Initial delivery order valued at $799,000 expected to be recognized over coming year
TEMPE, Ariz., Sept. 23, 2019 (GLOBE NEWSWIRE) -- VirTra, Inc. (NASDAQ: VTSI), a global provider of training simulators for the law enforcement, military, educational and commercial markets, has received a new five-year, single awardee indefinite delivery/indefinite quantity (IDIQ) contract from U.S. Department of Homeland Security for U.S. Customs and Border Protection with a potential value of up to $5.0 million.
In addition to receiving the IDIQ contract, VirTra has also received an initial delivery order under this contract from Customs and Border Protection for simulation training products and services valued at $799,000. VirTra anticipates recognizing revenues from this initial order within the next year.
“This new IDIQ contract with Customs and Border Protection is indicative of the additive value we are able to generate with long-standing customers,” said Jason Mulcahy, General Manager of VirTra. “It ensures that CBP has the necessary resources in place to continue utilizing our industry-leading solutions and provides us with an opportunity to further develop this relationship by exploring additional means of assisting the agency in its primary mission of preserving the security of our borders, airports and ports of entry.”
VirTra (VTSI) is a global provider of judgmental use of force training simulators, firearms training simulators and driving simulators for the law enforcement, military, educational and commercial markets. The company’s patented technologies, software, and scenarios provide intense training for de-escalation, judgmental use-of-force, marksmanship and related training that mimics real-world situations. VirTra’s mission is to save and improve lives worldwide through practical and highly-effective virtual reality and simulator technology. Learn more about the company at www.VirTra.com.
About U.S. Customs & Border Protection
With more than 60,000 employees, U.S. Customs and Border Protection, CBP, is one of the world’s largest law enforcement organizations and is charged with keeping terrorists and their weapons out of the U.S. while facilitating lawful international travel and trade.
As the United States’ first unified border entity, CBP takes a comprehensive approach to border management and control, combining customs, immigration, border security, and agricultural protection into one coordinated and supportive activity.
This news release includes certain information that may constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by terminology such as “could”, “may”, “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “proposed,” “planned,” “potential” and similar expressions, or are those, which, by their nature, refer to future events. All statements, other than statements of historical fact, included herein, including statements about VirTra’s beliefs and expectations, are forward-looking statements. Forward-looking information is necessarily based upon a number of assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Although VirTra believes that such statements are reasonable, it can give no assurance that such forward-looking information will prove to be accurate. VirTra cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors. Accordingly, due to the risks, uncertainties and assumptions inherent in forward-looking information, readers and prospective investors in the Company’s securities should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof, is based upon the opinions and estimates of management and information available to management as at the date hereof and is subject to change. The Company assumes no obligation to revise or update forward-looking information to reflect new circumstances, whether as a result of new information, future events or otherwise, except as required by law.
Investor Relations Contact:
Matt Glover or Charlie Schumacher