(TheNewswire)
VANCOUVER, BRITISH COLUMBIA, CANADA – TheNewswire - November 5, 2021 – Mission Ready Solutions Inc ("Mission Ready" or the "Company") (TSXV:MRS) (OTC:MSNVF), a provider of comprehensive government contracting solutions, is pleased to announce that it’s wholly-owned subsidiary, Unifire, Inc. (“Unifire”), has entered into a settlement agreement (the “Settlement Agreement”) with two arm’s length creditors (the “Creditors”) for the payment of a US$7.1 million principal amount outstanding to the Creditors (the “Debt”). The Debt is currently recognized under Trade and Other Payables on the Company’s balance sheet.
Pursuant to the Settlement Agreement, Unifire will pay US$1.0 million within the next 60 days, while the remaining US$6.1 million will be paid by Unifire, in instalments, over the next 24 months. The Unifire Debt will bear interest at the prime rate published in The Wall Street Journal, adjusted quarterly. The Company has agreed to guarantee the obligations of Unifire for payment of the Debt on a limited recourse basis. In the event that Unifire fails to make a payment under the Settlement Agreement (a “Defaulted Payment”), during the period in which the Defaulted Payment, or portion thereof, remains uncured, the Creditor may elect to exercise its right to convert up to the lesser of the aggregate amount of the Defaulted Payment, or the portion thereof then outstanding, into common shares of the Company (the “Shares”) at an agreed conversion price of US$0.183 per Share (the “Debt Conversion”). The terms of the Debt Conversion are subject to the acceptance of the TSX Venture Exchange.
“We have put a tremendous amount of effort into positioning the Company for financial success by eliminating debt, removing barriers to our ability to obtain traditional financing rates, forging key partnerships within the capital markets, and strategically renegotiating new and existing arrangements,” commented Buck Marshall, President and CEO of Mission Ready. “The execution of this Settlement Agreement represents another positive development for the Company in terms of improving our financial health, increasing liquidity and tightening up the ratios reflected on the balance sheet that are key indicators to our target audience of institutional lenders and investors.”
About Mission Ready Solutions Inc.
Mission Ready specializes in providing comprehensive government contracting solutions 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 ("GSA").
Mission Ready's wholly-owned subsidiary, Unifire, Inc. ("Unifire"), is a designated Small Business and an industry-leading manufacturer and distributor of over 1.5 million military, fire and first-responder products. With extensive knowledge and experience in providing turnkey solutions to the United States Federal Government, Unifire utilizes its time-proven industry relationships and proprietary technology infrastructure to efficiently source and deliver critical, life-saving products in cooperation with government program managers, military and federal contracting offices, base supply centers, and other federal, state and local supply agencies.
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
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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