Then a woman stormed into the garage from the house and demanded to know what was going on. I ordered her to get back in the house. I don’t know if she obeyed me because I was looking again at the man, who suddenly had a carpenter’s hammer in one hand and was pacing a bit behind the motorcycle. I barked a few orders at him to put down the hammer and he did. I started to relax.
In a flash, he grabbed a shotgun that was inches away from him on a shelf and blew a hole through my chest.
In reality, I was safely on the platform of the VirTra 300 Firearms Training Simulator which was installed in November in a classroom at the Morris County Public Safety Training Academy in Parsippany. Read more…
Tempe, Arizona (May 15, 2015) — VirTra Systems (OTC Pink: VTSI), a leading provider of use-of-force and firearms simulators to military, law enforcement agencies and other organizations, today announced its results for the first quarter ended March 31, 2015. The financial statements are available on VirTra’s website and here.
First Quarter 2015 Financial Summary:
* Net sales were $2.6 million for the quarter ending March 31, 2015, up 30% compared to $2.0 million in the first quarter of 2014.
* Gross margin for the quarter was 59% of net sales, compared to 62% in the prior year’s quarter. The decline was primarily due to higher personnel expenses recorded in cost of products sold and certain client driven customization projects that generate lower margins than what the Company typically experiences on products sold.
* SG&A expenses were $1.5 million, an increase from $1.0 million in the same period last year. The increase was primarily due to a 34% increase in our workforce in order to support Modern Round requirements while continuing to invest in our products for military and law enforcement markets. The Company also increased its participation in both U.S. and international industry trade shows.
* Net income was $0.2 million for both first quarter periods. Included in net income for the first quarter of 2015 is other income of $0.1 million, representing a gain due to the Company’s new equity position in Modern Round. As part of the agreement VirTra was provided a 5% ownership stake in Modern Round, LLC and the $0.1 million recorded gain values Modern Round at approximately the same valuation used in the initial investment made by Modern Round’s founders.
* Stockholders’ equity increased to $2.9 million, compared with $2.7 million at December 31, 2014. The Company had no outstanding debt as of March 31, 2015.
* Cash and cash equivalents were $1.3 million at March 31, 2015, down from $1.9 million at December 31, 2014.
Other Significant Events:
* Entered into a co-venture with Modern Round, LLC in which VirTra will design and provide the simulators for shooting lounges being developed by Modern Round. Modern Round is a private firm co-founded by Smith & Wesson Chairman Barry Monheit.
* Successfully defended two of the Company’s simulation patents, its US Patent No. 8,267,691 entitled THREAT FIRE SIMULATION AND TRAINING SYSTEM and US Patent No. 8,016,594 entitled METHOD OF TRAINING UTILIZING A THREAT FIRE SIMULATION SYSTEM. In the settlement, FAAC and VirTra agreed to an undisclosed settlement amount and FAAC agreed not to infringe the VirTra patents.
* In September 2014 the Department of Homeland Security selected VirTra for an approximate $6.0 million award. As of the end of the first quarter of 2015 approximately $0.8 million of revenue has been recognized under this contract. The Company expects to complete the remainder of the contract, but the exact timing is dependent on when the remaining customer locations are ready to receive the equipment.
Bob Ferris, Chairman and Chief Executive Officer of VirTra, commented: “We started the year off with continued operating momentum as we execute on our plans for increased market penetration. We are excited about supplying more customers with effective simulation solutions in the law enforcement, military and commercial marketplaces. One of our key strategic objectives is to leverage our proprietary technology and unmatched experience in simulation into additional markets to further monetize the investments we’ve already made. The Modern Round venture represents one of our first opportunities to pursue this strategic objective while we continue to invest in and grow our law enforcement and military markets.”
Mark Skidmore, Vice President and Chief Accounting Officer for VirTra, said: “We continue to invest in our future, ending the quarter with 51 employees, a 34% increase over the first quarter of 2014. As we move forward in 2015, we believe that we are on track to make 2015 a year of improved revenue and profits as compared with 2014.”
About VirTra Systems
VirTra is a global leading provider of the world’s most realistic and effective shooting 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.
This news release includes certain information that may constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by terminology such as “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, 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.
