Less than nine months after announcing a strategic development
partnership, Texas-based advanced technology company True Velocity
and FN America, global leader in the development and manufacture of
high-quality, reliable firearms and other technologies for military
customers, announced today their efforts to produce a 6.8TVCM
conversion kit for existing M240 machine guns are nearing
completion, with availability for defense procurement expected as
soon as Q4 2024.
The two companies said that extensive, rigorous evaluation of
the “switch-barrel” capability is nearly finished and that
manufacturing plans are underway. True Velocity and FN commenced a
First Article Test of the conversion kit at FN’s Columbia, S.C.,
facility on May 8, 2023, requiring more than 30,000 rounds of True
Velocity’s proprietary 6.8TVCM cartridge to be fired through the
M240 platform over several months.
The “switch-barrel” conversion kit allows existing M240 machine
guns initially chambered for the 7.62x51mm NATO cartridge to
convert to True Velocity’s advanced 6.8TVCM composite-cased
cartridge with only minor modifications, including a barrel change.
Results of the evaluation indicate that the conversion of the M240
from the standard, brass-cased 7.62x51mm cartridge to the advanced
6.8TVCM composite-cased cartridge results in as much as a 50
percent increase in effective range and reduces ammunition weight
by approximately 30 percent, with minimal modification to the
weapon.
The U.S. Army has tested more than 700,000 rounds of True
Velocity’s 6.8TVCM cartridge, and results indicate that the
cartridge meets or exceeds Army requirements, including the
expanded temperature range testing and obstructed bore testing.
“The combination of True Velocity’s commitment to innovation and
FN’s industry-leading experience in designing, developing and
producing some of the world’s most prolific, dependable and
innovative machine guns is a powerful statement,” said True
Velocity Chairman and CEO Kevin Boscamp. “The results of our
independent ‘switch-barrel’ development efforts not only
demonstrate that our warfighters will be more accurate, more
effective and more lethal on the battlefield because of this
technology, but they also indicate our ability to extend this
capability to additional weapon systems, like the FN MK 48, the
M110 and the M134. We’re just getting started.”
“The M240 machine gun is the renowned and proven general-purpose
machine gun platform in the world and has been in service globally
since it was introduced. Our efforts to continually adapt the
platform have resulted in innovations like the titanium receiver of
the M240L, significantly reducing weight by 5.5 pounds, shorter
barrel configurations, lighter-weight bipods and buttstocks, along
with other advancements,” said Mark Cherpes, President and CEO of
FN America, LLC. “This next innovation leap with the 6.8TVCM
‘switch-barrel’ conversion kit, in partnership with True Velocity,
proves that the M240 platform is futureproof and ready for the next
generation of warfighters.”
FN America is the designer and preeminent manufacturer of the
M240 machine gun, which is currently fielded by all branches of the
United States military. The M240 is the American version of the FN
MAG® manufactured by FN Herstal and used in more than 80 countries
worldwide. The weapon system is capable of a cyclic rate of between
600-900 rounds per minute, depending upon which variant of the M240
is being fired.
True Velocity and FN America intend to market the M240
conversion kit and composite-cased 6.8TVCM ammunition to the U.S.
and Allied militaries and have participated in multiple military
live-fire demonstrations displaying the enhanced capability.
For more information on the True Velocity “switch-barrel”
capability, visit: Next Generation Squad Weapons | 6.8mm TVCM
"Switch-Barrel" Capability (youtube.com)
For military sales inquiries, please contact True Velocity
Executive Vice President of Sales and Business Development Kevin
Sims at ksims@tvammo.com.
About True Velocity and its Proposed Business
Combination with Breeze Holdings
True Velocity is an advanced technology and composite
manufacturing company based in Garland, Texas. Founded in 2010,
True Velocity has approximately 250 patents pending or issued
surrounding its products, technology and manufacturing processes.
