-10-20 Services Inc. achieves 5 consecutive quarters of increased revenues
-31% increase in consolidated revenues over same period last year
-Net loss consistent with 2013 Q4 loss
VANCOUVER, BC / ACCESSWIRE / June 2, 2014 / Mission Ready Services Inc. (TSX-V: MRS) - Mission Ready Services Inc. ("Mission Ready" or "MRSI") announces that its quarterly audited financial statements, related Management's Discussion and Analysis ("MD&A") and National Instrument ("NI") 52-109FV1 reports for the period ended March 31, 2013 were filed on SEDAR on May 30, 2014. The financial statements, associated MD&A and Certification of Annual Filings are available on SEDAR at www.sedar.com.
MRSI is continuing to expand its business through each of its operating divisions. 10-20 Services Inc., which launched its inspection, cleaning and repair services for US military personal protective equipment and individual clothing items in the fall of 2012 has successfully increased revenues in each of the last five consecutive quarters. On a consolidated basis, MRSI's revenues have increased 31% over the same period in 2013.
Net losses on a consolidated basis remained at the same level as the 2013 fourth quarter. The net loss is an increase in the quarter over the same period in 2013. The loss is primarily due to increased labour costs as the Company builds its business development team and product development efforts and due to a client of Protect The Force being delayed in shipping their products until the beginning of the second quarter of 2014 (see news release NR# 2014-11 and NR# 2014-07).
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.