‘Press Release’ Category

PR Newswire

TEMPE, Ariz., Feb. 11, 2015 /PRNewswire/ — VirTra (OTC: VTSI), a leading provider of use of force training and shooting simulators to military, law enforcement agencies and other organizations, is exhibiting at IDEX 2015, an international exhibition and conference showcasing the latest technology from leading international companies.

Held biannually at the Abu Dhabi National Exhibition Centre in the capital of United Arab Emirates, IDEX will be held Feb. 22-26 featuring more than 590,000 square feet of technological innovation and is billed as the largest defense exhibition in the Middle East. More than 1,100 international and regional companies from 59 countries will exhibit at the show which attracts global decision-makers, government officials and military personnel.

At IDEX, VirTra will be showcasing its leading training simulators including the V-300™, a 300-degree virtual training system for use of force preparedness for police and military officials and V-Range™, one of VirTra’s virtual shooting range products. The V-300™ is currently being used in various applications with an extensive clientele base that includes police and military agencies in several countries around the world. In the U.S. alone, nearly 200 police agencies use VirTra technology.

In addition, VirTra is partnering with the International Golden Group (IGG), a leading supplier of integrated defense systems in the Middle East furthering VirTra’s international clientele reach. At IDEX, VirTra will be exhibiting at the IGG booth.

“It’s a great honor for VirTra to be selected by International Golden Group as a partner,” said VirTra General Manager Jason Mulcahy. “IGG provides VirTra instant recognition in both the civil and military markets.”

In the United States alone, more than 200 police and military agencies use VirTra technology for use of force preparation. Recent additions to VirTra’s client base include the Los Angeles Sheriff’s Department, one of the largest police agencies in the U.S., and the U.S. Department of Homeland Security which employs virtual training with U.S. Custom and Border Protection with multiple simulators. VirTra also counts many international clients who utilize its technology.

Bob Ferris, VirTra’s Chief Executive Officer, added, “While VirTra continues to enjoy much success is the U.S., we see great opportunities in our expansion efforts internationally. We look forward to showcasing our expertise at IDEX.”

About VirTra
VirTra is a global leading provider of the world’s most realistic and effective use of force and firearms 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.

Contacts:

VirTra Media Contacts:

VirTra Investor Contacts:

Greg Sexton, (480) 648-7555

David J. Bigelow, (310) 622-8236

Diego Romero, (480) 648-7562

Lisa Mueller, (310) 622-8231

LAVIDGE

Financial Profiles, Inc.

virtra@lavidge.com

vtsi@finprofiles.com

 

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SOURCE VirTra

Copyright © 2015 PR Newswire. All Rights Reserved

TEMPE, Ariz., Jan. 21, 2015 (GLOBE NEWSWIRE)VirTra Systems (OTC:VTSI), a leading provider of use of force training and shooting simulators to military, law enforcement agencies and other organizations, today announced the Company has signed a Co-Venture Agreement with Modern Round, a privately-held company, to develop the world’s first simulator-based shooting lounge, where customers will enjoy a fun, safe and highly-engaging experience along with world-class amenities. The facility will not permit live firearm shooting.

Patrons will be treated to exceptional food and drinks brought right to their personal shooting bay. Each welcoming location will be climate-controlled, have no loud gunshot noise, and through the use of 100 percent simulated weapons, ensure maximum safety. The facility and amenities are thoughtfully designed to cater to women, men, families and for corporate events. In many ways, this first of its kind experience will be similar to the growing number of simulated golf ranges, with one key difference being that Modern Round does not require as large of a facility or as much land.

“We are dedicated to creating the most enjoyable, non-threatening, and safe shooting and entertainment experience available anywhere in the world,” said Barry Monheit, Chief Executive Officer and Co-Founder of Modern Round, who has been Chairman of Smith & Wesson (Nasdaq:SWHC) since 2005.

“One exciting element is the potential to train both women and men in learning to shoot and the safe handling of simulated firearms, prior to using a real firearm. Also, we think the combination of a welcoming, friendly, safe and uniquely fun shooting lounge with exceptional food and drink in an entertainment environment will be a winning combination throughout the U.S. We have aggressive goals and high expectations for this concept and VirTra’s expertise is invaluable in this endeavor. We are pleased to have them as a partner. We have concluded Modern Round is the right business concept, at the right time and for the right reasons. We anticipate strong customer demand, and if our assumptions are correct, we have the capability and interest in establishing Modern Round locations throughout the United States and beyond in the years to come,” Monheit added.

