$$-MSNVF-$$ Mission Ready Announces CAD $24 Million FEMA Contract Award
2:50 pm ET May 14, 2020 (Globe Newswire) Print
Mission Ready Solutions Inc. ("Mission Ready" or the "Company") (TSXV: MRS) is pleased to announce that, further to its news release dated April 28, 2020, the Company has received a CAD $24,000,000 (twenty-four million) contract award ("Contract Award") from the US Department of Homeland Security ("DHS") Federal Emergency Management Agency ("FEMA") for the provision of personal protective equipment ("PPE") to be delivered between May 12, 2020 and September 30, 2020.
The Statement of Work received by the Company from FEMA provides the following information relative to the background and scope of the Contract Award:
"The COVID-19 outbreak was declared as a national emergency via Presidential Proclamation on March 13, 2020. The community spread of COVID-19 has evolved at a fast pace resulting in an urgent need to procure personal protective equipment to support the containment and response to the outbreak. The need and extent for personal protective equipment will continue to evolve as the virus spreads throughout the nation. The Federal Emergency Management Agency (FEMA) is seeking to procure supplies in support of COVID-19 Personal Protective Equipment & Medical Supplies. The Contractor shall provide various personal protective equipment as identified in the IDIQ Contract to FEMA specified locations."
In addition to the CAD $24,000,000 awarded to Mission Ready, the Contract Award includes an option, exercisable at FEMA's discretion, for an additional CAD $12,000,000 (twelve million) to be awarded to Mission Ready no later than September 30, 2020 (the "Option"), for an aggregate potential contract value of up to CAD $36,000,000.
"We are grateful for the opportunity to contribute meaningfully to the fight against COVID-19," states Jeffery Schwartz, President and CEO of Mission Ready. "Utilizing Unifire's vast network of product manufacturers and distributors established over a 30-year period, we are uniquely positioned to respond quickly and competitively to the increasing volume of government and industry requests for personal protective equipment. As we work to become increasingly nimble and grow the bottom line, we will remain focused on accretive opportunities that allow the Company to retain profits to be reinvested and leveraged for further growth. Being a delivery order, the Company will not require any additional facility space, equipment or personnel to facilitate the FEMA Contract Award. Additionally, as is the generally the case with the bulk of Unifire's business, this Contract Award followed our response to a federal solicitation for specific products that had been vetted and pre-cleared by the US government - meeting or exceeding safety and efficacy standards established and mandated by the Food and Drug Administration - for use by those fighting for us on the front lines."
The Company's ability to demonstrate adequate capital availability to fulfill delivery orders continues to contribute to its success in winning contracts. The Company will utilize commercially-competitive-rate financing provided by its existing capital partners to facilitate the delivery of the products to FEMA. Logistics and product delivery will be direct from manufacturer to end customer.
Monetary values referenced herein which relate to contract awards have been rounded down to the nearest million after being converted from US currency (USD) to Canadian currency (CAD) using an exchange rate of 1.40.