True Velocity is focused on revolutionizing the ammunition industry
through the use of composite materials. True Velocity products are
manufactured in the U.S. in a state-of-the-art, 66,000-square-foot
facility. True Velocity’s proprietary composite cartridge is
designed to provide significant logistical advantages over
traditional brass-cased ammunition and give end users unmatched
accuracy, repeatability, and reliability, all in a light-weight
cartridge.
For more information, visit tvammo.com.
As previously announced on November 1, 2022, TV Ammo, Inc.
(“True Velocity”) entered into a business combination agreement
with Breeze Holdings Acquisition Corp. (“Breeze Holdings”) (NASDAQ:
BREZ), a publicly traded special purpose acquisition company,
pursuant to which a newly formed wholly owned subsidiary of Breeze
Holdings will merge with and into True Velocity, with True Velocity
surviving as a wholly owned subsidiary of Breeze Holdings. Upon
closing of the transaction, Breeze Holdings will be renamed “True
Velocity, Inc.” and its common stock is expected to trade on the
Nasdaq Capital Market. The transaction is expected to close in the
first half of 2024, subject to the satisfaction of customary
closing conditions, including certain regulatory and shareholder
approvals.
About FN America
FN America, LLC, the U.S. subsidiary of Belgium-based FN
Herstal, S.A. provides U.S. military, law enforcement, and
commercial customers with a complete range of state-of-the-art,
groundbreaking solutions developed around small caliber firearms
and associated ammunition under the FN brand name.
FN Herstal is the Defense & Security entity of Herstal Group
that also includes a Hunting & Sports Shooting entity (Browning
and Winchester Firearms* brand names) and operates globally.
FN product lines include portable firearms, less lethal systems,
integrated weapon systems for air, land, and sea applications,
remote weapon stations, small-caliber ammunition, as well as modern
and cutting-edge solutions to provide enhanced combat, logistics,
maintenance, and communication capabilities.
In addition to FN America – headquartered in McLean, VA, with
manufacturing operations in Columbia, SC –, FN Herstal is the
parent company of FNH UK in the UK and Noptel (optoelectronics) in
Finland.
For more information on FN’s latest products, visit us at
www.fnamerica.com or follow us on Facebook, Twitter, and
Instagram.
*Winchester Firearms is a registered trademark owned by the Olin
Corporation.
About Breeze Holdings Acquisition Corp.
Breeze Holdings is a blank check company organized for the
purpose of effecting a merger, share exchange, asset acquisition,
stock purchase, recapitalization, reorganization, or other similar
business combinations with one or more businesses or entities.
Additional Information and Where to Find It
This press release relates to a proposed business combination
transaction involving Breeze Holdings and True Velocity. In
connection with the proposed transaction, Breeze Holdings intends
to file with the U.S. Securities and Exchange Commission (the
“SEC”) a registration statement on Form S-4 that will include a
proxy statement of Breeze Holdings and that also will constitute a
prospectus of True Velocity, Inc. with respect to the shares of
True Velocity, Inc. common stock to be issued in the proposed
transaction (the “Proxy Statement/Prospectus”). This document is
not a substitute for the Proxy Statement/Prospectus. The definitive
Proxy Statement/Prospectus (if and when available) will be
delivered to Breeze Holdings’ and True Velocity’s stockholders.
Breeze Holdings may also file other relevant documents regarding
the proposed transaction with the SEC. BEFORE MAKING ANY VOTING OR
INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS OF BREEZE
HOLDINGS AND TRUE VELOCITY AND OTHER INTERESTED PARTIES ARE URGED
TO READ THE REGISTRATION STATEMENT, PROXY STATEMENT/PROSPECTUS AND
ALL OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH
THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION, INCLUDING ANY
AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN
THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION ABOUT BREEZE HOLDINGS, TRUE VELOCITY, THE
PROPOSED TRANSACTION AND RELATED MATTERS.
