-Initial contract with Lockheed Martin renewed (SPEAR Program)
-To date $7M in USSOCOM equipment cleaned and restored
-Individual 10-20 KIOSK serving individual soldiers gaining traction
VANCOUVER, B.C. / ACCESSWIRE / May 21 2014 / Mission Ready Services Inc. (TSX-V: MRS) - Further to the News Release dated February 4, 2014, Mission Ready Services Inc. ("Mission Ready" or "MRSI") is pleased to provide the following update on the operations 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. Since its initial contract, which commenced in mid-2013, 10-20 has restored over $7 Million in USSOCOM (United States Special Operations Command) equipment, returning it to service for approximately 9% of the replacement cost.
In April 2013, 10-20 was awarded a subcontract through Lockheed Martin - A leading aerospace, defense, security and advanced technology company - to restore SPEAR (Special Operations Forces Equipment Advanced Requirements) equipment for the SOCOM division of the US Army. The Company delivered on its commitment to provide effective and cost efficient cleaning and restoration services resulting in a renewal of the SPEAR program contract in January of 2014.
Through its patented cleaning process, 10-20 is aiming to leverage the success of this program to have its services implemented into other Commands and organizations within the US and Canadian militaries representing an opportunity to save these organizations hundreds of millions of dollars in replacement costs through cleaning, decontamination and restoring.
Mr. Rod Reum, President and CEO of Mission Ready states, "This has been an enormously ongoing success in demonstrating our ability to deliver cost effective cleaning and restoration services to the high standards of these government bodies. This first contract is just a small fraction of our target market that offers both large contract potential and a recurring revenue stream to the parent company, Mission Ready."
Additionally, 10-20's kiosk, which serves the individual soldier market located at JBLM (Joint Base Lewis-McChord), has garnered recognition and interest from all levels of the military.
Clay Williamson, Major (Ret) President of 10-20 states, "There is no better advocate for the quality of service we provide than the individual soldier who experiences the difference first hand. We are excited to multiply our on-base presence through additional PX installations that will give us the opportunity to serve more soldiers directly"
A photo gallery featuring images of the operations and gear being processed through the Company's 10,000 Sq. Ft. North Carolina facility has been made available on Mission Ready's website at http://www.MissionReady.ca/10-20-Operations/ .
About 10-20 Services
10-20 was formed to provide logistics services and product sales to the U.S. Federal Government and its contractors. 10-20 currently operates military cleaning and repair facilities adjacent to both Joint Base Lewis-McCord in Washington and also Fort Bragg, North Carolina - The world's largest military base. Additionally, the Company operates a kiosk on the JBLM base to serve the individual soldier market and gain exposure for 10-20 Services at the base level.
-.Restoration and repair of equipment such as body armor, tactical equipment, backpacks, bomb suits, fire resistant uniforms, technical cold weather garments, helmets, oil and gas industrial protective equipment, etc.
-.No degradation of the equipment's protective properties: fire resistance, near infrared, Shade/fading, water repellency or ballistic performance.
-.Offering other types of service, warranty and repair solutions beyond tactical nylon and environmental clothing systems including vehicle canvas, tent repair, communications headset restoration, firefighter equipment servicing, etc...
About Mission Ready
MRSI was formed 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:
-Strategic consulting services and manufacturers representation
-Equipment inspection, cleaning/decontamination and repair services of personal protection equipment
-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
Mission Ready Services Inc.
(signed "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.