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Shot Show Product spotlight
gbb,
yes, the royalty arrangement of 7% is very favorable if MR is a success
Royalties . During the period of time beginning on the applicable Milestone Date and extending until the termination of this Agreement (the “ Royalty Period ”), Modern Round will pay VirTra the following royalty payments (“Royalties”):
(a) Royalty Payment . Modern Round will pay or cause to be paid to VirTra on or about the first business day of each month during the Term a monthly license fee equal to seven percent (7%) of the Gross Revenue during the prior month at each Location that uses the Integrated Software and/or any VirTra Technology.
(b) Minimum Royalty Payment (US and Canada) . Beginning with the subsequent 12-month period following the applicable Milestone Date, and continuing thereafter during the Term, Modern Round agrees that if the total Royalty payments paid to VirTra under Section 5.4(a) hereof for Locations in the United States and Canada together do not total at least the minimum Royalty amount specified in the table set forth below for such 12-month period (the “ US/Canada Minimum Royalty Payment ”), Modern Round may pay to VirTra within thirty (30) days after the end of each such 12-month period, as additional Royalty payments, the difference between (a) the amount of total Royalty payments paid to VirTra by Modern Round in such 12-month period and (b) the US/Canada Minimum Royalty Payment for such 12-month period.
-9-
EXECUTION COPY
Table of Minimum Royalty Payments (US and Canada)
12-Month Period
US/Canada Minimum Royalty
Payment
1
$ 280,000
2
$ 560,000
3
$ 840,000
Each 12-month period thereafter
$ 840,000
(c) Minimum Royalty Payment (Other Than US) . Beginning with the subsequent 12-month period following the opening of a Location other than in the US and Canada, and continuing thereafter during the Term, Modern Round agrees that if the total Royalty payments paid to VirTra under Section 5.4(a) hereof for Locations outside the United States and Canada do not total at least the minimum Royalty amount specified in the table set forth below for such 12-month period (the “ Non-US/Canada Minimum Royalty Payment ”), Modern Round may pay to VirTra within thirty (30) days after the end of each such 12-month period, as additional Royalty payments, the difference between (a) the amount of total Royalty payments paid to VirTra by Modern Round in such 12-month period and (b) the Non-US/Canada Minimum Royalty Payment for such 12-month period.
Table of Minimum Royalty Payments (Other Than US and Canada)
12-Month Period
Non-US/Canada Minimum Royalty
Payment
1
$ 280,000
2
$ 560,000
3
$ 840,000
Each 12-month period thereafter
$ 840,000
5.5 Reports and Royalty Payments . Within ten (10) business days after the end of each month during the Royalty Period, Modern Round will deliver to VirTra a report setting forth for such month the Gross Revenue for each Location that uses the Integrated Software and/or any VirTra Technology. Modern Round will make payment to VirTra for all Royalty amounts owed to VirTra within thirty (30) days of the end of the applicable month.
5.6 Taxes and Withholding . All payments under this Agreement will be made without any deduction or withholding for or on account of any tax unless such deduction or withholding is required by applicable laws or regulations. If Modern Round is so required to deduct or withhold, Modern Round will (a) promptly notify VirTra of such requirement, (b) pay to the relevant authorities the full amount required to be deducted or withheld promptly upon the earlier of determining that such deduction or withholding is required or receiving notice that such amount has been assessed against VirTra, (c) promptly forward to VirTra an official receipt (or certified copy) or other documentation reasonably acceptable to VirTra evidencing such payment to such authorities, and (d) make payments due to VirTra net of such deductions or withholdings.
5.7 Overdue Payments . If any payment due under this Agreement (other than payments that are the subject of a good faith dispute between the Parties) is overdue, Modern Round will pay interest to VirTra at a rate per annum equal to the lesser of the prime rate of interest, as reported by New York edition of The Wall Street Journal on the last business day of the applicable month, plus one percent (1%), or the highest rate permitted by applicable law, calculated on the number of days such payments are paid after the date such payments are due.
Thanks, Great stuff here.... Long read but worth it!!!
MR / Virtra agreement
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=11099472-845128-1136912&type=sect&TabIndex=2&companyid=935861&ppu=%252fdefault.aspx%253fcik%253d1609319
The Canadian military is purchasing (3) V-300 and (9) V-ST pro marksmanship training simulators…delivery scheduled by March 31 2016.
