TYR Tactical

Archive for the ‘Industry’ Category

Polaris Hires John Olson as Vice President and General Manager for Polaris Defense

Wednesday, September 7th, 2016

MINNEAPOLIS (September 6, 2016) — Polaris Industries Inc. (NYSE: PII) today announced the hiring of John M. Olson as Vice President and General Manager for Polaris Defense, effective immediately. Reporting directly to Bob Mack, President, Global Adjacent Markets, Olson will execute complete Polaris Defense P&L responsibility, lead and develop the long term strategy for the organization, and build it into a top supplier of innovative customer solutions to the Department of Defense and other Government agencies.

“John is incredibly accomplished, is highly conversant with cutting-edge technology, and has decades of experience with the Department of Defense, having both worked within that organization and conducted business with it as a contractor. His combination of energy and expertise will be a boon to our Defense business and our company as a whole,” said Scott Wine, Polaris Chairman and Chief Executive Officer. “Polaris Defense has made strides in recent years and has significant untapped potential. I am confident John is the right person to help us realize it.”

John joins us from Sierra Nevada Corporation, where as Vice President of their Space Systems business he was responsible for space-exploration systems, including the innovative Dream Chaser reusable spacecraft. Altogether, John has 28 years’ experience in DoD/USAF, NASA, and White House public service, including 12 years at the Pentagon, as well as 3 years’ executive leadership in private industry. He is also a veteran with active service in multiple conflicts, including overseas and wartime support during conflicts in the Gulf, Bosnia/Kosovo, Somalia, Iraq, Afghanistan, and Libya.

John holds a BS degree in Engineering Science and Mechanical Engineering from the Air Force Academy, dual M.S. degrees in Material Science, Engineering, and Avionics from the University of Illinois, and a Ph.D. in Industrial and Systems Engineering from Auburn University.

www.polaris.com

Mission Ready Announces Letter of Intent to Acquire Wild Things for USD $4.5 Million

Thursday, September 1st, 2016

VANCOUVER, B.C. – September 1, 2016 – Mission Ready Services Inc. (“Mission Ready” or the “Company”) (TSX-V: MRS) is pleased to announce that it signed a Letter of Intent (“LOI”) on August 30, 2016 to acquire Wild Things, LLC (“Wild Things)”) for USD $4.5MM. Founded in 1981, Wild Things is a leading manufacturer of technical outerwear and gear with products currently in the field with every branch of the US Armed Forces.

Under the terms of the LOI, Mission Ready will acquire the business and certain assets of Wild Things, LLC for USD $4.5MM consisting of $3.5MM cash paid on closing of the acquisition (the “Close”) and USD $1MM in Convertible Promissory Notes (each $25,000 Convertible Promissory Note, a “Note”). The Notes mature 2-years from date of issuance and are convertible at $0.10 during the first year subsequent to the Close and $0.15 during the second year. The Notes will bear interest at the United States Applicable Federal Rate at the date of closing, compounded semi-annually, and may be redeemed by Mission Ready before the maturity date upon thirty-day notice to the Note holder. Mission Ready is working with a New York-based investment firm to finalize a commitment of $3.5MM in debt financing to satisfy the cash portion of the purchase price.

Based in Middletown, Rhode Island, Wild Things has been in business for 35 years and produces highly engineered technical garments for the U.S. Military, including Marines, Special Forces, including U.S. Navy Seals and other elite units, Department of Homeland Security and other federal agencies, law enforcement, alpinists, explorers, climbers, bikers, campers, hikers, and outdoors enthusiasts worldwide. In addition, Wild Things has sold to military customers in 10 countries. The extensive portfolio of Wild Things products can be viewed on its website at http://www.wildthingsgear.com/

“We believe these companies, when combined, will allow us to become one of the leaders in the industry in designing, manufacturing and providing state of the art products to law enforcement and special forces personnel throughout the world. We have high expectations for the company. Guided by safety and superior technology, its leaders are passionately focused on customers’ physical protection and on building shareholder value” said Jack Wyant, Wild Things director and Managing Director of Blue Chip Venture Company, an investor in Wild Things.

