Two New International Customers Added in Q-3

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

TEMPE, AZ, Jul 19, 2012 (MARKETWIRE via COMTEX) — VirTra Systems (PINKSHEETS: VTSI), a leading provider of firearms training simulation systems to military, law enforcement agencies and other organizations, today announced the release of its year end 2011 audited financial statements. The audited financial statements are available on VirTra’s website and here.

VirTra Systems has released the report of its independent registered public accounting firm, BDO Seidman Alliance member Semple, Marchal & Cooper, LLP, on the corporate financial statements for the fiscal year ended December 31, 2011. The company reported annual gross revenue of $7,861,780 for the period ending December 31, 2011. This represents the highest level of gross revenue in the history of the company. Cost of goods sold for the year was $3,797,377, representing a gross profit margin of 52%. General and administrative expenses were $4,754,593 and the company reported a net loss for 2011 of $692,761.

There were several contributing factors to the reported results. VirTra expanded its market into civilian firearms training for the first time during 2011, helping the company achieve a record level of gross revenue. To support this growth as well as prepare for an increase in military training simulation sales, VirTra invested in a 40,000 square foot state-of-the-art facility as well as a substantial increase in staff. VirTra also invested approximately $1,135,000 in 2011 to develop new products and scenarios. Furthermore, the company’s expenses in the past fiscal year included aggressive sales and marketing activities such as exhibiting at domestic and worldwide tradeshows and sales trips. In addition, VirTra reported deferred revenue of $1,987,162 which encompassed customer orders that were not fully completed as of December 31, 2011 and therefore all payments received on these projects were shown as a liability instead of as revenue. All of these projects have since been completed and were done so on schedule.

Completion of the audit was delayed due to a number of factors. VirTra last had a certified audit completed on the company’s financials for the period ended December 31, 2007. Therefore, the company and its current auditors were required to research through prior periods to obtain a portion of necessary support documents including reviewing equity investments made over a number of years. In addition, on March 30, 2012 VirTra accepted the resignation of the corporate controller responsible for managing the audit process. This required the company to undergo a process over a 45 day period to locate and interview experienced financial and accounting individuals. Ultimately this led to the hiring of the company’s current director of finance, corporate controller who immediately began working with VirTra’s auditors to complete the audit of its year-end 2011 financial statements as quickly as possible.

The delay was also in part based on the Company’s decision to modify the recognition of its revenue from the percentage-of-completion method of accounting to recognizing of revenue upon delivery and acceptance of the product. VirTra and its auditors believe that this modification in the revenue recognition policy is the preferred method for the recognition of the Company’s revenues and costs given the terms of its contracts. In addition, VirTra removed the intellectual property assets described on the balance sheet of previous reports. While VirTra retains all rights to such intellectual property and engineering work, the reported value for accounting purposes was adjusted to $0. These changes to the company’s accounting methodology were made to better align VirTra with accounting policies generally accepted in the United States and in preparation for a potential filing to become a reporting company to the Securities and Exchange Commission in the future.

At present, the company expects to release its first quarter 2012 unaudited financial results by the end of July and it anticipates releasing its second quarter 2012 unaudited financial results on or before August 14.

Bob Ferris, Chief Executive Officer of VirTra, stated, “2011 was an important year for our company, from the record setting gross revenue to our intentional investments for potential future growth at a time ripe with opportunities.”

About VirTra Systems

VirTra is a global leading provider of the world’s most realistic and effective small arms simulators. VirTra is the higher standard in firearms training simulators, offering a wide variety of state-of-the-art simulators, powerful simulated recoil weapons and the patented Threat-Fire(TM) 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

VirTra and the VirTra logo are trademarks of VirTra Systems, Inc.

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.

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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  View PDF of 2011 VirTra’s  Audited Financial Statements

 


		

TEMPE, AZ, May 24, 2012 (MARKETWIRE via COMTEX) — VirTra Systems (PINKSHEETS: VTSI), a leading provider of firearms training simulation systems to military, law enforcement agencies and other organizations, today announced that it has launched an updated website and redesigned corporate logo to strengthen the brand and improve overall marketing effectiveness.