Investors and security holders of Breeze Holdings and True
Velocity may obtain free copies of the Registration Statement and
Proxy Statement/Prospectus (if and when available) and other
documents that are filed or will be filed with the SEC by Breeze
Holdings through the website maintained by the SEC at www.sec.gov.
Copies of the documents filed with the SEC by Breeze Holdings will
be available free of charge at Breeze Holdings Acquisition Corp.,
955 W. John Carpenter Fwy., Suite 100-929, Irving, TX 75039,
attention: J. Douglas Ramsey.
Participants in the Solicitation
Breeze Holdings, True Velocity and certain of their respective
directors and executive officers may be deemed to be participants
in the solicitation of proxies from the stockholders of Breeze
Holdings and True Velocity in respect of the proposed transaction.
Information about Breeze Holdings’ directors and executive officers
and their ownership of Breeze Holdings common stock is set forth in
Breeze Holdings’ filings with the SEC, including its Annual Report
on Form 10-K for the year ended December 31, 2022 filed with the
SEC on March 31, 2023 (the “Annual Report”). To the extent that
holdings of Breeze Holdings’ securities have changed since the
amounts included in the Annual Report, such changes have been or
will be reflected on Statements of Change in Ownership on Form 4
filed with the SEC. Other information regarding the participants in
the proxy solicitation and a description of their direct and
indirect interests, by security holdings or otherwise, will be
contained in the Proxy Statement/Prospectus and other relevant
materials to be filed with the SEC in respect of the proposed
transaction when they become available. You may obtain free copies
of these documents as described in the preceding paragraph.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995, including, among other things, statements regarding the
anticipated benefits and impact of the proposed transaction on the
combined company’s business and future financial and operating
results, the anticipated timing of closing of the proposed
transaction, the anticipated growth of the industries and markets
in which True Velocity competes, the success and customer
acceptance of True Velocity’s product and service offerings and
other aspects of True Velocity’s operations, plans, objectives,
opportunities, expectations or operating results, the expected
ownership structure of the combined company and the likelihood and
ability of the parties to successfully consummate the proposed
transaction. Words such as “may,” “should,” “will,” “believe,”
“expect,” “anticipate,” “intend,” “estimated,” “target,” “project,”
and similar phrases or words of similar meaning that denote future
expectations or intent regarding the combined company’s financial
results, operations and other matters are intended to identify
forward-looking statements. You should not rely upon
forward-looking statements as predictions of future events. Such
forward-looking statements are based upon the current beliefs and
expectations of management and are inherently subject to
significant business, economic and competitive risks, uncertainties
and other factors, both known and unknown, which are difficult to
predict and generally beyond our control and that may cause actual
results and the timing of future events to differ materially from
the results and timing of future events anticipated by the
forward-looking statements in this press release, including but not
limited to: (i) the ability of the parties to complete the proposed
transaction within the time frame anticipated or at all, which may
adversely impact the price of Breeze Holdings’ securities; (ii) the
failure to realize the anticipated benefits of the proposed
transaction or those benefits taking longer than anticipated to be
realized; (iii) the risk that the proposed transaction may not be
completed by Breeze Holdings’ business combination deadline and the
potential failure to obtain further extensions of the business
combination deadline if sought by Breeze Holdings; (iv) the failure
to satisfy the conditions to the consummation of the proposed
transaction, including the adoption of the definitive merger
agreement by the stockholders of Breeze Holdings or True Velocity,
the satisfaction of the minimum cash amount following redemptions
by the public stockholders of Breeze Holdings, the receipt of any
required governmental or regulatory approvals or the failure to
meet the Nasdaq listing standards in connection with the closing of
the proposed transaction; (v) the lack of a third party valuation
in determining whether or not to pursue the proposed transaction;
(vi) the occurrence of any event, change or other circumstance that
