It's not very often a company comes along that taps into my former expertise in protective services & investigations. I noticed Mission Ready Services was working on expanding it's footprint and brand in the field of protection on multiple levels and I dug deeper to see if this would be a fit in my investment portfolio.
Management is the key when starting your due diligence. The best product in the world is often mishandled or squandered in the wrong hands. You need a team that knows the product market they are up against and know the players in that sector. When you are bidding on military contracts especially you have to walk the walk. I think I took an interest when I read about an agreement involving Homeland Security back in the summer. http://missionready.ca/mission-ready-to-develop-additional-uniforms-for-department-of-homeland-security-in-cooperation-with-north-carolina-state-university/
The company approach as I see it has changed from an outsourcing to a complete in-house plus eCommerce type structure that puts them in control of costs and in essence puts more profit into the company and it's shareholders.
At the end of July Mission Ready Services Inc announced the launch of its new Tennessee-based manufacturing division, PTF Manufacturing Inc.. PTFM significantly expands Mission Ready’s business by combining its global footprint, technical capabilities and highly-qualified personnel with a well-established dealer network and notable history of combined experience in the defense industry.
- Mission Ready launches PTF Manufacturing, opens facility in Tennessee
- Industry veteran, Jeff Schwartz, joins the Company as head of PTF Manufacturing
- Over 30 new PTF product dealers have been established
- Located in a Tennessee ‘HubZone’ (Historically Underutilized Business Zone) – Potential for USD $ millions in tax credits and business incentives
In August the company recruited Paul Litchfield as Chief Operating Officer (“COO”) of the Company. Mr. Litchfield has been a director of Mission Ready since November 2014 and has an extensive background associated with the Mission Ready portfolio and will be a critical leader in Mission Ready rapidly moving forward.
Rod Reum, President & CEO of Mission Ready states, “Paul’s operational expertise and leadership is invaluable to the Company and his expanded role is well timed as we focus on the manufacture of our innovative products such as the Ballistic Combat Shirt, Tactical Shield Cover and Electro Muscular Disruption technology, coupled now with our in house manufacturing capabilities, Paul’s time-proven abilities and track record of success will help refine our processes and catalyze the commercialization of our market-ready products.”Paul began working in the athletic footwear industry at Reebok more than 30 years ago and is regarded as one of the most influential product creation experts in the industry. Mr. Litchfield has been responsible for numerous Reebok product innovations, one of the most noteworthy being the Pump. In 1998, Paul became President of Puma Footwear where he was responsible for product marketing, design and development for Puma’s global product line before returning to Reebok in 2000 as the Vice President of Reebok Advanced Concepts. http://missionready.ca/mission-ready-names-paul-litchfield-chief-operating-officer/
At the end of August Mission Ready announced the launch of its new, state-of-the-art e-Commerce website offering online product sales of PTF Manufacturing Inc.’s (“PTF Manufacturing” or “PTFM”) extensive catalogue of protective tactical equipment including the Flex9Armor Tactical Police Shirt. The capability to sell directly will enable the company to better understand consumer preferences and further extend the global reach of its products. “We are excited to be able to offer an e-commerce solution to our customers,” states Jeff Schwartz, President of PTF Manufacturing. “As a manufacturer, we want to offer as many paths to the consumer as possible while ensuring the order process is simple and efficient for our valued clients and partners.”
Key features of the site include a clean and attractive design, an engaging user experience with enhanced search and navigation functionality, and the capability to sell PTFM products directly to consumers & partners through a secure order fulfillment process. The site’s optimization for mobile devices allows consumers to navigate the site and place orders while on the go, with a graphical user interface that intuitively formats to accommodate nearly any browser, smart phone or tablet. The PTF Manufacturing e-Commerce site can be viewed at http://ptfmanufacturing.com/
Moving forward to their next move in the industry the Mission Ready team announced that it signed a Letter of Intent (“LOI”) on August 30, 2016 to acquire Wild Things, LLC (“Wild Things)”) for USD $4.5MM. Founded in 1981, Wild Things is a leading manufacturer of technical outerwear and gear with products currently in the field with every branch of the US Armed Forces. Under the terms of the LOI, Mission Ready will acquire the business and certain assets of Wild Things, LLC for USD $4.5MM consisting of $3.5MM cash paid on closing of the acquisition (the “Close”) and USD $1MM in Convertible Promissory Notes (each $25,000 Convertible Promissory Note, a “Note”). The Notes mature 2-years from date of issuance and are convertible at $0.10 during the first year subsequent to the Close and $0.15 during the second year. The Notes will bear interest at the United States Applicable Federal Rate at the date of closing, compounded semi-annually, and may be redeemed by Mission Ready before the maturity date upon thirty-day notice to the Note holder. Mission Ready is working with a New York-based investment firm to finalize a commitment of $3.5MM in debt financing to satisfy the cash portion of the purchase price.
Just three weeks ago the company yet again announced they are moving full steam ahead on their business plan and have acquired ForceOne Armor Business. As well they have acquired certain manufacturing assets, trademark, customer list and 23 certifications of models that Comply with the U.S. Department of Justice, National Institute of Justice (“NIJ”) standard-0101.06 for ballistic-resistance of body armor of ForceOne, LLC (“ForceOne”).
ForceOne manufactured a full range of tactical solutions that will now be manufactured by PTFM in the Tennessee facility including modular tactical vests, rapid entry vests, tactical outer shell vests, protector vests, E.M.S. carrier vests, navigator vests, and flexible shields. In addition, PTFM will offer the ForceOne armor accessories, including custom-fit carrier shells, concealable ballistic panels, pockets, pouches, ID panels, and protective carrying bags.
“The strategic acquisition of the ForceOne assets will complement and greatly enhance PTFM’s portfolio of tactical solutions at this pivotal and exciting time for the company,” states Rod Reum, President and CEO of Mission Ready. “The highly regarded NIJ Certifications will be invaluable to the Company in further validating our products and our dedication to the highest quality standards in personal protective equipment and the added equipment rounds out that which is already in place giving us a state of the art facility that will lower our overall cost of production.”
About the ForceOne Business
The business of ForceOne is dedicated to delivering personalized protection solutions to Law Enforcement professionals. Working alongside industry veterans and current protective services members, ForceOne’s team of experts set out to redefine the way that body armor and other protective equipment is developed, creating mission-specific ballistic armor engineered with improved, lighter-weight materials and increased functionality. ForceOne’s technologically advanced armor products carry a well-earned reputation for outstanding ballistic performance and cutting-edge comfort.
"Mission Ready Services Inc is engaged in operating defense, security, & first responder markets including; consulting & manufacturer representation; inspection, cleaning & repair services of protective services gear; & product research & development."
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