Highlights:
-
-Initial contract with Lockheed Martin
renewed (SPEAR Program)
-To date $7M in USSOCOM
equipment cleaned and restored
-Individual 10-20 KIOSK serving
individual soldiers gaining traction
VANCOUVER, B.C. / ACCESSWIRE /
May 21 2014 / Mission Ready Services Inc. (TSX-V:
MRS) - Further to the News Release dated
February 4, 2014, Mission Ready Services Inc. ("Mission Ready" or
"MRSI") is pleased to provide the following update on the
operations of its wholly-owned subsidiary, 10-20 Services Inc.
("10-20" or "the Company").
10-20 substantially increases
combat clothing and protective equipment lifecycles through
cleaning and restoring to 10-20 standards. Since its initial
contract, which commenced in mid-2013, 10-20 has restored over $7
Million in USSOCOM (United States Special Operations Command)
equipment, returning it to service for approximately 9% of the
replacement cost.
In April 2013, 10-20 was
awarded a subcontract through Lockheed Martin - A leading
aerospace, defense, security and advanced technology company - to
restore SPEAR (Special Operations Forces Equipment Advanced
Requirements) equipment for the SOCOM division of the US Army. The
Company delivered on its commitment to provide effective and cost
efficient cleaning and restoration services resulting in a renewal
of the SPEAR program contract in January of 2014.
Through its patented cleaning
process, 10-20 is aiming to leverage the success of this program to
have its services implemented into other Commands and organizations
within the US and Canadian militaries representing an opportunity
to save these organizations hundreds of millions of dollars in
replacement costs through cleaning, decontamination and
restoring.
Mr. Rod Reum, President and
CEO of Mission Ready states, "This has been an enormously ongoing
success in demonstrating our ability to deliver cost effective
cleaning and restoration services to the high standards of these
government bodies. This first contract is just a small fraction of
our target market that offers both large contract potential and a
recurring revenue stream to the parent company, Mission
Ready."
Additionally, 10-20's kiosk,
which serves the individual soldier market located at JBLM (Joint
Base Lewis-McChord), has garnered recognition and interest from all
levels of the military.
Clay Williamson, Major (Ret)
President of 10-20 states, "There is no better advocate for the
quality of service we provide than the individual soldier who
experiences the difference first hand. We are excited to multiply
our on-base presence through additional PX installations that will
give us the opportunity to serve more soldiers directly"
A photo gallery featuring
images of the operations and gear being processed through the
Company's 10,000 Sq. Ft. North Carolina facility has been made
available on Mission Ready's website at http://www.MissionReady.ca/10-20-Operations/
.
About 10-20
Services
10-20 was formed to provide
logistics services and product sales to the U.S. Federal Government
and its contractors. 10-20 currently operates military cleaning and
repair facilities adjacent to both Joint Base
Lewis-McCord in Washington and also Fort Bragg, North Carolina -
The world's largest military base. Additionally, the Company
operates a kiosk on the JBLM base to serve the individual soldier
market and gain exposure for 10-20 Services at the base
level.
Core Competencies:
-
-.Restoration and repair of equipment such as
body armor, tactical equipment, backpacks, bomb suits, fire
resistant uniforms, technical cold weather garments, helmets, oil
and gas industrial protective equipment, etc.
-
-.No
degradation of the equipment's protective properties: fire
resistance, near infrared, Shade/fading, water repellency or
ballistic performance.
-
-.Offering other types of service, warranty and repair
solutions beyond tactical nylon and environmental clothing systems
including vehicle canvas, tent repair, communications headset
restoration, firefighter equipment servicing, etc...
About Mission Ready
MRSI was formed to meet a critical
need of one of the world's largest customers, the US Government and
in particular the Departments of Defence, Homeland Security and
Justice and various other agencies such as law enforcement, first
responders and the many others worldwide that help to safeguard our
health and security.
Headquartered in Vancouver,
BC, MRSI has three distinct, synergistic operating
divisions:
-
-Strategic consulting services and
manufacturers representation
-Equipment inspection,
cleaning/decontamination and repair services of personal protection
equipment
-Product research and
development
MRSI's mission is to save lives and
enhance the performance of military personnel, first responders,
and those who protect us by working to ensure they are equipped
with the best possible personal protective equipment.
MRSI's management team offers over
100 years of combined industry experience and is composed of
industry experts in developing products, contracting, and selling
to the federal government, first responders and tactical markets
through open market procurements, teaming arrangements, and a
variety of federal contract tools.
For further information, visit
the Company's website at MissionReady.ca or
contact:
Terry Nixon - Director, Corporate Communications
Telephone: 1.877.479.7778
Investor Relations
1-866-684-6730
mrs@kincommunications.com
www.kincommunications.com
Mission Ready Services Inc.
(signed "Rod
Reum")
Rod Reum,
President & CEO
This news release contains
"forward-looking information" within the meaning of applicable
Canadian securities legislation. Generally, forward-looking
information can be identified by the use of forward-looking
terminology such as "anticipate", "believe", "plan", "expect",
"intend", "estimate", "forecast", "project", "budget", "schedule",
"may", "will", "could", "might", "should" or variations of such
words or similar words or expressions. Forward-looking information
is based on reasonable assumptions that have been made by Mission
Ready Services Inc. as at the date of such information and is
subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, performance
or achievements of Mission Ready Services Inc. to be materially
different from those expressed or implied by such forward-looking
information.
Forward-looking statements are
based on assumptions management believes to be reasonable. Although
Mission Ready Services Inc. has attempted to identify important
factors that could cause actual results to differ materially from
those contained in forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such information will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such information.
Accordingly, readers should not place undue reliance on
forward-looking information. Mission Ready Services Inc. does not
undertake to update any forward-looking information that is
included herein, except in accordance with applicable securities
laws.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE: Mission Ready Services Inc.
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