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PHOENIX — A Phoenix-area law enforcement technology company is helping officers prepare for the worst through virtual reality active shooter training.

VirTra offers a wide variety of training situations for officers, including a deadly domestic violence call, a disabled veteran hiding a weapon from police and multiple shooters on the loose inside a school.

Step inside a 300-degree, wraparound screen and users find themselves in an officer’s shoes.

“If we are not helping our officers or providing them the training to help them prepare to be involved in these encounters it is going to come back and hurt us,” Scott DiIullo, Federal Law Enforcement Business Development Manager at VirTra, said.

The situations programmed into VirTra are based on real life possibilities and instructors can change what the suspects on screen do through a computer depending on how officers handle the situation.

“If we are not putting officers through that type of decision-making and challenging them and preparing them and letting them train through that, we are doing them a disservice,” Dilullo said.

About 200 law enforcement agencies around the world are using VirTra to train officers, including border patrol offices in Tucson and Yuma.

Tempe, Arizona (August 14, 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 second quarter ended June 30, 2015. The financial statements are available on VirTra’s website and here.

Second Quarter 2015 Financial Summary:

  • Net sales were $3.1 million for the quarter ending June 30, 2015, up 48% compared to $2.1 million in the second quarter of 2014. Year-to-date net sales were $5.7 million through June 30, 2015, an increase of 40% compared to $4.1 million for the year ago period.
  • Gross margin for the second quarter of both periods was 54%.
  • SG&A expenses were $1.4 million, an increase of $0.3 million from $1.1 million in the same period last year. The higher expenses were primarily due to an increase in our workforce to support our increased business and potential future growth. In addition, the Company also increased its sales and marketing activity in both the U.S. and internationally compared to the second quarter of 2014.
  • Net income was $0.2 million for the second quarter 2015, compared to $0.1 million for the second quarter 2014.
  • Stockholders’ equity increased to $3.2 million, up $0.5 million from $2.7 million at December 31, 2014. The Company had no outstanding debt as of June 30, 2015.
  • Cash and cash equivalents were $1.2 million at June 30, 2015, compared to $1.9 million at December 31, 2014.

Other Information:

  • In September 2014 the Department of Homeland Security selected VirTra for an approximate $6.0 million award. As of the end of the second quarter of 2015 approximately $2.3 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 generated $3.1 million in net sales for the second quarter and $5.7 million for the first half of 2015, our highest level of revenue for the first six months of the year in the Company’s history. Our continued strong results reflect the increasing demand for our simulation solutions in the law enforcement and military marketplaces. Our revenues increased by $1.0 million from the second quarter of 2014, and our net income increased by $0.2 million, as we continue to invest in our infrastructure, leverage our proprietary and superior technology and execute on our goal to increase our market penetration. We are well positioned to deliver on our existing projects and to accommodate new business going forward.”

Mark Skidmore, Vice President – Chief Accounting Officer for VirTra, said: “We have nearly $2.0 million of liquidity between our cash balances and our undrawn line of credit as we are focused on maintaining a strong balance sheet that will support our growth plans. We continue to be on track for a very strong 2015.”

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.

www.VirTra.com

Forward-looking Statements
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.

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Peggy Wright, @PeggyWrightDR7:48 a.m. EDT May 24, 2015

Daily Record reporter Peggy Wright visited the Morris County Public Safety Training Academy for a try at the academy’s new state-of-the-art training simulator. IPHONE VIDEO BY WILLIAM WESTHOVEN MAY 19, 2015

peggy

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.

www.VirTra.com

Forward-looking Statements

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.

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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.

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