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-10-20 Awarded subcontract on $8.3M Marine Corps Award
-$9M in USSOCOM equipment decontaminated and restored by 10-20 to date
-Launch of 10-20 Service Center on Fort Bragg Army Base September 15, 2014
VANCOUVER, B.C. / ACCESSWIRE / September 12 2014 / Mission Ready Services Inc. (TSX-V: MRS) - Further to the news release dated May 21, 2014, Mission Ready Services Inc. ("Mission Ready" or "MRSI") is pleased to provide the following update on the operation's of its wholly-owned subsidiary, 10-20 Services Inc. ("10-20" or the "Company").
10-20 substantially increases combat clothing and protective equipment lifecycles through cleaning and restoring to 10-20 standards.
In May, the Company reported that it is leveraging the success of the SPEAR program to begin decontamination and repair work for other Commands and organizations within the US and Canadian militaries. With this goal in mind, the Company was pleased to announce in August that it was awarded a subcontract to clean and decontaminate up to 4.5M pieces of US Marine Corps Infantry Combat Equipment. The first shipment of equipment has been received at the Company's 10,000 sq. ft. JBLM facility and processing has begun.
Since the "10-20 Operations Update" News Release dated May 21, 2014 the Company has now cleaned and repaired over $9M in SPEAR, (Special Operations Force Equipment Advanced Requirements) equipment for the United States SOCOM (Special Operation Command) as a subcontractor to Lockheed Martin, representing over 500 pallets equating to over 91,000 individual pieces of gear.
Considering the success of the 10-20 Service Center located in the Post Exchange at Joint Base Lewis-McChord, the Company has identified and initiated plans to replicate this model at other Army bases across the United States. 10-20 will be launching its next Military Service Center on the Fort Bragg Base in North Carolina with a grand opening planned for September 15, 2014.
In addition, Further to the news release dated September 2, 2014 announcing the grant of incentive stock options, Mission Ready Services Inc. ("Mission Ready" or the "Company") wishes to correct the name of the shares in the news release. The shares to be issued upon exercise of the stock options are Common Shares, not Class A shares as reported. As described in the articles of Incorporation of the Company, Mission Ready has one class of shares known as Common Shares.
About 10-20 Services
10-20 was formed to provide services and product sales to the U.S. Federal Government and their contractors. 10-20 currently operates military cleaning and repair facilities adjacent both to Joint Base Lewis-McCord (JBLM) in Washington State and also Fort Bragg, North Carolina (the world's largest military base). Additionally, the Company operates a retail service center on the JBLM base and will be opening a service center on the Fort Bragg base in September 2014 to serve the individual soldier market and gain exposure for 10-20 Services at the base level.
About Mission Ready
MRSI was created to meet a critical need of one of the world's largest customers, the US Government and in particular the Departments of Defence, Homeland Security and Justice and various other agencies such as law enforcement, first responders and the many others worldwide that help to safeguard our health and security.
Headquartered in Vancouver, BC, MRSI has three distinct, synergistic operating divisions:
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o.Strategic consulting services and manufacturers representation
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o.Equipment inspection, cleaning/decontamination and repair services of personal protection equipment
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o.Product research and development
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.
MRSI'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.
For further information, visit the Company's website at MissionReady.ca or contact:
Terry Nixon - Director, Corporate Communications
Telephone: 1.877.479.7778
Investor Relations
1-866-684-6730
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.
SOURCE: Mission Ready Services Inc.