AMMO, Inc. Issues Letter to Shareholders from Jared Smith, Chief Executive Officer

SCOTTSDALE, Ariz., July 31, 2023 (GLOBE NEWSWIRE) -- AMMO, Inc. (Nasdaq: POWW, POWWP) (“AMMO” or the “Company”), the owner of GunBroker.com, the largest online marketplace serving the firearms and shooting sports industries, and a leading vertically integrated producer of high-performance ammunition and components, issued the following Letter to Shareholders from CEO Jared Smith.

Dear Fellow Shareholders,

I am pleased to communicate directly with you as AMMO, Inc.’s new Chief Executive Officer and want to take this opportunity to share the many developments that have occurred over the past six months and the future we envision for AMMO and GunBroker.com.

I would like to begin by acknowledging AMMO Inc.’s Executive Chairman Fred Wagenhals and thank him on behalf of our leadership team and Board members for his innumerable and invaluable contributions over the past seven years. I look forward to learning from his impeccable entrepreneurial instincts and drive.

I would also like to acknowledge all of our employees for their hard work and our investors for their continued patience. To our employees: this change has not been easy and current market conditions have made this transition even tougher. We have a very bright future, and I believe our team is now aligned to execute on a set of principles and goals that will drive long term shareholder value. To our investors: I ask that you maintain your faith in AMMO’s vision. We are now starting to execute on that vision while quickly making the changes necessary to win and maintain your confidence.

We anticipate considerable progress in the quarters ahead through careful execution under three major categories: alignment and commitment from management; expansion of the reach and positioning of GunBroker.com; and enhancing our margins, operational prowess, and brand strength for our AMMO division.

Management Alignment and Commitment

Principally, our success begins with a new commitment from our executive management team to communicate more effectively and provide a greater degree of transparency to our shareholders. We have worked tirelessly to create alignment of management compensation with bottom line profitability and measurable creation of shareholder value, which includes bonus structures aligned with profitable EBITDA goals and project milestones, future compensation of stock options rather than stock grants, and maintaining a mindset that our shareholders must win first. We are committed to creating greater transparency of managerial decisions, insights into current market conditions, and greater financial accountability and engagement with our shareholders, all of which will be illustrated by proper governance, compliance, and controls to manage the ever-changing responsibilities of managing and investing shareholder funds. This will be illustrated by increased communication of details about our operating models and profitability of each individual business unit in a far more transparent way so our investors can decide when to invest based on actionable information.