TEMPE, AZ – March 04, 2011 – Bob Ferris, VirTra Systems’ CEO (VTSI.PK), today announced that VirTra is now a debt-free company. VirTra has paid $121,254.17 to the IRS, which is the final payment needed to eliminate that liability. As of today, in all accounts both past and present, VirTra is in good standing with the IRS.
In addition, VirTra announced today that they have sold back the land to the original landowner. The land was purchased to permit expected expansion, however, the unexpected Gander Mountain Academy rollout required VirTra to obtain a larger facility in a short period of time, rather than having time to build on the land. VirTra no longer has the liability or asset associated with the land.
When new management took control of the company in 2008, VirTra had liabilities that totaled approximately $4.645 million, today the company is completely without debt after strategically and systematically eliminating IRS, Dutchess and all other previous debts from VirTra’s path forward.
Bob Ferris, VirTra Systems’ CEO said, “While VirTra is best know for unparalleled realism and quality in the market of firearms training simulators, it is a real blessing to add financial strength to our corporate resume.”