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Posts Tagged ‘Mission Ready’

Mission Ready Announces Winning Submission to Develop US Navy Electrician’s Impact Safety Vest

Friday, April 7th, 2017

VANCOUVER, BC–(Marketwired – April 04, 2017) – Mission Ready Services Inc. (“Mission Ready” or the “Company”) (TSX VENTURE: MRS) is pleased to announce that its wholly-owned subsidiary, Protect The Force Inc. (“Protect The Force” or “PTF”), has been awarded a contract with Natick Soldier Research Development and Engineering Center (“Natick”) for the development of an Electrician’s Impact Safety Vest (“EISV”) to be used by sailors on surface and submarine vessels.

PTF’s successful submission followed a solicitation by Natick for a 3-phase delivery of EISV’s with technology and functionality integrations including excellent mobility and flexibility, arc flash and impact protection — afforded by the selection of specific materials — and physical features to allow for extraction in the event the user becomes injured and incapacitated.

Leveraging a US Government design, PTF will develop the initial prototypes for expert-user field evaluation prior to production, and subsequent delivery, of 75 final prototypes in accordance with the Statement of Work. All costs associated with the development and delivery of the EISV prototypes will be funded by NSRDEC including USD $28,500.00 fee to be paid to Protect The Force for its efforts in bringing the EISV to the commercialization stage. The prototypes will be produced at PTF Manufacturing, the Company’s 22,000 square-foot rapid prototyping facility in Jacksboro, TN which currently manufactures a full range of products dedicated to the tactical and defense industry including tactical outerwear, canine armor products, bomb suits/blankets, riot control protection, carriers, textiles with integrated electronics and ballistic panels.

Francisco Martinez, PTF’s Chief Technology Officer states, “We have had the privilege of pioneering technology with Natick since 2012 — impacting the industry with outstanding innovations — and we are very excited to once again collaborate with Natick and support this critical project with the uncompromising quality and professionalism that has become synonymous with PTF-Natick collaborations.”

Performed by the Innovations team at its Boston, Massachusetts-based lab, Protect The Force has partnered with the US Government on previous emerging product development efforts — including the US Army Ballistic Combat Shirt and US Marines Ballistic Base Layer — and believes its past performance and strategic proximity to Natick has positioned the Company well to respond to government solicitations and will continue to be advantageous going forward.

“This project is a key development for the Company as it further expands our portfolio and scope of expertise into the industrial safety domain,” states Jeff Schwartz, CEO of Mission Ready. “We are proud to be able to certify the prototypes we will be delivering as Berry Compliant — a US Government requirement for textile-based product procurements — with respect to the materials and the manufacturing process; both made and performed in the United States of America.”

www.missionready.com

Mission Ready Announces Purchase of Wild Things Business

Tuesday, February 21st, 2017

VANCOUVER, B.C. – February 21, 2017 – Mission Ready Services Inc. (“Mission Ready” or the “Company”) (TSX-V : MRS) is pleased to announce that the closing of the previously announced acquisition of the business and certain assets of Wild Things, LLC (the “Transaction”) is scheduled for February 24, 2017 valued at USD $4.5 million.

Pursuant to the Transaction, Mission Ready is acquiring the business of Wild Things, LLC and certain assets including inventories, manufacturing equipment, patents, material contracts, intellectual property, current outstanding purchase orders and the 2017 sales pipeline. This transaction is preceded by the closing of an agreement between a Japanese trading corporation (name withheld due to legal requirements) and Wild Things, LLC for the sale of certain Wild Things trademarks in Asia, including China and Japan and an exclusive trademark license and distribution agreement. The Wild Things heritage logo has been marketed in Japan under license for the past 20 plus years and these efforts will now be expanded.

Rod Reum, CEO & President of Mission Ready states, “We are very excited to be adding such a premium brand as Wild Things to our portfolio to complement our Protect The Force brand. We extend a warm welcome to the talented team at Wild Things. The merger of Wild Things with Mission Ready will allow both Wild Things and our PTF Manufacturing Inc. to significantly expand their reach into their current markets as well as have new markets opened up for each entity.”

“This is a huge deal for Wild Things”, said Ed Schmults, CEO of Wild Things. “To have a global powerhouse for a distribution partner in Asia is very significant for us as well as for some of the product lines of Protect The Force. All of us at Wild Things are thrilled to be working with Rod and the MRS team. These are two complementary businesses that mesh very well together. I think the timing is excellent for MRS and Wild Things to combine resources and take advantage of market opportunities. This sale allows us to significantly strengthen our balance sheet, return capital to shareholders and invest in the growth and development of our business”, said Schmults.

