VirTra Announces New Leadership Structure; Appoints Bob Ferris as Executive Chairman and John Givens as Sole Chief Executive Officer
August 15 2023 - 8:00AM
VirTra, Inc. (NASDAQ: VTSI)
(“VirTra”), a global provider of judgmental use of force
training simulators, firearms training simulators for the law
enforcement and military markets, announced that John Givens will
assume the role of the Company’s Chief Executive Officer (CEO). Bob
Ferris, the Company’s founder and current chairman and co-CEO will
transition to the position of Executive Chairman of the Board
effective today.
Since joining the Company’s board of directors in 2020 and
subsequently being named co-CEO in 2022, Givens has played a
pivotal role in driving VirTra’s rapid progress. His leadership has
led to vast operational improvements and the implementation of key
customer expansion initiatives that have resulted in record revenue
and profitability in the first half of 2023. Givens’ extensive
knowledge and established reputation in the simulation and military
markets are invaluable assets to VirTra. His previous successes of
quickly growing a company in this industry indicate strong promise
for VirTra's future endeavors as he assumes the role of sole
CEO.
John Givens brings a wealth of unique industry experience from
his time as the founder of Bohemia Interactive Simulations Inc.
(BISim). Since its inception in 2010 under Givens' leadership,
BISim rapidly evolved to become one of the most widely utilized
simulation products across all branches of the U.S. and allied
military forces. This success was underscored by BAE Systems plc's
acquisition of BISim in 2022 for a noteworthy $200 million. Givens
has been honored with several prestigious awards, notably the
simulation industry's first ever 'Pioneer Award.' This accolade was
awarded by the trainees and industry peers and underscores his
extraordinary contributions that have enhanced the training and
effectiveness of U.S. and overseas military personnel.
"I am honored and humbled to carry forward the innovative legacy
that Bob has established at VirTra,” said CEO John Givens. “Our
collaboration has already led to significant advancements, a
testament to what we can accomplish together. As I assume the role
of CEO, I am mindful of the solid foundation laid by Bob’s thirty
years of dedication and visionary leadership. As we look forward,
we share an unwavering commitment to VirTra’s growth and
optimization. We aren’t satisfied at all with the status quo and
have plans to reach new milestones to make our recent progress pale
in comparison.”
Ferris founded the Company in 1993 as Ferris Productions.
Following the terrorist attacks on September 11, 2001, he shifted
the company’s focus to simulation training to support law
enforcement, first responders and the warfighters. The Company’s
name was changed to ‘VirTra’ and since then Ferris has led VirTra
to become the leader in effective virtual reality and simulator
training in the law enforcement and military markets.
Ferris stated, "At the heart of our efforts at VirTra is the
goal of saving and improving lives through our highly effective
product line. Beginning as the smallest effective simulation
company in our industry in 1993 to becoming the largest in 2023 is
beyond my dreams. I am tremendously proud of the work we have done
over the three decades as a company to support the men and women
who serve and protect. I wish I could adequately express the vast
number of people who have contributed to VirTra’s success and the
immense effort that each person has provided. I have always been,
and continue to be, just a small piece of VirTra. I wanted John to
push VirTra to new heights, to find areas where we could improve,
and then execute multiple improvement plans at the same time. John
exceeded my high expectations; he blew past the limits of what I
thought was possible. His instrumental role in enhancing every
aspect of our operations, opening our state-of-the-art Orlando
facility, and achieving two back-to-back $10+ million quarters is
just a taste of what is possible. As I transition to my new role,
VirTra is in excellent hands under John's leadership, and I look
forward to supporting him as he propels VirTra to new levels of
success."
About VirTraVirTra (Nasdaq: VTSI) is a global
provider of judgmental use of force training simulators, firearms
training 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.
Investor Relations Contact:Matt Glover and Alec
Wilson Gateway Group, Inc. VTSI@gateway-grp.com949-574-3860
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