The Wild Things team is led by Ed Schmults who has extensive experience in the outdoor apparel business including Patagonia, and Moonstone Mountain Equipment. Mr. Schmults is the former Vice Chairman of the Board of Directors of Recreational Equipment Inc. (REI) and a current Board member for Vera Bradley. Also, he is a former member of the Board of Trustees of National Outdoor Leadership School (NOLS), an international leadership and outdoor skills school, from 2009 – 2015. Ed served on the board of the Outdoor Industry Association from June of 2013 – August 2015. In addition, Ed serves as a mentor to retiring Special Forces members through his involvement with the Commit Foundation and the Station Foundation.

“This transaction enhances Wild Things ability to serve our customers – military and consumer – by improving our product development, manufacturing and sales capabilities, “says Ed Schmults.

“The entire Wild Things team is excited about the opportunities ahead.”

Rod Reum, CEO of Mission Ready states, “As Mission Ready focuses its business model to become a premier manufacturer, we are excited with the prospect of adding the Wild Things team and business to the Company’s current manufacturing business. The combining of the entities will allow us economies of scale, open new markets and allow access to additional sales channels for both businesses.”

Mission Ready expects to close the acquisition in the fourth quarter of 2016, subject to financing and regulatory approval.

Crye Precision Founders Launch Vantage Arms, LLC Located in Tennesee To Manufacture Six12 Shotgun

Tuesday, August 30th, 2016

Crye Precision founders Caleb Crye and Gregg Thompson have launched new brand Vantage Arms, LLC, to manufacture the Six12 Modular, Rotary Shotgun. They have located to the Nashville, Tennesee area where they will invest $5 million to move into a 22,000-square-foot facility at 1657 Murfreesboro Road.

Gregg Thompson told the Nashville Post, “We couldn’t be more excited to begin this new endeavor in Nashville, it’s absolutely critical to the success of the company that we have the right people at the helm and the right environment to grow. We’ve come to the clear conclusion that Tennessee, and Nashville specifically, offers a top-notch workforce and a climate that is unwavering in its support of innovation.”

The 12 guage Six12 uses a six round rotary magazines like a revolver but which can be removed for loading. The shotgun has been paired with the SilencerCo Salvo 12 shotgun suppressor as seen above. Originally envisioned as a breaching shotgun, the bullpup’s modular design allow it to be configured as a stand-alone weapon or attached to an M4 carbine.

Designed at Crye Precision’s home base at the Brooklyn Navy Yard, the Six12 was unveiled several years ago. However, production at that location was problematic due to regulation. The move to Murfreesboro is a sound one where they plan to hire 100 employees. We wish them well in this new endeavor.

Duro Textiles Closing

Monday, August 29th, 2016

Rumors regarding the future of Duro Textiles have been swirling the cut-and-sew industry since Duro Textiles failed to reopen their doors after their annual Summer break.

Reportedly, Duro sent the Massachusetts Division of Career Services a WARN Act notice (Worker Adjustment Retraining and Notification ) that it would be permanently laying off its 131 person workforce by 15 October and closing the factory, which has been in operation for almost 70 years.

Industry sources I had spoken with informed that a potential buyer had expressed serious interest in the troubled brand, currently managed by investment firm Patriarch Patners.  Unfortunately, that deal hasn’t seemed to materialize. 

This is a major blow to the tactical industry as they have printed specialty camouflage patterns for several brands.  So too will the US Army’s attempts to source royalty-free OCP (Scorpion W2) fabrics be seriously undercut.  

MultiCam patent holder Crye Precision Has been fighting a protracted legal battle with Duro over IP issues with Crye filing an appeal to a court decision earlier this year to dismiss the case. 

We wish all of the laid off textile workers well in their search for new employment. They clothed generation after generation of American service members. 

Blue Force Gear Receives Patent

Friday, August 26th, 2016

SAVANNAH, GA-August 10, 2016- Blue Force Gear®, a growing design and manufacturing company in the firearms accessories industry, announces that it has been granted its second US patent for the Helium Whisper® load carrier system and associated manufacturing methods. US patent 9,295,319 embodies the ability for a load carrier system to include a unitary piece of material.

The patent covers two embodiments of the load carriage system. One of which pertains to the unitary piece of material, and the other being the benefits through manufacturing methods of Helium Whisper®.

Helium Whisper® revolutionizes the MOLLE attachment system by combining a single piece back panel with ULTRAcomp®, an extremely durable, lightweight high-performance proprietary laminate. By reducing the number of parts involved in MOLLE attachment, the single-piece design decreases potential errors and weak points, provides easier production and offers a lighter alternative to any other pouch system.