License and Distribution Agreement
Further to a November 2015 agreement providing exclusive import/distribution and master license rights for the Wild Things heritage brand in the Japanese market and precedent to Mission Ready’s purchase, Wild Things, LLC was in negotiations to sell certain trademark rights for Japan and several other Asian countries and has recently concluded that sale. Outside of these countries Wild Things retains ownership and all rights for the rest of the World subject to a right of first refusal by our Japanese trading partner. The distribution agreement gives us an established single trading partner in the fast growing Asian outdoor retail market.

Payment Terms
The cash portion of the Transaction price, is provided by a small allocation ($350,000) from the brand rights sale as previously mentioned and a $4.15MM loan from Wild Things, LLC secured by the assets of Wild Things USA, a wholly-owned subsidiary of Mission Ready formed to facilitate the Transaction. The company will work to replace the Wild Things, LLC loan over the next several months.

Congratulations to all involved.

Mission Ready Announces Private Placement & Provides Wild Things Acquisition Update

Thursday, January 5th, 2017

VANCOUVER, B.C. – January 4, 2017 – Mission Ready Services Inc. (“Mission Ready” or the “Company”) (TSX-V : MRS) announces that it has arranged a non-brokered private placement of up to 11,000,000 units (the “Units”) at $0.10 per Unit for gross proceeds of up to CDN $1,100,000 (the “Offering”). Each Unit will consist of one common share in the capital of the Company (a “Share”) and one share purchase warrant (each whole warrant, a “Unit Warrant”). Each Unit Warrant will entitle the holder to purchase one additional common share in the capital of the Company (a “Unit Warrant Share”) at a price of $0.15 per Unit Warrant Share until December 21, 2018.

The Unit Warrants are subject to a forced exercise provision whereby, if the volume weighted average price for the Company’s common shares is CDN $1.00 or greater for a period of not less than 10 consecutive trading days from a date beginning 4 months and one day following the date of issue, and the Company so elects, the holders of Unit Warrants will have 30 calendar days to exercise all or a portion of their Unit Warrants. Any Unit Warrants remaining unexercised after the expiration of the 30-day notice period will be cancelled and will thereafter be of no force or effect.

The proceeds from the Offering will be used for the advancement and growth of the Company’s current initiatives, including manufacturing equipment, materials and working capital.

The Offering is subject to applicable Canadian prospectus exemptions being available along with a number of conditions, including, but not limited to, receipt of all necessary corporate approvals and TSX Venture Exchange approval. All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.

Wild Things, LLC Acquisition
Further to the News Release dated September 1, 2016 announcing the signing of a Letter of Intent to acquire Wild Things, LLC, Mission Ready reports that the expected close date of Q4 2016 has been delayed to allow the completion of certain conditions precedent in the Asset Purchase Agreement (“APA”) with Wild Things LLC, including the execution of definitive agreements for the sale of selective brand name rights for certain East Asian countries to a strategic Japanese trading company. All third party negotiations and conditions of the APA are expected to be finalized within the next 30 days.

Mission Ready Secures $10,000,000 Equity Facility with New York Private Equity Firm, Alumina Partners LLC

Wednesday, January 4th, 2017

VANCOUVER, B.C. – December 22, 2016 – Mission Ready Services Inc. (“Mission Ready” or the “Company”) (TSX-V : MRS) is pleased to announce that, on December 21, 2016, the Company executed a non-binding term sheet for a draw-down equity facility of up to CDN $10,000,000 with private equity firm, Alumina Partners LLC (“Alumina Partners”). Each Offering will occur exclusively at the option of the Company throughout the 24-month term of the agreement.

Pursuant to the term sheet, Alumina Partners will commit to purchase up to $10,000,000 of units of the Company (the “Units”), through a series of equity private placement offerings (the “Offerings”), to be conducted at the sole discretion of Mission Ready, in draw down amounts of up to $1,000,000. The Units will consist of one common share and one common share purchase warrant with the Unit price set at a discount of 22% to the market price of the common shares of the Company and the exercise price of the warrants set at a 25% premium over the market price of the common shares. The securities sold and purchased in connection with each placement shall be issued subject to a definitive investment agreement between Alumina Partners and the Company.

“This arrangement comes at an excellent time for the Company as we roll out our portfolio of protective products, now being manufactured by us, and move forward with our growth initiatives planned for the next 24 months. We are honored to have been selected by Alumina Partners and look forward to leveraging this opportunity to maximize Mission Ready’s capital resources while, at the same time, limit dilution for our shareholders as much as possible.” states Rod Reum, CEO of Mission Ready.