ALL IN WITH CHRIS HAYES 5/14/15
Chris Hayes takes viewers inside a virtual reality simulator designed to help police make better split-second decisions in life-or-death situations and then talks to three former NYPD officers about the challenges of training police officers to be ready for the worst — but not to expect it.
Tempe, Arizona (April 22, 2015) — VirTra Systems (OTC Pink: VTSI), a leading provider of use of force simulators and firearms training simulators to military, law enforcement agencies and other organizations, today announced that it has successfully defended its’ patents in the simulation marketplace and has settled a suit with FAAC. The particular patents for this suit are US Patent No. 8,267,691 entitled THREAT FIRE SIMULATION AND TRAINING SYSTEM and US Patent No. 8,016,594 entitled METHOD OF TRAINING UTILIZING A THREAT FIRE SIMULATION SYSTEM.
FAAC and VirTra agreed to an undisclosed settlement and FAAC agrees not to infringe the VirTra patents.
Prior to the invention of VirTra’s Threat-Fire ™ a common way to apply pressure to trainees was through a turret that fired projectiles at the trainee during simulation training. This method had several drawbacks: it required safety glasses be worn during training, focused instructor attention on aiming the device, projectiles could hit sensitive areas and cause injury to the trainees, the turret was in one static location potentially leading to negative training, and instructors had to constantly retrieve the projectiles. Since introduction in 2005, VirTra’s Threat-Fire device has been quickly adopted by progressive agencies around the world, as it has none of the drawback of projectile shoot-back and several advantages, with no reported trainee injuries.
A world leader in use of force training, VirTra’s invention of the Threat-Fire device has designed to fundamentally enhance the effectiveness of simulation training. The Threat-Fire device applies an electric voltage for a split-second, creating a local area of pain, less painful than a bullet impacting body armor. The trainee knows they could experience pain during training, so they take the training far more seriously, leading to more effective training. In addition, the extra stress and pressure during training helps better prepare the trainee for a real life or death situation where a mistake could have dire consequences. Read more…
VIRTRA SYSTEMS, INC.
NOTICE OF ANNUAL MEETING OF STOCKHOLDERS
To Be Held May 1, 2015
April 1, 2015
To the Stockholders of VirTra Systems, Inc.:
NOTICE IS HEREBY GIVEN that the Annual Meeting of Stockholders (the “Annual Meeting”) of VirTra Systems, Inc. (the “Company” or “VirTra”) will be held at the VirTra offices located at 7970 South Kyrene Road, Tempe, Arizona 85284, on May 1, 2015 at 1:00 p.m. MST, for the following purposes:
(1) To elect three (3) directors of the Company to serve until the next Annual Meeting of Stockholders or until their successors shall be elected and duly qualified; and
(2) To consider any other matters that may properly be brought before the Annual
Meeting or any adjournment(s) or postponement(s) thereof. VirTra is mailing this notice of Annual Meeting, proxy statement, and the related proxy, on or about April 1, 2015 to its stockholders of record on March 25, 2015. Only stockholders of record at that time are entitled to notice of, and to vote at, the Annual Meeting and any adjournment or postponement thereof. A list of stockholders entitled to vote at the Annual Meeting will be available for inspection by any stockholder, for any purpose germane to the Annual Meeting, at the Annual Meeting, and for ten days prior to the Annual Meeting during ordinary business hours at the Company’s principal place of business, located at 7970 South Kyrene Road, Tempe, Arizona 85284. All stockholders are cordially invited to attend the Annual Meeting. However, to assure your representation at the Annual Meeting, you are urged to complete, sign, date and return the enclosed proxy as promptly as possible. Any stockholder attending the Annual Meeting may vote in person even if he or she has returned a proxy.
By Order of the Board of Directors,
/s/ Robert D. Ferris
Robert D. Ferris
Chairman of the Board, President and
Chief Executive Officer
IMPORTANT – IF YOU DO NOT EXPECT TO BE PRESENT AT THE ANNUAL MEETING AND WISH YOUR SHARES OF COMMON STOCK BE VOTED, YOU ARE REQUESTED TO SIGN AND RETURN BY MAIL THE ENCLOSED PROXY WHICH IS BEING SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS. MAILING INSTRUCTIONS ARE INCLUDED AT THE BOTTOM OF SUCH PROXY. Read more…