“Blue Force Gear continues to innovate as the leader in the production of lightweight gear,” says CEO Ashley Burnsed. “For more than two decades the primary health threat to troops has been common joint, muscle and bone injuries including back pain. The average load carried by a Rifleman can be in excess of 127 pounds. Blue Force Gear celebrates every ounce of weight reduction because ounces equal pounds, and our pouches built with the Helium Whisper® system can reduce weight by up to 60 percent, making our service members lighter, faster and quite possibly healthier.”

This patent solidifies Helium Whisper® as a true innovation in lightweight attachment systems. In addition to Blue Force Gear’s products, the Helium Whisper® attachment system is in wide use by manufacturers such as SAFARILAND Group, Velocity Systems, Platatac and Strategen who license the technology from Blue Force Gear directly.

www.blueforcegear.com

So You Want Some Free $h!t?

Wednesday, August 24th, 2016

Recently, a company I am friendly with received a request from a guy asking for a sample to test. He wasn’t even picky about the product he was interested in. It just had to be free. The company and the guy went back and forth and eventually it came out that the guy was with a large government agency, who will remain nameless in this article because, in my opinion, his actions did not represent the agency.

I’m sharing this because it is from an industry standpoint and explains their point of view when dealing with the rather frequent requests for “samples”. This is their final response to his request.

“With your initial approach, I was *hoping* that this whole thing was a joke. When your rationale for us sending you a free piece of gear was “a couple of guys with XXX”, I felt sure it was a joke. Since it appears that you’re not kidding, let me lay it out for you.

Gear costs money to make. So anything that we have in stock, it cost us money to get. Particularly our gear which is made in the USA and not marked up very much. So when we send out something “free” for someone to evaluate, we’re actually spending money to do that and we have to believe that there is a good chance for a return on our investment. There are two types of evaluations that we typically send gear out for.

The first type of evaluation is to a journalist of some type. In that case, we look at their reach (how many people are reading their articles) and also their experience base. We want guys evaluating our gear for the public who actually know something about what they’re talking about. And we want to know that they are reaching thousands of people with their opinion. Or at least tens of exactly the right kind of people. When these people approach us they introduce themselves, cover their background, and then go on to talk about what publication they are writing the article for and what that publication’s reach looks like.

The second type of evaluation is an official unit or agency evaluation. This is where a police department or military unit or something like that reaches out and says “I’m so and so with such and such military unit and we are going to be buying 120 patrol packs this year and yours is one of the three we would like to consider”. The language is often quite formal, always comes from a government email address, and includes a signature line so we know exactly who we are dealing with and what their rank and position within their organization is. Usually these are structured in such a way that there is a limited evaluation period and they return the gear after evaluation.

That pretty much covers it. And I’ll give you another hint — the highest level most legitimate users of our products never reach out and ask for a free evaluation. They buy them off the shelf at no discount and we don’t even find out about it until we notice a spate of similar orders all going to addresses in the same military town. Or until a supply guy reaches out and says “hey, we’ve been testing your gear and now we need a quote for 20 of such and such”. Many journalists also follow a personal policy of paying full retail for items to avoid conflict of interest. So a whole lot of people who could be getting free gear — choose not to.

I hope you can see the difference between these very legitimate requests for evaluation and yours — both in the approach and in the rationale.

Good luck in your future endeavors.”

INVISIO interim report January–June 2016: Continued profitable growth and strong order book

Friday, August 19th, 2016

Stockholm, August 18, 2016

INVISIO (IVSO) has today published its interim report for the period January–June 2016. The company continues to grow with good profitability. Both sales and operating profit rose in the first six months of the year compared with the corresponding period in 2015. At the same time a new order from the US army contributed to a strong order book at the close of the period.

CEO comment
“All in all we have made several important advances in the first half year. We have received orders both from new and existing customers while showing that we have the capacity required to deliver greater volumes in pace with our customers’ wishes”, says Lars Højgård Hansen, CEO of INVISIO.