“Alumina could not be more pleased to stand with and support Mission Ready as they deploy all of their formidable experience and cutting-edge insight to innovatively address the shortcomings of the previous generations of life-saving protective equipment issued to our men and women in uniform,” said Adi Nahmani, Alumina’s Managing Member. “Our armed services and first responders are the shield that protects us all, and in order to better protect them Mission Ready is introducing tomorrow’s technologies today.”

Mission Ready’s No-Contact LLC Announces First Order of Riot Shield Covers

Wednesday, December 14th, 2016

VANCOUVER, B.C. – December 13, 2016 – Mission Ready Services Inc. (“Mission Ready” or the “Company”) (TSX-V: MRS) is pleased to announce the initial order of its No-Contact Riot Shield Covers for use in a military application. Developed and fulfilled through the Company’s wholly-owned subsidiary, Protect The Force Inc. (“PTF”), the modest sub $9,000 order of 12 units represents the official commercial launch of this now market-ready product.

The No-Contact Shield cover, upon activation, releases a strong electrical pulse and an electrical shock sound and spark that deters an assailant. Similar to stun guns, the No-Contact technology is uniquely engineered into a textile composite that can be applied into any type of shield cover, including riot control and correctional facilities types as well as other form factors.

Requirements for this unique patented technology have been established through a product development effort that was initiated in FY2016 and has resulted in further intellectual property claims being filed by the Company. This order further validates No-Contact as a less than lethal technology that supports the unique mission sets of those who protect us.

The manufacturing of the No-Contact Shield covers will be done at the Company’s PTF Manufacturing Inc. facility in Jacksboro, TN and the key electronic components will be manufactured at the Company’s laboratory in Boston, MA.
Francisco Martinez, CTO states: “This small but fundamentally significant order is a milestone for the Company and the commercialization process. We strive to meet the changing demands being placed on military and law enforcement personnel and we believe this product provides them with another tool to help them successfully complete their mission. In addition to the application for this order, we have developed No-Contact Shield Covers for riot control units and for correctional facilities.”

www.missionready.com

Mission Ready’s Protect The Force Announces Initial Shipment of Flex9Armor

Wednesday, November 23rd, 2016

VANCOUVER, B.C. – November 23, 2016 – Mission Ready Services Inc. (“Mission Ready” or the “Company”) (TSX-V: MRS) is pleased to announce the initial order and shipment of its Flex9Armor™ Tactical Police Shirt to a US County Sheriff Department SWAT unit. Developed and fulfilled through the Company’s wholly-owned subsidiary, Protect The Force Inc. (“PTF”), additional Flex9Armor™ shipments are currently being prepared for a foreign military order while evaluations are underway by a number of European NATO nations.
Flex9Armor™ – jointly developed in cooperation with the U.S. Military – is comprised of a family of protective garments that provide stringent levels of ballistic protection while maintaining exceptionally lightweight and flexible characteristics.

Traditional Armor lacks coverage of the arms, chest and neck region of the body, and current additional protection for these areas adds weight and reduces mobility. Flex9Armor™ incorporates a network of NIJ Level II and IIIA body armor panels into a breathable anti-microbial material that is 30% lighter than conventional armor. Integrating all of these features into one combined garment makes Flex9Armor™ a superior option for first responders that is available in standard and fire retardant configurations. Additionally, PTF this week released a variant of the Flex9Armor™, the Flex9Spike™, designed for use by Federal, State and Local correctional facilities.

In a News Release dated October 27, 2016, Mission Ready announced that PTF had won an award through the US DoD’s Defense to Response (D2R) Technology Program for the provision of USD $110,000 in services from Texas A&M Engineering Extension Service’s Product Development Center (TEEX PDC) to commercialize PTF’s Flex9Armor™ to enhance public safety and homeland security. Protect The Force is currently working with over 70 US federal, state and local law enforcement agencies at various stages of the evaluation and purchasing process. In anticipation of a significant demand for the Flex9Armor™, PTF has streamlined its processes through a state-of-the-art online order fulfillment platform and recently launched a manufacturing division based in Jacksboro, Tennessee in order to efficiently and effectively meet client requests.

More information on the PTF line of products – including the Flex9Armor™ – can be found at: protecttheforce.com

Mission Ready’s Protect The Force Develops the US Marines Next Generation Ballistic Base Layer

Tuesday, November 22nd, 2016

VANCOUVER, B.C. – November 22, 2016 – Mission Ready Services Inc. (“Mission Ready” or the “Company”) (TSX-V : MRS) is pleased to announce the successful completion of the Marines Next Generation Body Armor development project (the “Project”) for the United States Marine Corps (“USMC”). Following a contract award by the Marine Corps Systems Command (“MARSYSCOM”), the Project was completed on schedule and under budget.

