VANCOUVER, British Columbia, Dec. 05, 2019 (GLOBE NEWSWIRE) -- Mission Ready Solutions Inc. (“Mission Ready” or the “Company”) (TSXV: MRS) is pleased to report a substantial increase in booked revenues for Q4 2019 – currently projected to be ~$10 million – up over 100% from the $4.9 million reported in the Q3 2019 and 1,400% over the reported revenue for the corresponding period in 2018 (Q4 2018). Revenues for October 1, 2019 through December 31, 2019 will be reflected in the Q4 2019 audited results which are due to be filed April 29, 2020.
The projected increase in revenues through Q1 2021 is primarily attributable to the scheduled fulfillment of confirmed orders received by the Company through its privileged access to numerous government contracting vehicles. In a news release dated September 20, 2019, the Company reported that its wholly-owned subsidiary – Unifire, Inc. (“Unifire”) – had received an aggregate of ~CAD $75,000,000 in orders to date during fiscal 2019. The aggregate value of these orders shipped, or scheduled to ship, during fiscal 2019 is projected to be ~$19,000,000, leaving ~$56,000,000 in queued orders that are scheduled to ship between Q1 2020 and Q1 2021.
Further to the February 12, 2019 news release announcing that the Company had submitted a proposal to the Defense Logistics Agency (“DLA”) related to the upcoming renewal of the Tailored Logistics Support (“TLS”) Special Operational Equipment (“SOE”) contract (the “SOE Contract Renewal”), the Company has since been notified that its proposal “is being excluded from the competitive range and will not be given further consideration for award.” The Company will be seeking clarification on the notification and exploring the availability of options to retain its status as an SOE contracting partner (“Prime Vendor”) while continuing to perform as an incumbent Prime Vendor on the current SOE bridge contract (the “SOE Bridge”) that extends through March 6, 2020. The Company’s inclusion in, or exclusion from, any future SOE contract renewals are not expected to impact the Company’s previous SOE awards or any future awards that it may receive through the SOE Bridge or any further extensions to the current SOE Contract.
Mission Ready presently directs the bulk of its sales efforts specifically to the SOE contracting vehicle due to the Company’s in-depth knowledge of the SOE program and efficiency in responding to solicitations. However, in order to ensure the Company’s readiness to respond to opportunities across any one of its multiple government contracts – and adaptability to unpredictable events – all newly-implemented processes and procedures have been developed to facilitate the full scope of government contracts held by the Company, including multiple United States General Services Administration Schedules (“GSA Schedules”). The Company has recently received a 5-year renewal on the following GSA Schedules:
- Schedule 84 | Security, Fire & Law Enforcement
- Schedule 78 | Sports, Promotional, Outdoor, Recreation, Trophies & Signs (SPORTS)
- Schedule 51V | Hardware Superstore
GSA Schedules (also referred to as Multiple Award Schedules and Federal Supply Schedules) are long-term governmentwide contracts with commercial firms providing federal, state, and local government buyers access to more than 11 million commercial supplies (products) and services at volume discount pricing. The Schedules Program was designed to provide discount resources to all GSA federal agencies worldwide, as well as state and local governments. Under this program, a contract holder can sell to any government agency with just one source, instead of having separate contracts with each agency. GSA Schedule contracts are indefinite delivery, indefinite quantity (“IDIQ”), long-term contracts under the GSA Multiple Award Schedule (“MAS”) program which was created to streamline government purchasing of commercial products and services, leveraging the buying power of the United State federal government.
Jeffery Schwartz, President & CEO of Mission Ready, states “The Company’s coveted access to sales channels and government contracting opportunities is tremendously beneficial in that it allows us to focus primarily on delivering sales as opposed to sourcing them – While it’s inevitable that there will be complexities and challenges to navigate during periods of rapid growth, we do not view the availability of unawarded solicitations as a limiting factor for the Company at this time.”
Management are working diligently to create sustainable shareholder value with a strong focus on revenue growth, process improvements, debt reduction, cost-of-capital improvements and the engagement/retention of an experienced, well-connected, and driven sales team.
The CAD figures referenced herein have been converted from US currency (USD) to Canadian currency (CAD) using an exchange rate of 1.34.