufacturing experience, as its new Director of Manufacturing. Beginning with the Company’s current facility in Jacksboro Tennessee, Mr. Reid will be responsible for overseeing the expansion of the Company’s manufacturing operations through the implementation of processes to increase output capabilities, decrease costs and leverage resources for maximum efficiency.
Mr. Reid’s history of success in managing all aspects of global manufacturing operations – from initial launch to quality control programs to logistics – spans multiple countries, with his most recent posting in Puerto Rico with Propper International where he strategically leveraged his operational expertise resulting in significantly lower overhead costs and increased revenues. “Mr. Reid’s proven acumen for sourcing product components and establishing strategic relations will help to lower costs and expand the Company’s product catalogue and global extension,” states Jeffery Schwartz. “Adding Mr. Reid to the Mission Ready team further strengthens the Company’s manufacturing operations and subcontractor relations which will be pivotal in facilitating the timely delivery of orders in the current and projected sales pipeline.”
Completion of Name Change
Mission Ready is pleased to announce that, further to its news release of May 25, 2018, the Company will change its name from Mission Ready Services Inc. to Mission Ready Solutions Inc., effective June 5, 2018, as part of the Company’s re-branding initiative.
The Company’s trading symbol will remain as “MRS” on the TSX Venture Exchange (“TSXV”). The CUSIP number for the Company’s common shares is 60511F102 and ISIN is CA60511F1027.
The Company has been advised by the TSXV that the shares will trade under the new name effective at the opening of trading on June 5, 2018.
Jeffery Schwartz states “The name change to Mission Ready Solutions Inc. reflects the Company’s global focus and comprehensive offering of tech-centric defense solutions. We look forward to rolling out additional brand enhancements during Q2 and Q3 2018 as part of our new – cohesive and integrated – corporate, web and product marketing strategy.”
Grant of Options
Mission Ready reports that it has granted incentive stock options (the “Options”), pursuant to its stock option plan, for a total of 200,000 common shares of Mission Ready Services Inc. to a director of the Company. The Options are exercisable at a price of $0.25 per share for a period of five (5) years.
Q1 2018 Unaudited Interim Financial Statements
Mission Ready reports that its Q1 2018 unaudited interim financial statements, related management’s discussion and analysis (“MD&A”) and National Instrument (“NI”) 52-109FV2 reports were filed on SEDAR on May 30, 2018 and can be viewed at www.sedar.com.
About Mission Ready Services Inc.
Headquartered in Vancouver, British Columbia, Canada, Mission Ready innovates and manufactures leading tech-centric defense and tactical solutions to prevent injuries and enhance the performance of military personnel, first-responders and all those who protect us by equipping with the next generation of personal protective technologies.
Mission Ready is committed to becoming a global leader in personal protective technologies through the strategic growth of its three synergistic business segments; Innovations & Development, Prototyping & Manufacturing, and Product Sales.
Mission Ready trades on the TSX Venture Exchange under the symbol MRS.
For further information, visit MRSCorp.com or contact:
Bristol Investor Relations
P: 1.877.479.7778 – Ext 500
E: IR@MRSCorp.com
Mission Ready Services Inc.
(signed “Jeffery L. Schwartz”)
Jeffery L. Schwartz,
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.
