Mission Ready Announces Debt Settlements
18 Dezembro 2019 - 9:00AM
Mission Ready Solutions Inc. (“
Mission
Ready” or the “
Company”) (TSXV: MRS) is
pleased to announce that, subject to the acceptance of the TSX
Venture Exchange, certain creditors have agreed to accept an
aggregate of 14,604,387 common shares (the
“
Shares”) of the Company, at a deemed value of CAD
$0.15 per Share, for outstanding promissory notes, consulting fees,
accrued interest and other amounts owed totaling CAD $2,190,658
(“
Debt Settlements”). The Shares issued
pursuant to the Debt Settlements are subject to a statutory hold
period expiring four months and one day from the date of issuance
of such securities.
Over 98% of the debt being settled – an
aggregate of C$2,157,470 – relates to outstanding amounts due to
the former owners of Unifire, Inc. (“Unifire”),
Darrell Siria, and Unifire’s Chief operating Officer, Daniel
Raczykowski. Calculated from the most recent close price of the
Company’s shares on the TSX Venture Exchange (“Market
Price”), the Shares to be issued pursuant to the Debt
Settlements will be issued at an 87.5% premium to the Market
Price.
Jeffery Schwartz, President & CEO of Mission
Ready, states, “We extend our sincere gratitude to Darrell and Dan
as they further demonstrate their unwavering dedication to the
Company’s success – we are determined to create sustainable
shareholder value to reward Darrell, Dan, and all of those who have
entrusted us to lead the Company forward through this challenging
but, nonetheless, exciting transitional phase. These Debt
Settlements represent a significant improvement of the Company’s
balance sheet which will be a key component in our ongoing efforts
to obtain increasingly competitive financing rates, higher margins
and, in turn, further balance sheet improvements.”
About Mission Ready Solutions
Inc.
Mission Ready specializes in providing
comprehensive government contracting solutions through its
privileged access to a host of government contracting vehicles
including multiple General Services Administration
(“GSA”) Schedules and the Tailored Logistics
Support (“TLS”) Special Operations Equipment
(“SOE”) contract administered by the United States
Defense Logistics Agency (“DLA”).
Mission Ready’s wholly-owned subsidiary,
Unifire, Inc. (“Unifire”), is 1 of 6 companies
globally that is authorized to provide equipment and designated
services under the multi-billion-dollar TLS program developed and
supported by the DLA. Unifire is a designated Small Business and an
industry-leading manufacturer and distributor of over 1.5 million
fire, military, emergency, and law enforcement products. As an
incumbent awardee of DLA’s SOE contract, with extensive knowledge
and experience in providing solutions to the US Federal Government,
Unifire utilizes its highly efficient and scalable technology
infrastructure to provide procurement solutions for program
managers, military and federal contracting offices, base supply
centers, and other governmental supply agencies.
Mission Ready trades on the TSX Venture Exchange
under the symbol MRS.
For further information, visit MRSCorp.com or
contact:
Investor Relations
T: 1.877.479.7778 – Ext 5E: IR@MRSCorp.com
Mission Ready Solutions
Inc.
(signed “Jeffery L. Schwartz”)
Jeffery L. Schwartz,President & CEOT:
1.877.479.7778
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking Information
This news release contains "forward-looking
information" within the meaning of applicable Canadian securities
legislation. Generally, forward-looking information can be
identified by the use of forward-looking terminology such as
"anticipate", "believe", "plan", "expect", "intend", "estimate",
"forecast", "project", "budget", "schedule", "may", "will",
"could", "might", "should" or variations of such words or similar
words or expressions. Forward-looking information is based on
reasonable assumptions that have been made by Mission Ready
Solutions Inc. as at the date of such information and is subject to
known and unknown risks, uncertainties and other factors that may
cause the actual results, level of activity, performance or
achievements of Mission Ready Solutions Inc. to be materially
different from those expressed or implied by such forward-looking
information. There can be no assurance that such information will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such information.
Accordingly, readers should not place undue reliance on
forward-looking information. Mission Ready Solutions Inc.
does not undertake to update any forward-looking information that
is included herein, except in accordance with applicable securities
laws.
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