Mission Ready Provides Revenue Guidance, SOE Solicitation Update

VANCOUVER, British Columbia, Dec. 05, 2019 (GLOBE NEWSWIRE) -- Mission Ready Solutions Inc. (“Mission Ready” or the “Company”) (TSXV: MRS) is pleased to report a substantial increase in booked revenues for Q4 2019 – currently projected to be ~$10 million – up over 100% from the $4.9 million reported in the Q3 2019 and 1,400% over the reported revenue for the corresponding period in 2018 (Q4 2018). Revenues for October 1, 2019 through December 31, 2019 will be reflected in the Q4 2019 audited results which are due to be filed April 29, 2020.

The projected increase in revenues through Q1 2021 is primarily attributable to the scheduled fulfillment of confirmed orders received by the Company through its privileged access to numerous government contracting vehicles. In a news release dated September 20, 2019, the Company reported that its wholly-owned subsidiary – Unifire, Inc. (“Unifire”) – had received an aggregate of ~CAD $75,000,000 in orders to date during fiscal 2019. The aggregate value of these orders shipped, or scheduled to ship, during fiscal 2019 is projected to be ~$19,000,000, leaving ~$56,000,000 in queued orders that are scheduled to ship between Q1 2020 and Q1 2021.

Further to the February 12, 2019 news release announcing that the Company had submitted a proposal to the Defense Logistics Agency (“DLA”) related to the upcoming renewal of the Tailored Logistics Support (“TLS”) Special Operational Equipment (“SOE”) contract (the “SOE Contract Renewal”), the Company has since been notified that its proposal “is being excluded from the competitive range and will not be given further consideration for award.” The Company will be seeking clarification on the notification and exploring the availability of options to retain its status as an SOE contracting partner (“Prime Vendor”) while continuing to perform as an incumbent Prime Vendor on the current SOE bridge contract (the “SOE Bridge”) that extends through March 6, 2020. The Company’s inclusion in, or exclusion from, any future SOE contract renewals are not expected to impact the Company’s previous SOE awards or any future awards that it may receive through the SOE Bridge or any further extensions to the current SOE Contract.