VirTra Scales Manufacturing Capabilities with Purchase of Industrial Building in Chandler, Arizona
August 30 2021 - 8:00AM
VirTra, Inc. (NASDAQ: VTSI)
(“VirTra”), a global provider of training simulators for
the law enforcement, military, educational and commercial markets,
has acquired a property in Chandler, Arizona that consists of
approximately 4.3 acres and an industrial building with
approximately 76,650 square feet. VirTra acquired the property for
$10.8 million, with $8.6 million being financed through a mortgage
loan and the remainder being paid in cash.
The property gives VirTra a larger and more
centralized facility to meet the anticipated growth in training
simulator development and production, recoil kit development and
production, training content creation and administrative functions.
VirTra also expects the new building will provide greater
operational efficiencies than its existing two leased locations in
Tempe, Arizona with approximately 42,860 square feet in aggregate.
VirTra plans to fully move into the new space within nine months or
less and plans to sub-lease its current leased spaces once it has
moved out.
“As demand for VirTra’s world-class training
simulators in the law enforcement and military markets grows, it is
critical that we scale our manufacturing and production capacity to
meet not only the burgeoning demand today but the potential growth
in the future as well,” said Chairman and Chief Executive Officer
Bob Ferris. “This will be a state-of-the-art headquarters where we
push the envelope of effective simulation training products for the
benefit of our customers and stakeholders. The property will also
allow us to centralize our operations and ultimately provide
greater efficiencies across our entire organization.”
Additional details regarding the transaction are
available in the company’s current report on Form 8-K, which has
been filed with the U.S. Securities and Exchange Commission.
About VirTraVirTra (NASDAQ:
VTSI) is a global provider of judgmental use of force training
simulators, firearms training simulators and driving simulators for
the law enforcement, military, educational and commercial markets.
The company’s patented technologies, software, and scenarios
provide intense training for de-escalation, judgmental
use-of-force, marksmanship, and related training that mimics
real-world situations. VirTra’s mission is to save and improve
lives worldwide through practical and highly effective virtual
reality and simulator technology. Learn more about the company at
www.VirTra.com.
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Investor Relations Contact:Matt Glover Gateway
Group, Inc. VTSI@gatewayir.com949-574-3860
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