The new website is easier for interested customers and investors to navigate, includes crisper images and higher resolution videos, and a host of other improvements. In addition, the new site is designed with anticipated future expansion of products and partners in mind. The website also emphasizes important current relationships and news through a “Learn More” button on the homepage. Click here to go to the new website. (more…)

Tempe, Arizona (May 14, 2012)VirTra Systems (OTC Pink: VTSI.PK), a leading provider of firearms training simulation systems to military, law enforcement agencies and other organizations, today announced the addition of Mark Skidmore in the position of Director of Finance and Corporate Controller.  Mr. Skidmore brings more than 20 years of accounting and financial control experience from his time spent in Big 4 accounting and with public and private companies from the start-up to Fortune 100 level. (more…)

TEMPE, AZ, Apr 20, 2012 (MARKETWIRE via COMTEX) — VirTra Systems (PINKSHEETS: VTSI), a leading provider of firearms training simulation systems to military, law enforcement agencies and other organizations, today announced that it will reschedule its 2012 Annual Shareholders’ Meeting for June 8, 2012. VirTra’s revised record date for the determination of shareholders entitled to vote at the Annual Shareholders’ Meeting is the close of business on April 24, 2012. Notice of the meeting and related materials will be mailed in mid-May. (more…)

TEMPE, AZ, Jun 29, 2011 (MARKETWIRE via COMTEX) — Bob Ferris, VirTra Systems’ CEO (PINKSHEETS: VTSI), today announced that VirTra has hired Mr. Jeff Lliteras as the company’s Controller.

Mr. Lliteras was a Senior Accountant in the audit practice at KPMG, LLP for 4 years, where he handled accounting tasks for several companies listed on AMEX, NASDAQ and the New York Stock Exchange.

At Two Degrees Consulting, Mr. Lliteras oversaw accounting for audit support and Sarbanes-Oxley compliance for clients such as T-Mobile and Shurgard Storage.

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TEMPE, AZ – April 20, 2011 – Bob Ferris, VirTra Systems’ CEO (VTSI.PK), today announced that VirTra has engaged the auditing firm of Moss Adams, LLP to perform a full financial audit of VirTra for both 2010 and 2011.

The audit of 2010 and 2011 is scheduled for completion in early 2012.

VirTra is also planning to register to become a reporting company once again with the U.S. Securities and Exchange Commission; the audit will be undertaken with this objective in mind. The audit and the registration as an SEC reporting company will be the next steps that VirTra will be completing in connection with a planned application to move onto NASDAQ as soon as possible in 2012. VirTra’s first step is seeking shareholder approval of a reverse stock split, which should elevate VirTra’s stock price to a level needed to meet NASDAQ requirements.

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TEMPE, AZ – September 27, 2010 – VirTra Systems, Inc. Bob Ferris, VirTra Systems’ CEO (VTSI.PK), today announced that Mr. Frank Stanley will step down from the board of directors and that Mr. Don Andrus (VirTra’s COO and President) will replace him as of October 1, 2010.

Mr. Andrus has a wealth of experience, having previously served on some of the most prestigious boards in the world. He served for 6 years as Chairman of the Board for Foley’s and served as Chairman of the Houston Better Business Bureau.  Mr. Andrus also served as a prominent member of the following boards of directors:

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TEMPE, AZ – August 27, 2009 – VirTra Systems, Inc. Bob Ferris, VirTra Systems’ CEO and president (OTC:VTSI.PK), today announced that VirTra has received another order from Lockheed Martin Simulation Training and Support business for VirTra’s proprietary tetherless M-4 recoil kit, which is specially engineered to work with an authentic M-4 rifle. The order also includes VirTra’s automatic refill station that uses low-cost CO2 and is the most operator friendly refill system on the market.  Also included in the order is a recharge station, which rapidly recharges each magazine’s internal battery.

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TEMPE, AZ – August 25, 2009 – VirTra Systems, Inc. Bob Ferris, VirTra Systems’ CEO and president (OTC:VTSI.PK), today announced that Lockheed Martin’s Simulation Training and Support business has submitted a second purchase order for a customized version of the Threat-Fire™ wireless communication station. This particular station plugs into a USB computer port and permits two-way wireless communication with the Threat-Fire™ belt.

(more…)