Company also Provides an Update on F&ESE TLS Solicitation
VANCOUVER, BRITISH COLUMBIA, CANADA – JUNE 5, 2023 – Mission Ready Solutions Inc (“Mission Ready” or the “Company”) (TSX-V: MRS) (OTCQB: MSNVF) (FSE: 2R4), a provider of comprehensive government contracting solutions, recently released its condensed consolidated interim financial statements for the three months ended March 31, 2023 (“Q1 2023”).
The following are highlights for Q1 2023 (all dollar figures are quoted in Canadian currency unless otherwise specified):
- Gross Revenues: $0.98MM
- Gross Margin: 67% 1
- Net Income (loss): (0.82MM)
- Decrease in Operating Expenses: 27% 2
(1) The improved margin (relative to recent periods) reflects generally higher margins on products manufactured in-house without the influence of lower-margined government contracts.
(2) As compared to previous year.
A copy of the condensed consolidated interim financial statements for the three months ended March 31, 2023, and the associated Management’s Discussion and Analysis (“MD&A”) are available on SEDAR.com under the Company’s profile.
The Company also provides additional insight into the Fire & Emergency Services Equipment (F&ESE) Tailored Logistics Support (TLS) program. The F&ESE TLS Program includes the total logistics support for the fire & emergency services requirements of the Defense and Logistics Agency (DLA) customers, including military installations and federal activities worldwide.
“The F&ESE TLS Program is ingrained in Unifire’s DNA and has paved the way for our success in the government contracting space,” said Dan Raczykowski, Director of Mission Ready and President of Unifire, Inc. “In light of our significant efforts to enhance our financial position, it was a natural progression for us to seize this solicitation and return to our roots. This opportunity not only aligns with our expertise and deep understanding of the market but also holds great potential for optimized revenue generation.”
The Company responded to the solicitation SPE8EH-21-R-0001 issued on March 22, 2022. The Company recently received and subsequently accepted an extension request of the Company’s offer until the end of September 2023.
About the F&ESE TLS Program
The F&ESE TLS Program is a multiple-award program with post-award competition of delivery orders, primarily focused on maintaining continuity of support for fire and emergency support personnel worldwide. Products and solutions typically sought through the program include fire & emergency services equipment as well as related supplies and incidental services, including but not limited to: hoses, hose fittings, nozzles, tools, fire extinguishers, extinguishing agents, poles, ladders, rescue devices, self-contained breathing apparatus (SCBA) and other respiratory protection, shovels, regulators, uniforms, station and training wear and equipment, structural, shipboard, and forestry turn out gear and other protective products (e.g. gloves, boots, helmets, hoods, goggles, and protective clothing used for environmental, industrial, HAZMAT, weapons of mass destruction, terrorism, and first response personal protection), first response search and rescue equipment and supplies, decontamination equipment, detection equipment, communication equipment and tools, suppression equipment, surveillance and alarm systems and system parts, propane and other fire and first responder training systems and other first responder equipment, emergency station vehicle exhaust and ventilation systems, breathing air compressors, emergency egress, exit and protective systems, pumps, generators, storage, containment, and racking systems.
About Mission Ready Solutions Inc.
Mission Ready Solutions provides comprehensive government contracting solutions with extensive experience in delivering quality, mission-critical products and services for law enforcement, firefighters, first responders, military, and other governmental agencies.
Through its privileged access to a host of federal contracting vehicles, including Multiple Award Schedule (“MAS“) contracts awarded and administered by the United States General Services Administration, Mission Ready’s wholly-owned subsidiary, Unifire, Inc., leverages its robust vendor network, time-proven industry relationships, proprietary technology infrastructure, and industry-leading manufacturing and distribution capabilities to efficiently source and deliver more than 1.5 million products.
For further information on Mission Ready Solutions Inc., please visit MRSCorp.com. You can also subscribe to our mailing list at eepurl.com/hznhX9 to receive our press releases and latest news directly by email.
Mission Ready Solutions Inc.
(Signed “Buck L. Marshall”)
Buck L. Marshall
President, CEO and Director
T: +1 877.479.7778
Investor Relations Contact:
T: +1 877.479.7778 (Ext.5)
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.