CEO Provides Insight into Gowns and BCS
Solicitations
VANCOUVER, BC, May 2, 2023
/CNW/ - Mission Ready Solutions Inc ("Mission Ready" or the
"Company") (TSXV: MRS) (OTCQB: MSNVF) (FSE: 2R4), a provider of
comprehensive government contracting solutions, recently released
its 2022 audited consolidated financial statements for the year
ended December 31, 2022 ("FY
2022").
The following are highlights for FY 2022 (all dollar figures are
quoted in Canadian currency unless otherwise specified):
- Gross Revenues: $5.52MM
- Gross Margin: 17%
- Net Income (loss): (22.5MM) 1
- Decrease in Operating Expenses: 29% 2
- Decrease in Total Liabilities: 42% 2
(1) Primarily consists of impairment loss on Unifire
goodwill recognized in Q4 2022.
(2) As compared to
previous year.
A copy of the audited consolidated financial statements for the
year ended December 31, 2022, and the
associated Management's Discussion and Analysis ("MD&A") are
available on SEDAR.com under the Company's profile.
The Company previously recognized goodwill and intangible assets
related to the Unifire, Inc. ("Unifire") acquisition. The Company
reviews goodwill and intangible assets annually and records any
necessary impairments. The timing of contracts has resulted in
significant year-over-year fluctuations in Unifire's revenues,
making it difficult to project future revenues reliably. As a
result, the Company recognized a non-cash impairment on goodwill
and intangible assets totaling $17,809,224. This impairment does not affect the
Company's cash position, cash flow from operating activities, or
future operations.
"Management's decision to recognize a write-down (impairment) on
the goodwill (and other intangible assets) associated with the
Unifire acquisition during the fourth quarter of 2022 was made to
mitigate the potential impairment of income during future reporting
periods," said Buck Marshall,
President and CEO of Mission Ready. "Given the many open
solicitations and sales opportunities before the Company – many of
which are significantly past the original award dates – we are
hopeful that these delayed opportunities will begin to come to
fruition in the very near term. It is our belief that the strategic
decisions we make now will have a great and lasting impact on the
Company's success down the road."
The Company also provides further insight into the recent
Ballistic Combat Shirt (BCS) solicitation. The Company had
previously received a request to maintain pricing through April
from the US Army Contracting Command-Aberdeen Proving Ground. The
Company subsequently received another amendment signed by Company
officials on April 18, 2023,
effectively moving the solicitation's expected response to
October 2023.
"The latest amendment to the solicitation reaffirms the ongoing
requirement and aligns with the US. Government's new fiscal year
that could see appropriations for the ballistic combat shirt,"
said Francisco Martinez, Chief
Technology Officer. "Soldier's protection remains at the forefront
of the US Army priorities for troop enhancements, ensuring that
they augment soldier's mobility while optimizing protection."
The Company also provides additional insight following its
attendance at the Make PPE in America Industry Day. The event,
hosted by the Department of Health and Human Services (HHS), also
included senior members from the Defense and Logistics Agency
(DLA), the Department of Homeland Security (DHS), and the
Department of Veterans Affairs (VA). During the event, the agencies
provided additional visibility into their current procurement
structure, past performance, and goals. Notably:
- VA and DLA currently have active inventories and share a
similar structure in procurement, using Prime Vendor programs,
Distribution and Pricing Agreements, and Blanket Purchase
Agreements to ensure long-term procurement and readiness.
- VA and the Secretary of Defense are working on readiness and
resilience, ensuring they can respond to the 4th mission, acting as
a backstop for the US healthcare system in the case of catastrophic
events.
- All agencies are unanimously committed not to holding expired
PPE.
- The lack of adequate supply of domestically produced PPE was an
enormous challenge for the US during the COVID-19 pandemic, and
they are committed to never face that challenge again.
- Jointly, their goal is to continue fostering industry growth,
favoring 2+ years contract domestically sourced, reinforcing
compliance of PPE products, and ensuring that the industry is
promoted, namely through innovation, helping its products stand out
internationally.
Buck Marshall added, "The need
for Made in America PPE and the desire to support an industry that
jointly stepped up to the challenge when the government called for
help is at the forefront of the discussions, and we look forward to
continuing to provide US-made solutions to respond to the
demand."
About Mission Ready Solutions Inc.
Mission Ready Solutions provides comprehensive government
contracting solutions with extensive experience in delivering
quality, 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. You can also subscribe to our mailing list at
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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.