- Contract Description: Indefinite delivery, indefinite
quantity ("IDIQ") contract to facilitate the delivery of
products through the Company's vendor network in support of the
United States Defense Logistics Agency ("DLA") Troop Support
Clothing & Textiles ("C&T") supply chain
- Contract Value: Up to USD $200,000,000 (the "Ceiling")
- Product Description: Commercial off-the-shelf
("COTS") Shelter Systems
- Performance Period: Initial 1-year base ordering period
(Dec. 2/21 through Dec. 1/22) and three 1-year option periods (the
"Term")
VANCOUVER, BC, Dec. 3, 2021
/CNW/ - Mission Ready Solutions Inc ("Mission Ready" or
the "Company") (TSXV: MRS) (OTCQX: MSNVF), a provider of
comprehensive government contracting solutions, is pleased to
announce that, through its wholly-owned subsidiary, Unifire, Inc.
("Unifire"), the Company has been awarded a contract for
COTS – Shelter Systems (SPE1C1-22-D-1506) (the "COTS
Contract") in support of the DLA C&T supply chain, with a
Ceiling of USD $200,000,000 (CAD
$256,000,000 using a USD-CAD exchange
rate of 1.28) over the Term of the Contract.
"We proudly welcome this contract award and the opportunity to
provide additional support to the DLA in their efforts to source
quality items," said Skip Church,
President of Unifire. "This contract reinforces Unifire's ability
to respond to the demand and to bid accordingly while highlighting
our robust network of product manufacturers and vendor
partners."
"The team at Unifire has put a tremendous amount of time and
energy into this solicitation, having been in active discussions
since May 2020, and we are extremely
pleased to see their efforts coming to fruition," said Buck Marshall, President and CEO of Mission
Ready. "As we continue to advance, we are confident that our vision
and ambitious strategy will successfully position the Company for
growth and allow us to further build shareholder value that will
reflect in the coming quarters."
DLA COTS – Shelter Systems Program (the
"Program")
The COTS – Shelter Systems program is a multiple-award,
prime vendor contract, that is structured to accommodate the
addition of products through the life of the contract. The
Program's supply chain, at present, offers military tents, parts,
and support equipment.
COTS Contract Terms
The IDIQ contract – with an initial 1-year base ordering period
and three 1-year option periods – calls for the supply of COTS –
Shelter Systems in support of the United States DLA Troop
Support Clothing & Textiles supply chain, and specifies a
maximum dollar value of USD $200,000,000.
The COTS Contract follows the Company's May 2, 2020 response to Solicitation number:
SPE1C1-18-R-0003.
IDIQ Contracts
In U.S. Federal government contracting, an IDIQ is a type of
contract that provides for an indefinite quantity of supplies or
services during a fixed period of time. IDIQ's are also sometimes
called "Task Orders" or "Delivery Order Contracts."
Gross Margins, Anticipated Revenue and Accounting
Treatment
Pursuant to U.S. Generally Accepted Accounting Principles
(GAAP), revenues generated through the COTS Contract, as
applicable, will not be finalized until the transaction relative to
each purchase order has been completed. Consequently, revenues may
be reported on a gross or net basis and some portion(s) may be
deferred to future accounting periods. The gross margin on revenues
generated pursuant to the COTS Contract is not expected to differ
materially from the Company's historical gross margins relative to
its government contracting operations.
Due to the nature of IDIQ contracts generally, the Company is
unable to estimate with any degree of certainty, the frequency,
volume or value of purchase orders (also referred to as delivery
orders) it may or may not receive in relation to the COTS Contract
during the initial 1-year term or any extension thereof.
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
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.
Forward-Looking Information
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 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.
SOURCE Mission Ready Solutions Inc.
