TEMPE, Ariz., Oct. 03, 2016 (GLOBE NEWSWIRE) -- VirTra, Inc. (OTC Pink:VTSI), a leading provider of use of force simulators and firearms training simulators, today announced that it has received its third and fourth orders for delivery of law enforcement simulators under the previously announced indefinite delivery/indefinite quantity (IDIQ) contract by the United States Department of State (DOS) that could result in up to $40 million in revenue for law enforcement training simulator equipment and services over the order period, which expires in April 2021. These orders are valued at approximately $1.4 million and will consist of both multi and single screen training simulators, related accessories and training for three additional locations in Mexico and six new locations in Costa Rica.
“We are pleased to have received these delivery orders under our IDIQ contract with the DOS to supply additional firearm training simulator systems for the U.S. Foreign Assistance Program,” said Bob Ferris, Chairman and CEO of VirTra. “With these orders, we will have installed our training simulators in fifteen of the eighteen locations identified for this program to date, bringing the total value of the contracts that we have been awarded to approximately $2.6 million. We are proud to be working with the DOS and look forward to an ongoing and mutually beneficial relationship.”
The simulators are expected to be used “in basic and advanced weapons training for developing proficiency in marksmanship, use of force judgment skills, close quarters shooting skills, tactical reloading and weapon malfunction clearing related to typical situations which law enforcement personnel face in the execution of their duties.”
About VirTra
VirTra is a global leading provider of the world's most realistic and effective judgmental use of force simulators. VirTra is the higher standard in firearms training simulators, offering a variety of simulator platforms, powerful gas-powered recoil kits and the patented Threat-Fire™ simulated hostile return fire system. VirTra’s products provide the very best simulation training available for personnel that are entrusted with lethal force and critical missions. The Company’s common stock is not registered under the Securities Exchange Act of 1934 and the Company does not currently file periodic or other reports with the Securities and Exchange Commission.
Forward-looking Statements
This news release includes certain information that may constitute forward-looking statements. Forward-looking statements are typically identified by terminology such as “could”, “may”, "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," “proposed,” “planned,” “potential” and similar expressions, or are those, which, by their nature, refer to future events. All statements, other than statements of historical fact, included herein, including statements about VirTra's beliefs and expectations, are forward-looking statements. Forward-looking information is necessarily based upon a number of assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Although VirTra believes that such statements are reasonable, it can give no assurance that such forward-looking information will prove to be accurate. In particular, with respect to the IDIQ contract, there can be no assurance VirTra will receive additional orders thereunder. VirTra cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors. Accordingly, due to the risks, uncertainties and assumptions inherent in forward-looking information, readers and prospective investors in the Company's securities should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof, is based upon the opinions and estimates of management and information available to management as at the date hereof and is subject to change. The Company assumes no obligation to revise or update forward-looking information to reflect new circumstances, whether as a result of new information, future events or otherwise, except as required by law.
Investor Relations Counsel Larry Clark Financial Profiles, Inc. (310) 622-8223 vtsi@finprofiles.com
