Mission Ready Newsletter | March 2023
Fellow Shareholders,
It’s no secret that this past year has been challenging on the sales front for Mission Ready, punctuated by delays and a curious lack of meaningful contract awards that could otherwise have been reasonably anticipated. As frustrating as this unforeseen period of contracting inactivity continues to be for Company personnel and stakeholders alike, it is essential to note that it is common to our industry and not by any means a phenomenon unique to Mission Ready. Thankfully, over the past few years, we’ve put significant resources into building a solid foundation, an effort that has proven invaluable during tumultuous times, allowing us to weather the storm and emerge stronger, bolder, and more prepared than ever before. In this newsletter, I’d like to take a few moments to reinforce our messaging and provide you with a snapshot of the Company’s recent activities and ongoing efforts.
First, I would like to provide additional insight into our contracting pipeline. The common denominator for the Company’s outstanding solicitations remains a continued and sustained need for the government to procure and/or replenish the items and solutions it continues to seek through solicitations. As a result, we continue to await awards for some of the contracts discussed over the past year, including, among others, the BCS and Isolation gowns. I can share with you that the Company has received requests to hold its pricing through March/April of 2023 on both the BCS and Isolation Gowns, as we have for some of our other outstanding proposals. This recent notification from the United States Government reinforces one of our core beliefs; that our relevance remains unmitigated, and the need for the products and solutions our Company can supply simply doesn’t disappear. Consequently, our confidence in our ability to capture these solicitations remains unwavering.
With our extensive industry experience and a deep understanding of the requirements of each governmental agency and department, our team capitalizes on its combined expertise, resources, and relationships to develop and present high-quality proposals that accurately demonstrate our capabilities and values. As we await additional communications on previously submitted solicitation responses, we continue to proactively identify new solicitation opportunities while bolstering our product offerings in respect of our current contracts. We are steadfast in our approach and ability to respond competitively to solicitations and bid accurately.
The continued delays in the solicitation process have reinforced our initial strategy to seek additional revenue streams. We have been working diligently over the last year to expand our revenue streams and create recurring revenues. Our focus has been developing relationships that will allow us to reduce our reliance on US Government contracting and foster future growth, which in turn will help promote additional innovation and potential acquisitions. We have made significant progress in this area, and with several opportunities currently at various stages, we are optimistic about the potential for new business opportunities in these sectors. Shareholders have seen a glimpse of some of these initiatives, namely Task Force Antal, Blueforce, GORUCK, and other valuable partnerships. We are confident that we will be able to further discuss the impact of these catalysts soon.
With the Russia-Ukraine war having been actively fought for more than a year, our work with Task Force Antal and Support Hospitals in Ukraine remains instrumental in supporting our allies. We are exceedingly honored to have recently been presented with the “Unbreakable Heroes of the Russia-Ukraine War” award in recognition of these efforts. With this commendation, Mission Ready continues actively showcasing its capabilities while reinforcing its position with Ukraine’s Ministry of Defense (“MOD”), Ministry of Health (“MOH”), and allied countries as a valuable partner and provider of needed products and solutions.
Our work with Blueforce Development has also provided opportunities to showcase our Command and Control Solution to Foreign Military partners as well as Federal, State, and Local Law Enforcement agencies. As you understand, given the nature of our business and with non-disclosure agreements in place, we must be mindful of the details we share about these engagements.
GORUCK, one of the Company’s flagship vendors, has also provided additional opportunities on both the retail front and at the “agency” level. We are working with a Nationally recognized retailer with over 105 brick-and-mortar stores and access to approximately 70% of the Law Enforcement market. This provides several opportunities not only to offer incredible footwear and functional fitness equipment but also to discuss other readily available solutions that our Company can supply in the body armor, uniform, equipment, and training spaces.
We take pride in our dedication to excellence and our commitment to identifying and providing top-of-the-line gear to our customers. To further highlight our partnership with GORUCK and the undeniable quality of their products, and as a token of our appreciation for your continued support, we would like to offer a 10% discount on any purchase from GORUCK by using the code: UNIFIRE10 at GORUCK.com. We hope you will take advantage of this offer and the opportunity to explore GORUCK’s product offering and learn how they stand out in the market.
These are just a few examples of our commitment to putting ourselves at the forefront and showcasing our capabilities within our industry. Our attendance at key industry events has also been instrumental in advancing these opportunities. We successfully leveraged our presence to nurture current relationships, build new connections, and identify products and solutions to meet emerging needs. Our team also had the chance to present some of our solutions to industry members, and we continue actively pursuing these opportunities as we speak.
I’m also pleased to report that our innovation division, PTFI, continues diligently working on the ULEDU and HARPY projects, effectively meeting established milestones. PTFI is committed to using these awards to push the boundaries of current personal protective equipment to create truly pioneering products that will help ensure end-user safety while allowing them to complete their unique missions. By effectively meeting all the milestones outlined in the awards, our innovation division continues positioning the Company for success while demonstrating our commitment to protecting those who protect us.
Lastly, I wanted to touch on the recent private placement offering (the “Offering”) which was finalized in January of 2023. The purpose of the Offering was to fund operations and extend the Company’s runway in advance of anticipated contract awards and the associated purchase orders. Notably, the significant insider participation in the Offering is a testament to our team’s continued commitment to the Company’s long-term success and our unwavering confidence in our ability to execute the current strategic plan, reinforcing our motto of “One Company, One Team, One Direction.”
Shareholders will be able to get more visibility with the upcoming filing of our financials for the period ended December 31, 2022 (Q4-22/FY-22) – due to be filed by May 1, 2023, and for which the audit process is underway. Our Q1-23 financials will follow shortly after, due to be filed by May 30, 2023.
I look forward to updating you on our progress as we execute our 2023 strategic objectives.
Buck Marshall
(Signed “Buck L. Marshall”)
President & CEO
For further information on Mission Ready Solutions Inc., visit MRSCorp.com or contact:
Investor Relations
T: 1.877.479.7778 – Ext 5
E: MRS-IR@MRSCorp.com
Forward-Looking Information
This newsletter 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 Solutions 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 Solutions Inc. to be materially different from those expressed or implied by such forward-looking information. 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 Solutions Inc. does not undertake to update any forward-looking information that is included herein, except in accordance with applicable securities laws.