The Co-Venture Agreement includes the development of a series of new shooting experiences exclusively for Modern Round facilities. VirTra’s role is focused on the shooting simulator portion both at store opening and with ongoing, regular updates and maintenance. VirTra received today a 5 percent ownership stake in Modern Round and VirTra will have the right to purchase up to an additional 5 percent of Modern Round stock, if certain conditions are met in 2016 or later, for a potential total ownership of 10 percent. Modern Round affiliates will have the right to purchase up to a 10 percent ownership interest in VirTra if certain conditions are met in 2016 or later. As part of the agreement, VirTra will receive ongoing royalty payments from each Modern Round location. The exact location and date of the first facility opening is still being finalized.

Bob Ferris, VirTra’s Chief Executive Officer, commented, “We are excited to be a key part of this promising enterprise that can both safely educate and highly entertain through a very innovative model. Barry and his partners have deep commercial experience and a remarkable track record of launching financially successful ventures. We are honored to be selected as the shooting simulator provider. This venture represents an opportunity for us to leverage our proprietary training technology and develop new technology for the commercial market.”

About VirTra Systems

VirTra is a global leading provider of the world’s most realistic and effective use of force and firearms 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.

CONTACT:

VirTra Media Contact:
Greg Sexton, (480) 648-7555
Lavidge
gsexton@lavidge.com

VirTra Investor Contacts:
David J. Bigelow, (310) 622-8236
Lisa Mueller, (310) 622-8231
Financial Profiles, Inc.
vtsi@finprofiles.com

Modern Round Contact:
Barry Monheit
Chief Executive Officer
bmonheit@aol.com

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Tempe, Arizona (November 14, 2014)VirTra Systems (OTC Pink: VTSI), a leading provider of firearms simulators to military, law enforcement agencies and other organizations, today announced the release of its 2014 third quarter financial statements.  The financial statements are available on VirTra’s website and here.

Mark Skidmore, VirTra’s Vice President & Chief Accounting Officer, said, “The profitable third quarter demonstrates the variability in recognized revenue from quarter to quarter and is the historical nature of VirTra Systems’ business to date.  However, the Company’s nearly $11 million in record sales/purchase orders booked in the third quarter positions the Company’s revenue to be strong over the next two to three quarters.”

Third Quarter 2014 Financial Summary:

  • Net Sales for the quarter decreased 20% to $2.2 million compared to $2.7 million in the third quarter of 2013. The main reason for this difference is large multi-year projects with milestones in the first three quarters of 2013, but fewer milestones for 2014.  These variations are reduced when reviewing a one year period versus a quarterly period.
  • Gross margin for the quarter was 49% of Net Sales, compared to 68% last year. The drivers for the decrease, similar to second quarter 2014, are primarily due to client paid customization projects which means some salaries were recorded in Cost of Products Sold, instead of in Sales, General and Administrative (SG&A). In addition, the lower Net Sales for the quarter contributed to this difference.
  • SG&A expenses of $1.0 million are level with third quarter 2013. As a percent of revenue, SG&A was 47% compared to 37% in third quarter 2013.  The percentage increase is mainly the result of comparing SG&A to lower Net Sales.  In addition, a portion of SG&A resources were assigned to client paid customization projects.
  • Income from operations decreased $0.8 million to $0.1 million, compared to income of $0.8 million in third quarter 2013. This decrease was largely due to higher Net Sales in 2013 as compared to 2014.
  • Through September 30, 2014, the Company used $0.8 million in cash from operating activities to fulfill orders secured by deposits. Cash and cash equivalents were $1.5 million, down from $1.8 million at third quarter 2013.
  • The Company has no outstanding balance due on its line of credit as of September 30, 2014.