Depending on accessories and upgrade options this purchase is in the neighborhood north of $2 million
https://buyandsell.gc.ca/procurement-data/tender-notice/PW-QF-106-25588
in addition a TopGolf location averages 7 million annually with many of the popular sites doing much more. I believe I read that entertainment(golf simulators) averages 20% and food + beverage is at 80% of sales.
The most recent TopGolf location opening in texas did $713,000 in alcohol sales it's first month.
Even though I view the modernround opportunity as a bonus to Virtras core business model what kind of revenues can this concept produce annually.
The first modernround will be approx 12,000 sqft....how many shooting bays will they install? 25 possibly? How much will a bay cost per hour? How many of those parties will purchase food?
If those bays can run a 70% capacity for appox 10 hrs per day that's some serious cheese
What's Virtras royalty? 2%-3% maybe.
Note: Top golf bays return $20-45 + food +drink per hour
Any thoughtful insights would be appreciated
Nice article
"Civilian law enforcement implements this to get that muscle memory and provide better training," said Johnson-Dean. "Hopefully in the next couple of years the Air Force will get every base in on this training."
There are close to 60 air force bases throughout the U.S.
http://www.vandenberg.af.mil/news/story.asp?id=123465484
Schneidku,
I believe that also to be true.....we'll soon look back at this company and
say man I wish I had bought more when it was $#@$.
Best regards
Sheriff's office to buy virtual simulator
"That's a scene from a video displaying a 300-degree virtual reality training simulator that is similar to the one to be bought by the Fond du Lac County Sheriff's Office. The County Board approved the $275,000 purchase in November."
http://www.fdlreporter.com/story/news/local/2015/12/04/sheriffs-office-buy-virtual-simulator/76631018/
Cyalume Technologies Holdings, Inc. Reports Continued Strong Improvement in Third Quarter 2015 Financial Results
http://money.cnn.com/news/newsfeeds/articles/marketwire/1230378.htm
New partner Meritis is representing Virtra in Europe and they will Both be sharing a booth at the Large Milipol conference in Paris next week.
http://www.meritis.ch/news.html
http://www.meritis.ch/Force_Protection/Shooting_Sim_System.html
http://en.milipol.com/milipol-paris-exhibition/Accueil-Milipol/Milipol-Paris-exhibition
VirTra Reports Record Third Quarter Revenue of $3.9 Million, Net Income of $1 Million
http://finance.yahoo.com/news/virtra-reports-record-third-quarter-130000086.html
Cyalume Technologies Introduces its Latest Innovation at MILIPOL 2015
http://www.army-technology.com/contractors/personal/cyalume/presscyalume-technologies-milipol-2015.html
New site being developed/reworked.
http://dev.virtra.com/
Use of Force Simulators Order Worth $1.2 Million Awarded to VirTra by the U.S. Secret Service
http://finance.yahoo.com/news/force-simulators-order-worth-1-123000419.html
bid for v300 in my home state......whoop whoop
http://www.marylandbids.com/bid-opportunities/2015/09/17/6576265-Firearms-Training-Simulator.html
Appears to me to be a nice size install with 3 simulators.
"The HTC also allowed for the addition of a Virtra Simulator. COD’s is just one of a handful in the Chicagoland area. The 5-screen simulator allows for participants to interact with civilians in high-pressure situations, out of the way of real danger.
Associate Dean and Director of the Homeland Security Training Institute Tom Brady, spoke of the importance of having a simulator. “It helps to understand the responsibility that comes with carrying a weapon,” said Brady. “You work through the scenario. You communicate and talk with the people, not just shoot.”
The Virtra Simulator is just one of three simulator types housed in the HTC. A one-screen simulation is used for conceal and carry classes, as well as taken off campus to surrounding departments. Conceal and Carry courses are open to the public. Tuition is $275 for an 18 hour course."
http://codcourier.org/2942/news/homeland-security-training-center-provides-new-opportunities/
I am also thinking on those lines that the original article was just a smear campaign on Virtra quite possibly from a competitor. Look at some of the posts on twitter that have followed.....where do they come up with this shit?
"performing test on animals" REALLY?!?
