TEMPE, Ariz. — September 3, 2020 — VirTra, Inc. (NASDAQ: VTSI) (“VirTra”), a global provider of training simulators for the law enforcement, military, educational and commercial markets, has received an order from the U.S. Customs and Border Protection (CBP) for simulation training products and services, including new, drop-in recoil kits, valued at $863,000.
The order from CBP is part of an existing indefinite delivery/indefinite quantity (IDIQ) contract from the U.S. Department of Homeland Security. The IDIQ contract, which VirTra originally received in 2016, had a one-year base term with four additional option years and a potential value of up to $9.0 million. To date, CBP has purchased approximately $5.2 million of products and services from VirTra through this vehicle. VirTra anticipates recognizing revenues from this new $863,000 delivery order before the end of 2020.
“Customs and Border Protection has been a VirTra client for many years, and it’s always encouraging to see long-standing customers, who understand the value of our products and services, enhance their training capabilities with new orders,” said Jason Mulcahy, General Manager of VirTra. “Securing and protecting our borders, airports, and ports of entry is a substantial responsibility, and we’re proud to play a role supporting CBP’s primary mission by continuing to supply them with the best simulation training available.”
VirTra (NASDAQ: VTSI) is a global provider of judgmental use of force training simulators, firearms training simulators and driving 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 practical and highly effective virtual reality and simulator technology. Learn more about the company at www.VirTra.com.
Investor Relations Contact:
Matt Glover or Charlie Schumacher