Managed by Francisco Martinez, Chief Technical Officer of Protect The Force (“PTF”), a wholly-owned subsidiary of the Company, the two year Project was funded through the Department of the Navy (“DoN”) Office of Naval Research (“ONR”) Rapid Innovation Fund (“RIF”), the revolutionary combat shirt, the Ballistic Base Layer (“BBL”), is now being readied for field deployment in keeping with the RIF objective to accelerate fielding of innovative technologies into military systems.

Mr. Martinez states, “The Marines Next Generation Body Armor is a Marine-unique development that integrates a number of life saving features. The BBL is a First-of-a-Kind protective combat shirt, specifically tailored to the Marine Corps equipment requirements, that addresses deficiencies identified by injuries recorded through Operation Iraqi Freedom and Operation Enduring Freedom. PTF is honored to have been selected by ONR and MARCORSYSCOM to develop the Ballistic Base Layer.”

The BBL is a revolutionary armored shirt worn under the Marines Body Armor Vest that integrates modular deltoid, yoke and collar protection into an athletic flame resistant combat shirt. Newly developed breathable fragment protective knits were integrated into the sleeves and lower torso for additional protection against fragments resulting from Improvised Explosive Device (IED) detonations.

The Marines Product Manager Clothing Infantry Equipment (“PdM ICE”) was the recipient of 100+ prototypes of the BBL and 6 additional prototypes with integrated micro climate cooling tubes.

Mr. Martinez further states, “The PM-ICE technical staff and all the contracting groups supporting the effort were a delight to work with and we are honored to have received their input and support. We look forward to working with the Marines PdM ICE as the requirements for the BBL are finalized and the item is fielded. Additionally, we wish to thank all of our employees, contractors, subcontractors and suppliers for their support in successfully developing the Marines Next Generation Ballistic Base Layer and look forward to continue working with them.”

www.missionready.ca

Mission Ready’s Protect The Force Wins TEEX Award

Thursday, October 27th, 2016

VANCOUVER, B.C. – October 27, 2016 – Mission Ready Services Inc. (“Mission Ready” or the “Company”) (TSX-V: MRS) is pleased to announce that its subsidiary Protect The Force Inc. is the winner of the US DoD’s Defense to Response (D2R) Technology Program. D2R is the Domestic Preparedness Support Initiative’s (DPSI) Technology Transition Program that identifies three technologies, annually, and provides the full services of Texas A&M Engineering Extension Service’s Product Development Center (TEEX PDC) to commercialize these technologies to enhance public safety and homeland security.
Protect the Force traveled as one of 11 Finalists to College Station, Texas to participate in the Defense to Response Technology Showcase. After two rounds of judging, Protect the Force presented their Flex9Armor™ technology to a final panel of judges and was selected to receive $110,000 worth of services from TEEX PDC.
Flex9Armor™, first developed and adopted by the U.S. Military, is comprised of a family of protective garments that provide stringent levels of ballistic protection and are simultaneously lightweight and flexible. Traditional Armor lacks coverage of the arms, chest and neck region of the body, and current additional protection for these areas adds weight and reduces mobility. Flex9Armor™ incorporates a network of NIJ Level II and IIIA body armor panels into a breathable anti-microbial material that is 30% lighter than conventional armor. Integrating all of these features into one combined garment makes Flex9Armor™ a superior option for first responders.
Last year alone, Texas A&M Engineering Extension Service (“TEEX”) served more than 168,000 people from every U.S. state and territory and 82 countries worldwide. TEEX is a leader in the delivery of emergency response, homeland security and workforce training and exercises, technical assistance, and economic development. The Product Development Center at TEEX utilizes these resources and networks to test, develop and launch products using the proven Think, Build, Sell method. Through the D2R Program, PDC will provide Protect the Force with market intelligence, product testing and a TEEX TESTED® report, business and responder mentors, and access to investors.
The Department of Defense (DoD) Domestic Preparedness Support Initiative (DPSI), in the Office of the Assistant Secretary of Defense for Homeland Defense and Global Security, coordinates DoD efforts to identify, evaluate, deploy and transfer technology, items and equipment to Federal, state and local first responders. The Defense to Response Technology Program is sponsored and supported by DPSI.
“We are extremely honored to have been chosen for this program and proud of a product that we believe will make a difference to the first responder community here at home and around the world” states Francisco Martinez, Chief Technology Officer, MRS.

www.missionready.ca