Further to the company's Dec. 5, 2019, announcement related to Unifire Inc.'s continued incumbency as a prime vendor on the special operations equipment tailored logistics support program, on Jan. 6, 2020, Unifire filed a preaward protest with the U.S. Government Accountability Office challenging the decision of the U.S. Defense Logistics Agency to exclude Unifire's proposal from the competition under SPE8EJ-18-R-0001. Unifire believes that it has a meritorious claim that the DLA's decision to exclude Unifire's proposal was made in a manner inconsistent with prescribed U.S. federal government regulations. Unifire intends to prosecute the bid protest vigorously. The outcome of this proceeding cannot be predicted with certainty, and there can be no assurance that this protest will be resolved administratively in a manner favourable to Unifire.
As an incumbent SOE prime vendor, the company will continue to work diligently to capture further sales through the active $4-billion (U.S.) bridge contract (which extends through March 6, 2020), while also devoting sufficient resources to capturing accretive revenue generation opportunities across all other current and future sales channels available to the company.
Warrant amendments
Subject to the acceptance of the TSX Venture Exchange, the company intends to amend the exercise price of 12,998,380 outstanding warrants from 40 cents per common share to 28 cents per share for 11,261,380 warrants issued on April 2, 2019, and 22 cents per share for 1,737,000 warrants issued on Aug. 15, 2019. The company also intends to extend the expiry date of the 11,261,380 warrants and 1,737,000 warrants from April 2, 2020, and Aug. 15, 2020, respectively, to Dec. 31, 2020.
2019 year in review
Two thousand nineteen was another active year for the company's stock, with an aggregate of 153,223,289 shares traded -- on a consolidated basis -- within Canada at a volume-weighted average price of approximately 21.5 cents. The quantity of shares traded in 2019 climbed by approximately 45 per cent from the previous year, during which 105,743,398 shares were traded at a volume-weighted average price of approximately 26.5 cents.
Jeffery Schwartz, president and chief executive officer of Mission Ready, commented: "Two thousand nineteen was truly a transformational year for Mission Ready, a year filled with many challenges, triumphs and everything in between. Following our acquisition of Unifire, we successfully:
- Secured over $3-million in equity financing through the issuance of units at 25 cents, as reported in announcements dated April 2, 2019, and Aug. 15, 2019;
- Eliminated over $2.5-million in debt from the balance sheet through the issuance of Mission Ready stock at an average price per share of approximately 16 cents;
- Significantly increased market awareness through an ambitious and multifaceted slate of public relations initiatives, including:
- The launch of a comprehensive full-year PR campaign facilitated by Stockhouse;
- The creation of new digital media incorporating Unifire into the Mission Ready group of companies;
- Weekly strategic presentations to affluent buy-side and sell-side institutional investors and other capital markets professionals;
- Attendance at a host of select capital market and industry functions;
- An investor road show throughout Eastern Canada;
- Broad circulation of the 22 company announcements released during 2019 -- disseminated through top-tier news dissemination services, including Globe Newswire -- including a December, 2019, news release providing revenue guidance through Q1 2021.
We are also exceptionally proud of the extraordinary team that we were able to assemble during the year, and we look forward to identifying additional talented and passionate people to bring on board as we forge ahead in 2020."
Monetary values referenced herein that relate to contract awards and order fulfilments have been converted from U.S. currency to Canadian currency using an exchange rate of 1.34.
About Mission Ready Solutions Inc.
Mission Ready Solutions specializes in providing comprehensive government contracting solutions through its privileged access to a host of government contracting vehicles, including multiple general services administration schedules and the tailored logistics support special operations equipment contract administered by the U.S. Defense Logistics Agency.
Mission Ready's wholly owned subsidiary, Unifire, is one of six companies globally that are authorized to provide equipment and designated services under the multibillion-dollar tailored logistics support program, developed and supported by the U.S. Defence Logistics Agency. 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.
We seek Safe Harbor.
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