Bob Ferris, Chief Executive Officer of VirTra, commented, “One of VirTra’s key objectives for 2014 was to increase market penetration by expansion of our national footprint with military and law enforcement agencies in the United States, in addition to investing in development of the Company’s international presence.  I am incredibly proud of our talented employees’ work and steadfast dedication to our stakeholders that enabled us to meet those goals through the first nine months of operations.  The Company’s recent one quarter performance of nearly $11 million of purchase orders is validation of VirTra’s ability to expand our position in the marketplace and we look forward to delivering on those orders in the coming quarters.”

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.

– – – -FINANCIALS FOLLOWING- – – –

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Tempe, Arizona (October 17, 2014) — VirTra Systems (OTC Pink: VTSI), a leading provider of use of force training and shooting simulators to military, law enforcement agencies and other organizations, today announced the Los Angeles County Sheriff’s Department Training Bureau proudly unveiled VirTra V-300™ technology, which was recently added to enhance the officer safety training curriculum. This innovative and unique system is a 300-degree police firearms training simulator which immerses a single deputy or multiple deputies in real life scenarios a peace officer could face in the field. Members of the media were invited to the Biscailuz Center Training Academy in East Los Angeles to experience this training firsthand.

The media experience was put on by Tactics and Survival Training (TAS) Unit personnel regularly assigned to operate the VirTra V-300™ training simulator. Media representatives had the opportunity to be immersed in one of over 100 possible scenarios and make split-second decisions in their own traffic stop, observation, call to a location, or incident.

Scenarios possible in the V-300™ system include, but are not limited to: person with a gun, active shooter with multiple victims, officer ambush, domestic violence situations, and many other incidents a peace officer may face in day-to-day police work. What makes the V-300™ system unique is the realism of each scenario, including the critical simulation of return fire provided by the Threat-Fire™ device. In addition, each scenario can be selectively changed by the computer or may be modified by Tactics and Survival Training Unit staff. It is not a video game and the characters are real actors, not computer-generated. Read more…

TEMPE, AZ–(Marketwired – Oct 15, 2014) – VirTra Systems (PINKSHEETS: VTSI), a leading provider of use of force training and shooting simulators to military, law enforcement agencies and other organizations, today announced a record quarter of sales/purchase orders for both domestic and international customers, including two countries that will receive their first VirTra simulator product. VirTra Systems’ sales/purchase orders in the third quarter of 2014 were $10.68 million, the highest in any quarter of the Company’s history.

Jason Mulcahy, General Manager of VirTra, said, “VirTra’s continuous pursuit of excellence in every product we make is why more customers are choosing our products over the competition. We are very pleased to have penetrated two new countries with our international sales efforts. Our Company strives to provide the finest training simulators in the world while maintaining nothing less than 100% customer satisfaction.”

Mark Skidmore, CPA, the Company’s Vice President-Chief Accounting Officer, stated, “The record breaking quarter of sales/purchase orders is a major milestone for the Company. However, I want to remind our shareholders that sales/purchase orders in one quarter are not a guarantee of all the revenue in the following quarter. Each customer’s requirements, fulfillment and set up are unique. VirTra is often subject to customers’ delivery schedules, cancelations, third party protests, milestones, and extensions. Please note the Company’s accounting revenue recognition policy posted after the Company’s Forward-looking Statements section of this press release.”

Bob Ferris, CEO and President of VirTra, said, “While I am extremely proud of the sales/purchase order activities for the quarter VirTra just concluded, I am even more excited about the future I envision for the growth of the Company. Our focus on exceptional products and superior support at affordable prices is gaining solid traction. VirTra will continue to add more enhancements and products to our already industry leading portfolio of simulation systems.”

About VirTra Systems

VirTra is a global leading provider of the world’s most realistic and effective use of force and firearm 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.

Accounting Revenue Recognition Policy

The Company recognizes revenue for products and services when it is realized or realizable and earned. Revenue is considered realized and earned when: (i) persuasive evidence of an arrangement exists; (ii) delivery has occurred and/or services have been rendered; (iii) the price is fixed and determinable; and (iv) collection of the resulting receivable is reasonably assured. Shipping fees are charged to customers and recorded as a component of net revenues. All sales and sales contracts, including international sales, have been denominated in US dollars.

Investor Relations Counsel
Rudy R. Miller
Chairman, President & CEO
The Miller Group
www.themillergroup.net
tel: 602.225.0505
email: virtra@themillergroup.net

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