TEMPE, Ariz., Oct. 29, 2015 (GLOBE NEWSWIRE) — VirTra (OTC Pink:VTSI), a leading provider of use of force and firearms training simulators to military, law enforcement agencies and other organizations, today announced important news on Modern Round. The development of a series of new shooting experiences exclusively for Modern Round facilities, based on VirTra’s strong foundation in simulation technology, is underway. The Co-Venture agreement between VirTra and Modern Round means that each Modern Round facility will also benefit VirTra.
Mr. Bill Scheidhauer has been hired as the President and COO for Modern Round, LLC. to manage the roll-out and profitable operation of future facilities across the United States. Mr. Scheidhauer has worked in the restaurant industry for over 30 years with a focus on combining entertainment with restaurant and beverage operations through the entire process of new location planning all the way to daily operation optimization. His expertise includes restaurant and foodservice venue services such as operations improvement and implementation, new concept start-up and facility build-out, human resource development and training.
Prior to joining Modern Round, Mr. Scheidhauer served as COO for Frank Entertainment Group, managing 29 entertainment locations that mix theaters, bowling, food and beverage. Before that, Mr. Scheidhauer, as COO, grew IPic Entertainment from a single unit to a 10 location leader in upscale theater operations. Previously he was the COO of Lucky Strike Lanes for the explosive first 5 years of the company. In his capacity as COO, he was instrumental in developing and managing all of the operations for 17 units while pioneering the idea of merging fun games with convenient food and beverage offerings. Prior to Lucky Strike, Mr. Scheidhauer served as VP of Operations Services for Jillian’s Entertainment complexes (some of which became Dave & Buster’s locations) where he oversaw the company’s operational systems and training programs. During his tenure with Jillian’s Entertainment, he formed and served as Dean of “Eat, Drink, Play University”.
Modern Round recently executed a lease for its first location, which will be in Peoria, Arizona, a suburb of Phoenix, and is located across the street from the Peoria Baseball Stadium, adjacent to the Harkins Theatres Arrowhead 18 theater complex. The expected size of the location will be approximately 12,000 square feet and is planned to open for business during first quarter of 2016. The Modern Round team, headed by Mr. Scheidhauer, is currently negotiating and exploring potential additional locations throughout the United States.
VirTra is a global leading provider of the world’s most realistic and effective judgmental use of force 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.
About Modern Round
Modern Round, a privately held company, was formed to develop and operate the world’s first virtual shooting lounges in key markets across the United States, where guests will enjoy a fun, safe and highly-engaging experience along with world-class amenities. Modern Round’s lounges will be where technology and entertainment meet delectable food, fine wines, and craft cocktails, providing a distinctive form of entertainment for an all-in-one night out, suitable for first-time shooters and experienced firearm connoisseurs alike.
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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