VANCOUVER, B.C. – (TSX-V: MRS) – Mission Ready Services Inc. (“Mission Ready” or the “Company”) reports that shareholders represented in person and by proxy approved all resolutions brought before them at the Company’s 2015 and 2016 Annual General and Special Meeting (the “AGSM”) of its shareholders held in New York City, NY, USA on May 25, 2016.
The Company provides the following report on the voting results of the matters considered at the AGSM, the particulars of which are set out in more detail in the Company’s information circular dated April 26, 2016:
Number of Directors: Shareholders approved the number of directors for the ensuing year to be fixed at five (5).
Election of Directors: Shareholders approved the election of Rodney Reum, Vitor Fonseca, Peter Fuller, Paul Litchfield and Mark Bishop for the ensuing year.
Appointment and Remuneration of Auditors: WDM Chartered Accountants were re-appointed as the auditor of the Company for the ensuing year and the directors were authorized to fix their remuneration.
Approval of Stock Option Plan: Disinterested shareholders approved the ratification and amendment of the Company’s Stock Option Plan.
The Board of Directors would like to thank the shareholders for their continued support.
Mission Ready further reports that its Q1 2016 Interim financial statements, related management’s discussion and analysis (“MD&A”) and National Instrument (“NI”) 52-109FV2 reports were filed on SEDAR on May 30, 2016 and can be viewed at www.sedar.com.
The Company had a decrease in gross revenues for the period by $0.8 million to $1.2 million (2015 – 2.0 million), a 40% decrease over the same period in the prior year. Total expenses include in determining Income (Loss) Before Other Items decreased 29% to $1.5 million from $2.1 million. Income Before Other items decreased by $0.2 million from a loss in 2015 of $0.14 million to a loss of $0.3 million. The decrease in revenues is primarily due to the Company’s completion of a contract for the US Marines as of September 2015.
The Company’s overall net comprehensive loss for the year decreased by 22% from $1.1 million for the same period in the prior year to $0.84 million for the current year. This loss is mainly attributed to: non-cash expenses of $0.29 million for Amortization & Depreciation, a foreign currency translation loss of $0.24 million and by net loss from operations of $0.32 million in the current year.
The Company continued its product development efforts including, placing our patented No-Contact technology into a riot control shield (patent pending). We have also started marketing our new generation Tactical Police Shirt branded as the Flex9Armor Shirt (patents pending).
About Mission Ready
MRSI’s mission is to save lives and enhance the performance of military personnel, first responders, and those who protect us by working to ensure they are equipped with the best possible personal protective equipment.
Headquartered in Vancouver, BC, Mission Ready has three distinct, synergistic operating divisions:
- Strategic consulting services and manufacturers representation
- Equipment inspection, cleaning/decontamination and repair services of personal protection equipment
- Product research and development
Mission Ready’s management team offers over 100 years of combined industry experience and is composed of industry experts in developing products, contracting, and selling to the federal government, first responders and tactical markets through open market procurements, teaming arrangements, and a variety of federal contract tools.
For further information, visit MissionReady.ca or contact:
Terry Nixon – Director, Corporate Communications
Mission Ready Services Inc.
(signed “Rod Reum”)
President & CEO
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 Services 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 Services Inc. to be materially different from those expressed or implied by such forward-looking information.
Forward-looking statements are based on assumptions management believes to be reasonable. Although Mission Ready Services Inc. has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. 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 Services Inc. does not undertake to update any forward-looking information that is included herein, except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.