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Contract Description: Indefinite delivery, indefinite quantity ("IDIQ") contract to facilitate the delivery of products through the Company's vendor network in support of the United States Defense Logistics Agency ("DLA") Troop Support Clothing & Textiles ("C&T") supply chain
Contract Value: Up to USD $200,000,000 (the "Ceiling")
Product Description: Commercial off-the-shelf ("COTS") Shelter Systems
Performance Period: Initial 1-year base ordering period (Dec. 2/21 through Dec. 1/22) and three 1-year option periods (the "Term")
VANCOUVER, BC, Dec. 3, 2021 /CNW/ - Mission Ready Solutions Inc ("Mission Ready" or the "Company") (TSXV: MRS) (OTCQX: MSNVF), a provider of comprehensive government contracting solutions, is pleased to announce that, through its wholly-owned subsidiary, Unifire, Inc. ("Unifire"), the Company has been awarded a contract for COTS – Shelter Systems (SPE1C1-22-D-1506) (the "COTS Contract") in support of the DLA C&T supply chain, with a Ceiling of USD $200,000,000 (CAD $256,000,000 using a USD-CAD exchange rate of 1.28) over the Term of the Contract.
"We proudly welcome this contract award and the opportunity to provide additional support to the DLA in their efforts to source quality items," said Skip Church, President of Unifire. "This contract reinforces Unifire's ability to respond to the demand and to bid accordingly while highlighting our robust network of product manufacturers and vendor partners."
"The team at Unifire has put a tremendous amount of time and energy into this solicitation, having been in active discussions since May 2020, and we are extremely pleased to see their efforts coming to fruition," said Buck Marshall, President and CEO of Mission Ready. "As we continue to advance, we are confident that our vision and ambitious strategy will successfully position the Company for growth and allow us to further build shareholder value that will reflect in the coming quarters."
DLA COTS – Shelter Systems Program (the "Program")
The COTS – Shelter Systems program is a multiple-award, prime vendor contract, that is structured to accommodate the addition of products through the life of the contract. The Program's supply chain, at present, offers military tents, parts, and support equipment.
COTS Contract Terms
The IDIQ contract – with an initial 1-year base ordering period and three 1-year option periods – calls for the supply of COTS – Shelter Systems in support of the United States DLA Troop Support Clothing & Textiles supply chain, and specifies a maximum dollar value of USD $200,000,000.
The COTS Contract follows the Company's May 2, 2020 response to Solicitation number: SPE1C1-18-R-0003.
In U.S. Federal government contracting, an IDIQ is a type of contract that provides for an indefinite quantity of supplies or services during a fixed period of time. IDIQ's are also sometimes called "Task Orders" or "Delivery Order Contracts."
Gross Margins, Anticipated Revenue and Accounting Treatment
Pursuant to U.S. Generally Accepted Accounting Principles (GAAP), revenues generated through the COTS Contract, as applicable, will not be finalized until the transaction relative to each purchase order has been completed. Consequently, revenues may be reported on a gross or net basis and some portion(s) may be deferred to future accounting periods. The gross margin on revenues generated pursuant to the COTS Contract is not expected to differ materially from the Company's historical gross margins relative to its government contracting operations.
Due to the nature of IDIQ contracts generally, the Company is unable to estimate with any degree of certainty, the frequency, volume or value of purchase orders (also referred to as delivery orders) it may or may not receive in relation to the COTS Contract during the initial 1-year term or any extension thereof.
About Mission Ready Solutions Inc.
Mission Ready Solutions provides comprehensive government contracting solutions with extensive experience in delivering quality, reliable, mission-critical products and services for law enforcement, firefighters, first responders, military, and other governmental agencies.
Through its privileged access to a host of federal contracting vehicles, including Multiple Award Schedule ("MAS") contracts awarded and administered by the United States General Services Administration, Mission Ready's wholly-owned subsidiary, Unifire, Inc., leverages its robust vendor network, time-proven industry relationships, proprietary technology infrastructure, and industry-leading manufacturing and distribution capabilities to efficiently source and deliver more than 1.5 million products.
For further information on Mission Ready Solutions Inc., please visit MRSCorp.com or contact investor relations by email at MRS-IR@MRSCorp.com or by telephone at +1 877.479.7778 (Ext. 5). You can also subscribe to our mailing list at eepurl.com/hznhX9 to receive our press releases and latest news directly by email.
Mission Ready Solutions Inc.
(Signed "Buck L. Marshall")
Buck L. Marshall
President, CEO and Director
T: +1 877.479.7778
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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 Solutions 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 Solutions Inc. to be materially different from those expressed or implied by such forward-looking information. 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 Solutions Inc. does not undertake to update any forward-looking information that is included herein, except in accordance with applicable securities laws.
SOURCE Mission Ready Solutions Inc.
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