Hopefully this should all blow over in a couple weeks
Veglove08 ?@Veglove08 Aug 30
@VirtraSystems hiring MURDERERS and performing test on animals using electrodes. How do you stay in business? Terrible company
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BDSinAmerica ?@WeSupportBDS Aug 29
@VirtraSystems VirTra’s "pain compliance" trains officers to "shoot first and ask questions later.” aka "How to be a coward and get away"
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Down and Drought ?@DownAndDrought Aug 29
Six-time killer cop James Peters works as a pitch man for Tempe based police shooting simulator VirTra Systems http://downanddrought.blogspot.com/2015/08/the-scottsdale-police-officer-who.html …
Parkinson deep brain stimulation procedure Using $MRIC
http://www.northjersey.com/news/bringing-buddy-back-teamwork-technology-restore-a-parkinson-s-patient-video-1.1380917
good read on Virtra for someone who speaks and reads Spanish.
http://andreusoler.com/tactical_online/to2015/07_TO_2015_JUL.pdf
every year each officer has to pass three scenarios to certify or go back to basics. sounds like this program has legs.
New video; clearly this simulator is for US border control and Homeland security officers.
interesting "500 clients/business signing up daily in their platform"
OT - This is really cool VR.
http://thevoid.com/
if you look at those pics close you'll see there ther of Top Golf locations. The web designer/agency must be using the same template or using their pics as place holders.
http://www.msnbc.com/all-in/watch/how-to-build-better-cops-445871171927
Great segment on VirTra and training
http://www.mpraexpo.com/Exhibitors/Sponsors/Sponsor-Listing
Military Police Expo 2015
The 74th annual Military Police Expo, hosted by the Military Police Regimental Association (MPRA), will be held at Fort Leonard Wood, Missouri. Fort Leonard Wood is a premier Army Center of Excellence and trains nearly 90,000 military and civilians each year. It is the training headquarters for the United States Army Military Police School. The Expo will provide opportunity for vendors to showcase their products and services to Military Police Soldiers, senior leaders and key decision makers. This event is an excellent forum to reach senior leadership from all three Regiments (Military Police, Chemical, and Engineer), Emergency Services, and Force Protection. Also in attendance will be the personnel from the Capability Development and Integration Directorate (CDID). In addition, civilian law enforcement and Chiefs of Police will also be invited to attend.
There will be an industry presentation conducted by the senior leaders from the Military Police Corps Regiment. The purpose of the briefing is to provide an update for the current and future plans for the Military Police Corps Regiment.
Entry into a Material Definitive Agreement, Regulation FD Disclosure
On April 17, 2015, UBL Interactive, Inc. (the "Company") entered into a Syndication Agreement (the "Agreement") with Yellow Pages Digital & Media Solutions Limited ("YPG"), a digital media and marketing solutions company based in Canada.
Pursuant to the terms of the Agreement, the Company has granted YPG an exclusive, non-sublicensable and non-transferable license to use certain of the Company's technologies (the "Services"), including its LocalHub technology, to enable the automated electronic syndication of YPG customers' business profiles to directory publishers, as well as the manual submission of profiles to search engines, in both French and English across Canada. The Services also include certain reporting and analysis diagnostics. At the same time, YPG has granted the Company a non-exclusive, non-sublicensable and non-transferable license to publish, transmit, integrate and display the YPB customer business listings through the Services.
The Agreement has a term of one year from the date the first YPG customer makes use of the Services and allows for automatic one year renewals. Fees to be paid by YPG to the Company under the Agreement are based on the number of YPG customer profiles committed to the Services and the number of publishers delivered to such customers through the Services.
The foregoing is a summary of the material terms of the Agreement. This summary is subject to, and is qualified in its entirety by, reference to the Agreement that is filed as an exhibit to this Report and incorporated herein by reference.
Thanks
RStevens,
In addition
1) is Virtra ISO-9001 certified or are they in the process of becoming certified?
2) anything they can share relative to the 2012 release collaboration between Virtra and Lockheed Martin?
RStevens,
Please ask the following;
1) What type of percentage increase/decrease is Virtra seeing in warm leads for LE firearms trainers currently compared to 2013/2014.
2)How many Full Time employees currently work at Virtra
3) can we get some color on if and when virtra will up-list to a different exchange.
4) can we get some more color on the partnership with International Golden Group; Minimum sales requirements, what products are they focused on pushing and to who(MIL or LE).
If I think of any more, which I problably will i'll send them over.
Best regards
Agreed, Grillo needs to scale, scale, and scale more. We have 37 hospitals that should avg 10 procedures a month..... there's alot of value here!!