Mission Ready Highlights 2021 Financial Results
TSXV: MRS | OTCQX: MSNVF | FSE: 2R4
VANCOUVER, BC, May 3, 2022 /CNW/ - Mission Ready Solutions Inc ("Mission Ready" or the "Company") (TSXV: MRS) (OTCQX: MSNVF) (FSE: 2R4), a provider of comprehensive government contracting solutions, recently released its 2021 audited consolidated financial statements for the year ended December 31, 2021 ("FY 2021").
The following are highlights for FY 2021 (all dollar figures are quoted in Canadian currency unless otherwise specified):
- Gross revenues of $91.99 million
- Gross margin of 8.80% for the year
- 26% decrease in liabilities from previous year
- Cash and cash equivalents of $7.89 million (an increase of $6.26 million from the same period in 2020)
- Net loss of $0.74 million (a decrease of $0.60 million from a net loss of $1.34 million in the same period in 2020)
- Operating expenses relative to total revenue decreased to 10.32% (as compared to 10.56% for the same period in 2020)
- Adjusted EBITDA was $4.50 million (an increase of $1.71 million from the same period in 2020)
- $20.99 million working capital improvement from previous year
A copy of the audited consolidated financial statements for the year ended December 31, 2021, and the associated Management's Discussion and Analysis ("MD&A") are available on SEDAR.com under the Company's profile and on Mission Ready's website.
"Our ongoing efforts to source products to respond to the current global crises along with our demonstrated ability to identify and deliver high-quality products and solutions have opened up opportunities for our Company to showcase itself on a larger level," said Buck Marshall, President and CEO of Mission Ready. "Our recent visit to New York allowed us to showcase the breadth of our offering, our capacity to identify leading technologies and how they could become game-changers for the world's largest police force."
Marshall continued, "During the coming weeks, our priority will be to keep that momentum and continue to put Mission Ready at the forefront. We will be meeting with United Nations and Ukrainian representatives to showcase our capabilities while working on securing relationships that could give us a competitive advantage. We are confident that this strategic catalyst-driven approach will help us bring those imminent events to fruition while continuing to create opportunities. As a result, the Company's management team will be hosting the earnings call typically associated with filing its yearly financials immediately after filing its Q1 2022 financial statements."
"Upon joining Mission Ready, one of my priorities was to implement communication channels independent of the Company's disclosure obligations. As a result, we have participated in investor conferences and hosted live events throughout the months to address shareholders' questions and allow them to witness the management team's progress. Through upcoming earnings and investor calls, I intend to pursue the efforts to foster a positive relationship and open channels with shareholders and investors," concluded Marshall.
Mission Ready Solutions provides comprehensive government contracting solutions with extensive experience in delivering quality, reliable, mission-critical products and services for law enforcement, firefighters, first responders, military, and other governmental agencies.
Through its privileged access to a host of federal contracting vehicles, including Multiple Award Schedule ("MAS") contracts awarded and administered by the United States General Services Administration, Mission Ready's wholly-owned subsidiary, Unifire, Inc., leverages its robust vendor network, time-proven industry relationships, proprietary technology infrastructure, and industry-leading manufacturing and distribution capabilities to efficiently source and deliver more than 1.5 million products.
For further information on Mission Ready Solutions Inc., please visit MRSCorp.com.
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(Signed "Buck L. Marshall")
Buck L. Marshall
President, CEO and Director
T: +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.
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.
SOURCE Mission Ready Solutions Inc.
Investor Relations Contact: Dominic Gray, [email protected], T: +1 877.479.7778 (Ext.5)
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