Mission Ready Services Inc. Announces Filing of 2016 Q2 Financials, MD&A and Certification of Interim Filings on SEDAR

VANCOUVER, BC--(Marketwired - August 29, 2016) - Mission Ready Services Inc. ("Mission Ready" or the "Company") (TSX VENTURE: MRS) announces that its quarterly unaudited financial statements, related Management's Discussion & Analysis ("MD&A") and National Instrument ("NI") 52-109FV2 reports for the period ended June 30, 2016 were filed on SEDAR on August 29, 2016 and can be viewed at http://www.sedar.com.

For the six months ended June 30, 2016 the Company's gross revenues decreased by $2.5 million to $2.3 million (2015 - $4.8 million), a 52% decrease over the same period in the prior year. This decrease is due to lower gross revenues of the Company's Cleaning and Remediation division by $3.0 million partially offset by increased revenues of the Research Development & Manufacturer Representation divisions and the start of revenues generated by the Manufacturing division. Total expenses included in determining Income (Loss) Before Other Items decreased 31% to $3.1 million from $4.6 million. Income Before Other items decreased by $1.1 million from income in 2015 of $0.26 million to a loss of $0.87 million in 2016. The decrease in revenues and expenses is primarily due to the Company's performance of a one year contract for the US Marines in 2015 that was completed in September 2015.

The Company's overall net comprehensive loss for the year increased from $0.17 million for the same period in the prior year to $1.65 million for the current year. This loss is mainly attributed to: non-cash expenses of $0.55 million for Amortization & Depreciation, a foreign currency translation loss of $0.22 million and by net loss from operations of $0.88 million in the current year. The net loss from operations is primarily due to the set up costs of the manufacturing division of $0.25 million and a $0.59 million loss in the cleaning and remediation division. The Company has reorganized the cleaning and remediation division effective the end of May 2016 to minimize overhead costs and increase efficiencies in order to move the division back towards profitable operations.

During the second quarter the Company launched its protective gear manufacturing division in Jacksboro, TN offering a full range of products dedicated to the tactical and defense industry. The Company's portfolio of products includes tactical outerwear, canine armor products, bomb suits/blankets, riot control protection, carriers, textiles with integrated electronics and ballistic panels. Prospective Clients/Markets include the Department of Defense, State Department, Government Services Administration, Department of Homeland Security, law enforcement agencies, fire & rescue, e-Commerce companies, tactical distributors/dealers, security companies and GSA support companies.