TEMPE, Ariz., March 20, 2018 (GLOBE NEWSWIRE) -- VirTra, Inc. (OTCQX:VTSI) (OTCQX:VTSID), a global provider of training simulators for the law enforcement, military, educational and commercial markets, today announced that it has received three delivery orders for law enforcement simulators under the previously announced indefinite delivery/indefinite quantity (IDIQ) contract by the United States Department of State (DOS). These orders are valued at approximately $4.6 million and will consist of 49 training simulators, related accessories and training. The IDIQ contract 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.
“This is a historic day for VirTra as we have been entrusted to supply critical training simulators for Pakistan,” said Jason Mulcahy, general manager of VirTra. “We are honored to have been selected by the U.S. Department of State and look forward to the opportunity to supply world class training solutions with deliveries projected to occur in the second and third quarters of 2018.”
The simulators will be delivered to the U.S. Department of State and are expected to be donated to Pakistan in support of U.S. Foreign Assistance programs. The simulators are anticipated to be used in basic and advanced weapons training for developing proficiency in marksmanship, use of force judgment skills, close quarters shooting skills and other related skills which law enforcement personnel face in the execution of their duties.
With this contract, VirTra’s advanced simulators are now installed in 27 countries, plus the United States.
VirTra is a global provider of training simulators for the law enforcement, military, educational and commercial markets. The Company’s patented technologies, software and scenarios provide intense training for de-escalation, judgmental use-of-force, marksmanship and related training that mimics real world situations. VirTra’s mission is to save and improve lives worldwide through realistic and highly-effective virtual reality and simulator technology. Learn more about the company at www.VirTra.com.
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. 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, and 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.
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