NEWS VANCOUVER, BRITISH COLUMBIA, CANADA – FEBRUARY 2, 2021 – Mission Ready Solutions Inc. (“Mission Ready” or the “Company”) (TSX Venture: MRS) is pleased to provide an update on its current initiatives, recent developments and ongoing operations.
OTCQB Listing
Further to the related announcement in a November 27, 2020 newsletter, the Company is pleased to report that the process to obtain a secondary listing of its shares on the OTCQB® Venture Market (“OTCQB”) – a US-based trading platform operated by the OTC Markets Group in New York, NY, USA – was initiated in December 2020 and continues to advance through the various stages of the process. Mission Ready will continue to trade on the TSX Venture Exchange under the symbol “MRS”. The Company will provide further updates on its OTCQB listing initiative as they become available.
The OTCQB is the premiere marketplace for developing U.S. and international companies that are committed to providing a high-quality trading and information experience for their U.S. investors. The OTCQB quality standards provide a strong baseline of transparency as well as the technology and regulation to improve the information and trading experience for investors. To be considered for a listing on the OTCQB, companies are vetted to ensure high standards with respect to financial reporting and general disclosure practices among other criteria and, as defined by the OTC Markets Group Inc., all companies are required to appoint a qualified, third-party investment bank or attorney as a Principal American Liaison (PAL) sponsor to help with the admission process, post disclosure in English, and act as a trusted resource for all their investor information needs and U.S. market protocols.
“Listing on the OTCQB is anticipated to provide current and prospective international investors with more efficient access to the Company’s stock and public market data, and further improve the Company’s market liquidity,” said Buck Marshall, President & CEO of Mission Ready.
SOE Protest Appeal
Further to the Company’s October 8, 2020 news release announcing that Unifire, Inc. (“Unifire”) had filed a Notice of Appeal in response to a September 24, 2020 decision by the U.S. Court of Federal Claims (“COFC”) denying Unifire’s challenge to a December 2019 decision by the U.S. Defense Logistics Agency to exclude Unifire’s proposal from the competition under SPE8EJ-18-R-0001 (Special Operational Equipment (“SOE”) Tailored Logistics Support Program), the Company reports that the United States Court of Appeals for the Federal Circuit has entered a judgment denying Unifire’s appeal and affirming the judgment of the COFC.
Mr. Marshall said, “Though we were hopeful that we would retain the SOE contract as another channel through which we can provide solutions to the U.S. Government, the reality is that the SOE contract vehicle comprised only a small fraction – approximately 5% – of our sales during the past year. The SOE contract has not contributed meaningfully to the Company’s revenues, bottom-line or otherwise in relation to the success and unprecedented growth that we have started to realize. There is an aspect of this conclusion that comes as a relief in that we can confidently and resolutely direct all of our attention to the sizable and lucrative, higher-margin sales channels. In keeping with our mantra to ‘Protect Those Who Protect Us,’ we remain committed to equipping the war-fighter and first-responders with the best possible personal protective solutions – We are ready and willing to provide subcontracting solutions to SOE prime vendors including the provision of Unifire’s Berry-compliant, in-house manufactured protective products.”
Word from the CEO
I enjoy finding efficiencies in processes, which is why I am naturally drawn to mathematics and finances. Math is not just the science of simplifying the expression, it is the art of knowing the order of operations. It is at this intersection of art and science that sustainable growth can happen. Mission Ready is approaching this intersection with great leadership and focus. Over the past few months, we have audited every line item on financials to examine where we can improve efficiencies. We have made and continue to make decisions that unify our team, remove barriers, and position ourselves to take advantage of untapped opportunities.
This framework provides the ability for our Company to flex, pivot, and be fluid in any situation. The challenge becomes recognizing opportunities and acting in a responsible manner to provide the most return to our shareholders. I’m most excited about this as over the past few months we have been working very hard to realign our human and financial resources to position ourselves for a momentous 2021.
This realignment of resources includes partnering with professionals to maximize our potential. We’ve engaged with Tremont Strategy Group to help lobby our government partners in the Personal Protective Equipment (PPE) space on current and future contracts. This is a force multiplier for us and our partners as we can work directly with the new administration and congressional members to better serve the needs of the United States and our allies.
Additionally, we have engaged Victory Media as a marketing partner to perform a comprehensive refresh and integration of our intercompany brands, websites, logos, etc. We are excited to introduce a new, cohesive brand design that seamlessly incorporates each current business segment and will be customizable to accommodate future opportunities. The websites are also being updated with contemporary designs, additional resources and more intuitive user interfaces.
In closing, as we diligently work to build a Company that is synonymous with excellence and professionalism, we are making great strides in thoughtfully allocating resources to support our commitment to create sustained shareholder returns through, among other things, effective leadership, strategic positioning, improved margins and expense management.