VANCOUVER, BC --(Marketwired - February 21, 2017) - Mission Ready
Services Inc. ("Mission Ready" or the "Company") (TSX VENTURE: MRS) is pleased to announce that
the closing of the previously announced acquisition of the business and certain assets of Wild Things, LLC (the "Transaction") is
scheduled for February 24, 2017 valued at USD $4.5 million.
Pursuant to the Transaction, Mission Ready is acquiring the business of Wild Things, LLC and certain assets
including inventories, manufacturing equipment, patents, material contracts, intellectual property, current outstanding purchase
orders and the 2017 sales pipeline. This transaction is preceded by the closing of an agreement between a Japanese trading
corporation (name withheld due to legal requirements) and Wild Things, LLC for the sale of certain Wild Things trademarks in
Asia, including China and Japan and an exclusive trademark license and distribution agreement. The Wild Things heritage logo has
been marketed in Japan under license for the past 20 plus years and these efforts will now be expanded.
Rod Reum, CEO & President of Mission Ready states, "We are very excited to be adding such a premium brand as
Wild Things to our portfolio to complement our Protect The Force brand. We extend a warm welcome to the talented team at Wild
Things. The merger of Wild Things with Mission Ready will allow both Wild Things and our PTF Manufacturing Inc. to significantly
expand their reach into their current markets as well as have new markets opened up for each entity."
"This is a huge deal for Wild Things", said Ed Schmults, CEO of Wild Things. "To have a global powerhouse for
a distribution partner in Asia is very significant for us as well as for some of the product lines of Protect The Force. All of
us at Wild Things are thrilled to be working with Rod and the MRS team. These are two complementary businesses that mesh very
well together. I think the timing is excellent for MRS and Wild Things to combine resources and take advantage of market
opportunities. This sale allows us to significantly strengthen our balance sheet, return capital to shareholders and invest in
the growth and development of our business", said Schmults.
License and Distribution Agreement
Further to a November 2015 agreement providing exclusive import/distribution and master license rights for the Wild
Things heritage brand in the Japanese market and precedent to Mission Ready's purchase, Wild Things, LLC was in negotiations to
sell certain trademark rights for Japan and several other Asian countries and has recently concluded that sale. Outside of these
countries Wild Things retains ownership and all rights for the rest of the World subject to a right of first refusal by our
Japanese trading partner. The distribution agreement gives us an established single trading partner in the fast growing Asian
outdoor retail market.
Payment Terms
The cash portion of the Transaction price, is provided by a small allocation ($350,000) from the brand rights sale
as previously mentioned and a $4.15MM loan from Wild Things, LLC secured by the assets of Wild Things USA, a wholly-owned
subsidiary of Mission Ready formed to facilitate the Transaction. The company will work to replace the Wild Things, LLC loan over
the next several months.
About Wild Things, LLC
Founded in 1981, Wild Things, LLC has earned a reputation for sophisticated, tough, lightweight technical
outerwear, alpine-style backpacks, haul-bags, and innovative tactical clothing. Wild Things occupies a unique position in the
marketplace with a 35 year heritage of pioneering product design for the specialized needs of the alpine mountaineering and
military communities. Chosen for the world's most demanding conditions by the world's most demanding users, Wild Things, LLC
manufactures its products in the USA under two divisions -- Wild Things for the outdoor enthusiast and Wild Things Tactical for
the unique needs of the military and law enforcement communities. In addition to the design studio and executive offices located
in Middletown, Rhode Island, Wild Things operates a factory and second design studio in Gorham, New Hampshire. For more
information, visit: http://wildthingsgear.com/
About Mission Ready
MRSI's mission is to save lives and enhance the performance of military personnel, first responders, and those who
protect us by working to ensure they are equipped with the best possible personal protective equipment.
Headquartered in Vancouver, BC, Mission Ready has three distinct, synergistic operating divisions:
- Strategic consulting services and manufacturers representation
- Equipment inspection, cleaning/decontamination and repair services of personal protection equipment
- Product research and development
Mission Ready's management team offers over 100 years of combined industry experience and is composed of
industry experts in developing products, contracting, and selling to the federal government, first responders and tactical
markets through open market procurements, teaming arrangements, and a variety of federal contract tools.
Mission Ready Services Inc.
(signed "Rod Reum")
Rod Reum,
President & CEO
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 Services 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 Services Inc. to be materially different from those expressed or implied by such forward-looking
information.
Forward-looking statements are based on assumptions management believes to be reasonable. Although Mission
Ready Services Inc. has attempted to identify important factors that could cause actual results to differ materially from those
contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or
intended. 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 Services Inc. does not undertake to update any forward-looking information that is
included herein, except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.