Tempe, Ariz. August 30, 2017 — VirTra, Inc. (OTCQX: VTSI), (the “Company”), a global provider of simulators for the law enforcement, military, educational and commercial markets, announced that on August 16, 2017 it redeemed from Modern Round Entertainment Corporation (“Modern Round”) 919,382 warrants currently exercisable on a net cashless exercise basis into 345,823 shares of the Company’s common stock and 919,383 warrants that were amended to allow for an exercise on a net cashless basis into 48,415 shares of the Company’s common stock, which was in line with the Company’s prior practices. The aggregate redemption consideration was $773,495 based on a value of $1.962 per share. The entire 1,838,765 of warrants were assigned to Modern Round by affiliates of that company. Modern Round agreed to use the proceeds from this transaction to fund the development of a second stand-alone Modern Round combined dining and entertainment location centered on an indoor shooting experience featuring the Company’s virtual shooting technology that it licensed to Modern Round. Following the transaction, Modern Round paid the Company an additional $118,427 in royalty payments, thereby fulfilling the first year minimum royalty payments of $280,000 to maintain its exclusive rights to license the Company’s technology in Modern Round locations through the initial year ending on May 31, 2018.
In addition, the Company and Modern Round amended the Co-Venture Agreement entered into between them to permit Modern Round to enter into one or more sublicensing or revenue sharing agreements utilizing the Company’s technology with established operators of stand-alone location-based entertainment companies. Modern Round agreed to pay the Company royalties for any such sublicenses in an amount equal to 10% of the revenue paid to Modern Round in cases where Modern Round pays for the cost of the equipment for such location, or 14% of the revenue paid to Modern Round in cases where it does not pay for the cost of the equipment.
About VirTra
VirTra is a global provider of 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 VirTra at www.VirTra.com.
Investor Relations Counsel
Larry Clark
Financial Profiles, Inc.
(310) 622-8223
vtsi@finprofiles.com
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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.
About VirTra
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.
www.VirTra.com
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.
www.ModernRound.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: Investor Relations Counsel
Larry Clark
Financial Profiles, Inc.
(310) 478-2700
vtsi@finprofiles.com
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.
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