(Figures for the same period the previous year are given in brackets)
January-June 2016

  • Revenue: SEK 163.1 m (125.4)
  • Gross profit: SEK 85.4 m (66.4)
  • Gross margin: 52.4 % (53.0)
  • EBITDA: SEK 48.3 m (33.4)
  • Operating profit/loss: SEK 45.7 m (30.4)
  • Operating margin: 28.0 % (24.2)
  • Profit/loss for the period: SEK 45.6 m (27.4)
  • Earnings per share: SEK 1.07 (0.65)

    April-June 2016

  • Revenue: SEK 83.6 m (68.2)
  • Gross profit: SEK 43.2 m (34.1)
  • Gross margin: 51,7 % (50.1)
  • EBITDA: SEK 23.4 m (18.4)
  • Operating profit/loss: SEK 22.2 m (16.2)
  • Operating margin: 26.6 % (23.7)
  • Profit/loss for the period: SEK 22.2 m (13.5)
  • Earnings per share: SEK 0.52 (0.32)

    Important events during the quarter

  • INVISIO received an order of about SEK 100 million from the American army’s modernization program TCAPS. Deliveries will be made on an ongoing basis in the period July 2016–June 2017.
  • Two orders were received from the French defence forces totalling SEK 18 million, to be delivered in 2016.
  • One of INVISIO’s oldest army customers ordered systems for SEK 6.5 million.
  • The order book at the close of the quarter was SEK 187.4 million (67.1).
  • The product portfolio was extended with INVISIO V20 for users connected to a single team radio.

    invisio.com

  • DV8 Sports Launches $3.5 Million Offering for Private Investors

    Thursday, August 18th, 2016

    DV8 Sports and EPEC – Golf without obstacles, a game-changing full set of golf clubs in a liberating, life styled backpack, and an upgradeable junior golf solution that eliminates the need for costly new clubs each time a child grows a few inches.

    Atlanta, GA, August 4, 2016 – Sepia Products, LLC dba DV8 Sports announced its $3.5 million Regulation D 506(c) private offering today to accredited investors throughout the USA.

    DV8 has engaged VeteranCrowd to serve as exclusive financial advisor during this offering. The securities are being offered through WealthForge Securities, LLC Member FINRA/SIPC.

    DV8 Sports is a golf equipment company dedicated to golf’s next generation of millennial and junior golfers. By way of innovative products and forward-thinking solutions for both adults and kids, DV8 is building brands to reflect the attitudes and aspirations of these younger players. With golf in the midst of a generational change, DV8 Sports is at the forefront of this movement; from new forms of the games we call “golf” to where they are played and the equipment players use, every aspect of this 300 year-old activity is being challenged. Many traditional manufacturers see these changes as disruptive whereas DV8 Sports has the products, the vision and the experience to turn this disruption into opportunity.

    Point in fact—as reported recently, one of the world’s most respected sporting goods brands announced it is exiting golf equipment. While some assume this exit to be a reflection of the woes of the golf industry in general, a different view is the brand was simply unsuccessful at connecting with either of golf’s major demographics—older affluent golfers who prefer more traditional brands or millennials and juniors who happen to make up nearly 50% of all participants. None of golf’s major brands are focusing on these younger players which is exactly why DV8 will. To that end, funds from this raise will fuel marketing and branding, new product development and inventory purchases for both DV8 and EPEC product lines specifically focused on younger players.

    One of the first uses of proceeds from this private offering will be a direct response (DR) advertising campaign on NBC/Golf Channel that will begin airing this fall. Headlined by famed PGA Tour instructor Rick Smith, a DV8 Sports ambassador, the campaign will promote the EPEC Upgradeable Junior Golf Set, the industry’s first and only upgradeable junior product. With real kids urging parents and grandparents to “DO THE MATH”, the spots will illustrate the demonstrable financial benefits of an upgradeable product as compared to parents being forced to buy entirely new sets of clubs every 12 to 18 months as kids grow. EPEC promises to save parents as much as 50-60% compared to other premium fit by height brands. Not only with the EPEC DR campaign get the company’s innovative equipment into the hands of thousands of kids, it will dramatically increase awareness of the brand and make EPEC a household name in golf.

    EPEC products are distributed at a growing number of retailers such as Worldwide Golf, Golf Town (Canada) and PGA Tour Superstores, online, and through golf shops and country clubs nationwide. Go to www.epecgolf.com to see participating golf shops.

    You’ve probably read that and said to yourself, “I don’t even like golf, why the heck did SSD share that?” Well, here’s why. VeteranCrowd, LLC is an online platform facilitating private placements for veteran led businesses. It’s what they specilize in. So if you’re a veteran looking to raise capital, now you know tyere’s someone you can talk to about it. Securities are offered through WealthForge Securities, LLC Member FINRA/SIPC.