VANCOUVER, British Columbia, July 04, 2019 (GLOBE NEWSWIRE) — Mission Ready Solutions Inc. (“Mission Ready” or the “Company”) (TSXV:MRS) is pleased to announce new contract awards (“Awards”) of approximately CAD$5,000,000, the appointment of Marcus Treiber as the Company’s Chief Operating Officer and provide an update on the Company’s continuing progress.
New Contract Awards
Mission Ready, through its wholly-owned subsidiary, Unifire, Inc. (“Unifire”), has received multiple new Awards – valued at approximately CAD$5,000,000 – since its most recent sales announcement, bringing the value of Awards received since the beginning of Q2 2019 to over CAD$40,000,000. “The recent sales achievements are a testament to the loyal support of our shareholders – and tireless efforts of our team over the past 14 months – which have resulted in the robust foundation that has been established to drive sales, win awards and compound the successes that are beginning to materialize,” states Jeffery Schwartz, President & CEO of Mission Ready. “The opportunities available to the Company through its existing government contracts – and as a TLS SOE Prime Vendor – are appreciable and we intend to leverage all available resources to scale-up and capture additional market share going forward.”
Unifire Contracts Explained – Review of DLA’s Tailored Logistics Support Program
The Defense Logistics Agency (“DLA”) developed and supports the Tailored Logistics Support (“TLS”) Program. The TLS Program allows the U.S. Military, U.S. Federal Agencies, and other authorized customers to order brand-specific, commercial off-the-shelf part-numbered items through DLA Prime Vendors.
The Special Operational Equipment (“SOE”) Program, facilitated by DLA through the TLS Program, enables customers to order commercial, off-the-shelf part numbered items within the scope of the contract. Since multiple vendors are solicited for prices, customers benefit from a competitive business model that will ensure best value for the customer.
There are 6 Prime Vendors who are eligible to participate in the SOE contract, of which Unifire is one. When a request is submitted for a specific product, DLA will contact the 6 Prime Vendors who will request a price quote from the manufacturers in their respective networks before responding back to DLA with their best price and lead time. This allows the end-user to benefit from the Prime Vendor’s pre-established relationships and secure favorable pricing.
Bid Process & Order Flow
- Customer places an order with DLA
- DLA pre-approves order and obligates funds → Sends Request for Quotation (“RFQ”) to each of the 6 Prime Vendors
- Prime Vendor’s obtain pricing and lead times from their manufacturer(s) → Respond to RFQ
- DLA reviews RFQ responses → Select the winner → Deliver the winning bid to the customer for approval
- Customer approves the winning bid
- DLA forwards customer information to winning bidder for order processing
- Prime Vendor processes the order → Remits payment per specified terms → Coordinates delivery
Appointment of Chief Operating Officer
Mission Ready is pleased to announce the appointment of Marcus Treiber as the Company Chief Operating Officer (“COO”), effective July 1, 2019. Mr. Treiber has served as the Company’s VP of Operations since the acquisition of Unifire and has been instrumental in the development and integration of the newly combined sales teams. Mr. Treiber will continue to establish and refine the Company’s operations and sales protocols for better efficiency, increased bandwidth and, ultimately, bottom-line growth. “I am honored to join Mission Ready’s dynamic leadership team to accelerate the Company’s ambitious plans to rapidly become a household name in the government contracting industry. New ‘white space’ is being identified on a daily basis – Ensuring an effective resource allocation strategy will be cardinal to our success. With a clear understanding of what it takes to build real and sustainable shareholder value, I intend to work with management to equip and incentivize each member of our growing team to push the envelope and stay tuned in to the places we will go together.”
Mission Ready reports that shareholders represented in person and by proxy approved all resolutions brought before them at the Company’s 2019 Annual General Meeting of its shareholders held in McLean, Virginia on June 26, 2019. The Board of Directors would like to thank the shareholders for their continued support.
The figures referenced herein have been converted from US currency (USD) to Canadian currency (CAD) using an exchange rate of 1.34.