TEMPE, Ariz., Sept. 17, 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 $1.7 million fixed-price delivery order for simulators, services, and equipment from U.S. Department of Homeland Security for Customs and Border Protection (CBP). This order is part of a previously announced Indefinite Delivery/Indefinite Quantity (IDIQ) contract and comes two months after VirTra received a $630,000 follow-on order from CBP.
Under the terms of this expansion order, VirTra will provide Customs and Border Protection with additional simulators, as well as accessories and new, custom content specifically created to meet the agency’s training needs. CBP has also purchased a warranty plan, under which VirTra will provide any necessary service and maintenance to equipment over the next five years. VirTra expects to recognize revenues from this expansion order over the coming year.
“The United States Customs and Border Protection is a long-standing VirTra customer, and we’re very pleased to consistently find new ways of providing additional support to better serve that agency’s mission,” said Bob Ferris, Chairman and CEO of VirTra. “This order serves as a testament to the strength of our product suite and our ability to expand our footprint with current customers by continuing to provide them with valuable solutions. After this order is complete, VirTra simulators will be located at forty-two major ports of entry, international airports, and training facilities across the country. We look forward to delivering this order and continuing to support the brave men and women who serve our country and protect our borders.”
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.
Forward Looking Statements:
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