AMMO, Inc. Announces Closing of Acquisition of GunBroker.com
May 03 2021 - 8:00AM
AMMO, Inc. (Nasdaq: POWW ) (“AMMO” or the “Company”), a premier
American ammunition and munition components manufacturer and
technology leader, is pleased to announce today the successful
closing of the previously announced acquisition of
the GunBroker.com business (GunBroker.com), the world’s
largest on-line auction marketplace dedicated to firearms, hunting,
shooting and related products. The Transaction involved an
approximate $240 million merger of reorganized entities resulting
in GunBroker.com and certain affiliates becoming a wholly owned
subsidiary of AMMO (the “Transaction”).
“We couldn’t be more excited about bringing the
GunBroker.com team into the AMMO family. Everyone worked hard to
make this happen - and we will now set about to further expand the
GunBroker.com brand as we leverage the amazing IT platform Steve
Urvan and his team developed to bring AMMO products and a host of
other products and merchandise to the vibrant GunBroker.com
marketplace,” said Fred Wagenhals, AMMO’s Chairman and CEO. Fred
further noted that “the AMMO management team viewed the Transaction
as accretive to our shareholders when we announced the letter of
intent. With the Transaction successfully closed, our team has
reached another vertical integration milestone for the Company,
representing an opportunity to diversify our revenue base with high
profit-margin business offered through a premier brand deploying
best-in-class secure transactional technology.”
Steve Urvan commented: “I am excited we have
closed the Transaction so I can take my seat on the Board of this
dynamic and growing company. I am confident our newly expanded AMMO
team will bring innovative products and solutions for our expanding
and loyal customer base. The GunBroker.com marketplace is going to
enjoy the new shopping opportunities that serve the firearms,
ammunition and accessory outdoor and shooting sports markets as we
roll them onto the platform.”
The Company anticipates issuing post-Transaction
updated guidance on Tuesday, May 11, 2021.
Lucosky Brookman LLP acted as legal counsel and
Riveron Consulting LLC acted as financial and technology advisors
to the Company. Arnall Golden Gregory LLP served as legal counsel
and Maxim Group LLC served as the financial advisor to IA Tech LLC
for the GunBrokers.com business.
About AMMO, Inc.
With its corporate offices headquartered in
Scottsdale, Arizona. AMMO designs and manufactures products for a
variety of aptitudes, including law enforcement, military, sport
shooting and self-defense. The Company was founded in 2016 with a
vision to change, innovate and invigorate the complacent munitions
industry. AMMO promotes branded munitions as well as its patented
STREAK™ Visual Ammunition, /stelTH/™ subsonic munitions, and armor
piercing rounds for military use. For more information, please
visit: www.ammo-inc.com.
About GunBroker.com
GunBroker.com is the largest online marketplace
dedicated to firearms, hunting, shooting and related products.
Aside from merchandise bearing its logo, GunBroker.com currently
sells none of the items listed on its website. Third-party sellers
list items on the site and Federal and state laws govern the sale
of firearms and other restricted items. Ownership policies and
regulations are followed using licensed firearms dealers as
transfer agents. Launched in 1999, GunBroker.com is an informative,
secure and safe way to buy and sell firearms, ammunition, air guns,
archery equipment, knives and swords, firearms accessories and
hunting/shooting gear online. GunBroker.com promotes responsible
ownership of guns and firearms. For more information, please visit:
www.gunbroker.com.
Forward Looking Statements
This document contains certain “forward-looking
statements”. All statements other than statements of historical
fact are “forward-looking statements” for purposes of federal and
state securities laws, including, but not limited to, any
projections of earnings, revenue or other financial items; any
statements of the plans, strategies, goals and objectives of
management for future operations; any statements concerning
proposed new products and services or developments thereof; any
statements regarding future economic conditions or performance; any
statements or belief; and any statements of assumptions underlying
any of the foregoing.
Forward looking statements may include the words
“may,” “could,” “estimate,” “intend,” “continue,” “believe,”
“expect” or “anticipate” or other similar words, or the negative
thereof. These forward-looking statements present our estimates and
assumptions only as of the date of this report. Accordingly,
readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the dates on
which they are made. We do not undertake to update forward-looking
statements to reflect the impact of circumstances or events that
arise after the dates they are made. You should, however, consult
further disclosures and risk factors we include in Annual Reports
on Form 10-K, Quarterly Reports on Form 10-Q, and Reports filed on
Form 8-K.
Investor Contact:Rob Wiley,
CFOAMMO, Inc.Phone: (480) 947-0001IR@ammo-inc.com
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