TEMPE, AZ – February 20, 2009 – VirTra Systems, Inc. Bob Ferris, VirTra Systems’ CEO and president (OTC:VTSI.PK), today announced that during the 4th Quarter 2008, VirTra Systems has eliminated a total of $1,196,269 in outstanding debt and liabilities. This information will be included in the forthcoming 2008 VirTra Annual Report.
VirTra has also settled all pending legal judgments in their entirety, which eliminates $249,887 in financial obligations to the company. VirTra has also eliminated the only secured creditor of the Company. As of today, by eliminating pending financial judgments, accounts payable and other outstanding debt, VirTra’s debt and liability reduction totals $1,196,269. VirTra’s management eliminated or reduced these obligations at a cost of only $72,451, no other compensation was provided (no shares of stock and no issued warrants).
“Management negotiated the debt and liability reduction on very favorable terms for our shareholders, while significantly reducing overall corporate obligations. Also, the debt and liability reduction is further evidence of our surging progress and our ever strengthening financial position as a company,” said Bob Ferris, CEO and President of VirTra.