could give rise to the termination of the definitive merger
agreement; (vii) the impact of the COVID-19 pandemic or related
governmental or regulatory orders; (viii) the effect of the
announcement or pendency of the proposed transaction on True
Velocity’s business relationships, performance and business
generally; (ix) risks that the proposed transaction disrupts
current plans and operations of True Velocity and any potential
difficulties in True Velocity employee retention as a result of the
proposed transaction; (x) the outcome of any legal proceedings that
may be instituted against True Velocity or Breeze Holdings related
to the definitive merger agreement or the proposed transaction or
any product liability or regulatory lawsuits or proceedings
relating to True Velocity’s products or services; (xi) the ability
to maintain the listing of Breeze Holdings’ (and after the closing
of the proposed transaction, True Velocity, Inc.’s) securities on
the Nasdaq Capital Market; (xii) potential volatility in the price
of Breeze Holdings’ securities due to a variety of factors,
including changes in the competitive and highly regulated
industries in which True Velocity operates, variations in
performance across competitors, changes in laws and regulations
affecting True Velocity’s business, and changes in the combined
company’s capital structure; (xiii) the ability to implement
business plans, identify and realize additional opportunities and
achieve forecasts and other expectations after the completion of
the proposed transaction; (xiv) the risk of downturns and the
possibility of rapid change in the highly competitive industries in
which True Velocity operates or the markets that True Velocity
targets; (xv) the inability of True Velocity and its current and
future collaborators to successfully develop and commercialize True
Velocity’s products and services in the expected time frame or at
all; (xvi) the risk that the combined company may never achieve or
sustain profitability or may need to raise additional capital to
execute its business plan, which may not be available on acceptable
terms or at all; and (xvii) the costs of the proposed transaction.
The forward-looking statements contained in this press release are
also subject to additional risks, uncertainties and factors,
including those described in Breeze Holdings’ most recent Annual
Report on Form 10-K and Quarterly Reports on Form 10-Q and other
documents filed or to be filed with the SEC by Breeze Holdings from
time to time. You are cautioned not to place undue reliance on
forward-looking statements as a predictor of future performance as
projected financial information and other information are based on
estimates and assumptions that are inherently subject to various
significant risks, uncertainties and other factors, many of which
are beyond our control. The forward-looking statements included in
this press release are made only as of the date hereof, and we
disclaim any intention or obligation to update any forward-looking
statements as a result of developments occurring after the date
hereof. Forecasts and estimates regarding True Velocity’s industry
and end markets are based on sources we believe to be reliable,
however there can be no assurance these forecasts and estimates
will prove accurate in whole or in part. Annualized, pro forma,
projected and estimated numbers are used for illustrative purpose
only, are not forecasts and may not reflect actual results.
No Offer or Solicitation
This press release is for informational purposes only and is not
intended to and shall not constitute an offer to sell or the
solicitation of an offer to sell or to buy any securities or a
solicitation of any proxy, consent, vote or approval with respect
to any securities in respect of the proposed transaction and is not
a substitute for the Proxy Statement/Prospectus or any other
document that Breeze Holdings may file with the SEC or send to
Breeze Holdings’ or True Velocity’s stockholders in connection with
the proposed transaction. No offer, sale, issuance or transfer of
securities shall be made in any jurisdiction in which such offer,
sale, issuance or transfer would be unlawful prior to registration
or qualification under the securities laws of any such
jurisdiction.
Contacts:
True VelocityPat HoganExecutive Vice President
of Corporate Communications(770) 500-0279press@tvammo.com
FN AmericaJim WilliamsVice President, Military
ProgramsJim.Williams@fnamerica.com
Breeze Holdings Acquisition Corp.Investor
RelationsCody Slach and Cody CreeGateway GroupBREZ@gateway-grp.com
(949) 574-3860
Breeze Holdings Acquisit... (NASDAQ:BREZ)
Historical Stock Chart
From Apr 2024 to May 2024
Breeze Holdings Acquisit... (NASDAQ:BREZ)
Historical Stock Chart
From May 2023 to May 2024