V ancouver, British Columbia, Canada - TheNewswire - D ecember 31, 2021 - Mission Ready Solutions Inc (" Mission Ready ") ( TSXV:MRS ) ( OTC:MSNVF ), a provider of comprehensive government contracting solutions is pleased to announce that it has been approved for a $6,000,000 loan (the “ Loan ”) from Northwest Bank of Coeur d’Alene, Idaho (an Idaho-chartered bank owned by Western Capital Corporation) (the “ Lender ”) to facilitate payment of certain amounts currently recognized on the Company’s balance sheet under Trade and Other Payables.
Pursuant to the terms of the Loan, the Company has agreed to pay the Lender an aggregate of $87,651.33 per month which represents installments of principal and interest, commencing on February 1, 2022 and ending on January 1, 2027 (the maturity date), at which time all sums owing pursuant to the Loan shall become fully due and payable. The interest payable on the Loan shall be the Index Rate of the Lender (3.25% per annum as of the effective date of the Loan documents), plus 2.75%, which is subject to adjustment from time to time based on changes in an independent index, being the Wall Street Journal Prime Rate. Other fees and conditions include an administration fee of 1.5% of the principal amount of the Loan, and a pledge of cash collateral whereby the Company shall maintain a minimum balance of not less than $800,000 in a reserve account (the “ Reserve Account ”) to which Lender shall be granted a security interest during the term of Loan. Upon full repayment of the Loan, any remaining funds in the Reserve Account (the balance of funds that were not previously applied to the Loan, as applicable) shall be released to the Company.
Unless otherwise stated, all monetary values referenced herein are in United States Dollars.
About Northwest Bank
Northwest Bank was started in Boise, Idaho, in March 2008. Northwest Bank focuses on serving small and medium sized companies, professionals, and non-profit organizations from branch locations in Idaho, Oregon, Washington and Utah. Northwest Bank is owned by Western Capital Corporation, a bank holding company, and is chartered in Idaho.
About Mission Ready Solutions Inc.
Mission Ready Solutions provides comprehensive government contracting solutions with extensive experience in delivering quality, reliable, 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 or contact investor relations by email at MRS-IR@MRSCorp.com or by telephone at +1 877.479.7778 (Ext. 5). 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