Today, True Velocity released information that they are purchasing LoneStar Future Weapons. As you may recall, the US Army novated (that means legally transferred) the Next Generation Squad Weapons contract from GD OTS to LoneStar. Notably, LoneStar was formed in February of 2021.
Interestingly, the companies shared several personnel prior to this acquisition. Also in the mix is LoneStar affiliate Automatic Products Corporation. The relationship between LoneStar and APC was disclosed in a press release earlier this year.
The release also claims that they are one of two companies remaining in the NGSW program.? I know that SIG is still involved based on discussions during AUSA. So by elimination, True Velocity is telling us that Textron and their Case Telescoping Technology is out. There are some legs to this assumption. I had heard several rumors while in the UK attending DSEi that Textron was out. At AUSA, I visited the Textron booth and there were no NGSW candidates in the booth. I inquired at the front desk and they told me they would get back to me after accepting my card. About two hours later, I received an email which informed me that they would be unable to discuss the program with me during AUSA. I furthered my investigation by speaking with some of their suppliers in attendance at the show, who quite properly told me they couldn’t comment on the matter.
The three NGSW vendors had to send in their latest proposals for the program a few weeks ago. I have inquired with the Army as to which companies submitted proposals and I’m awaiting their answer. Until we get a definitive answer from either of the Army or Textron, ?it’s all an educated guess.
GARLAND, Texas, Nov. 10, 2021 // — Texas-based True Velocity has announced that it will acquire next-generation weapon manufacturer LoneStar Future Weapons in a transaction valued at approximately $84 million.
The strategic acquisition enables True Velocity to extend its innovative approach to lightweight ammunition development and advanced manufacturing technology into the weapons industry, leveraging LoneStar Future Weapons’ substantial expertise in research and design, precision manufacturing, quality control and production efficiency. As a result of the transaction, True Velocity will add LoneStar’s preeminent patent portfolio around next-generation weapons and projectile technology to an already-robust collection of more than 340 patents either issued or pending in the lightweight ammunition space.
LoneStar Future Weapons will operate as a wholly owned subsidiary of True Velocity parent company TV Ammo, Inc.
“The LoneStar team is extremely excited to work more closely with True Velocity to implement our next-generation weapons, projectile technology and recoil-mitigation technology into the amazing polymer ammunition ecosystem,” said Craig Etchegoyen, chairman of LoneStar Future Weapons. “Together, our American-owned, American-based companies will provide our warfighters with the very best weapons and ammunition to protect our nation.”
In April 2021, LoneStar Future Weapons announced a strategic partnership with True Velocity to compete in the U.S. Army’s Next Generation Squad Weapons program. Under the arrangement, LoneStar Future Weapons assumed the prime contractor role from General Dynamics Ordnance & Tactical Systems and True Velocity continued to serve as a subcontractor responsible for the provision of its advanced 6.8TVCM composite-cased cartridge.
True Velocity’s acquisition of LoneStar Future Weapons allows the two companies to leverage substantial synergies and business efficiencies in the development and production of advanced weapons and ammunition for the Next Generation Squad Weapons program and other forthcoming force modernization contracts.
“Incorporating LoneStar Future Weapons’ innovative approach to weapon design and manufacture, along with their significant intellectual property portfolio and licensing expertise, into TV Ammo’s holdings strategically positions our business to have a lasting and meaningful impact on the lethality of U.S. fighting forces,” said True Velocity Chairman and CEO Kevin Boscamp. “It provides a path forward for the development and co-optimization of advanced weapons and munitions for the U.S. Department of Defense, our international allies, and the domestic commercial market.”
True Velocity and LoneStar Future Weapons are one of two teams remaining in the NGSW program, which is expected to culminate in January 2022. Current production includes a semi-automatic rifle and an automatic rifle designed to fire True Velocity’s proprietary 6.8TVCM composite-cased cartridge. LoneStar Future Weapons and True Velocity also plan to develop a lightweight medium machine gun, as well as commercially available products, in the future.
To learn more about True Velocity, LoneStar Future Weapons and the NGSW program, visit TVAmmo.com.
