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.
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
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