AMMO, Inc. Appoints Randy Luth to Board of Directors

Rhea-AI Summary

AMMO, Inc. (Nasdaq: POWW, POWWP) has appointed Randy Luth, a veteran in the firearms industry, to its Board of Directors. Luth, who previously served on the board from 2017 to 2021, brings nearly 40 years of experience, including founding LUTH-AR, LLC in 2013. He is recognized for his innovation in the AR-15 market. Luth expressed excitement to rejoin AMMO, noting the company's impressive growth. Chairman and CEO Fred Wagenhals praised Luth’s ability to drive innovation in the industry. AMMO, Inc. produces high-performance ammunition and components, aiming to revolutionize the munitions industry.

Positive

• Appointment of Randy Luth could enhance strategic decision-making due to his extensive industry experience.
• Luth's history of innovation may lead to new product development and improved market positioning.

Negative

• Potential concerns regarding continuity in leadership as Luth re-enters the board after a gap.

SCOTTSDALE, Ariz., Jan. 17, 2023 (GLOBE NEWSWIRE) -- AMMO, Inc. (Nasdaq: POWW, POWWP) (“AMMO” or the “Company”), the owner of GunBroker.com, the largest online marketplace serving the firearms and shooting sports industries, and a leading vertically integrated producer of high-performance ammunition and components, today announced it has appointed Randy Luth, a firearm industry veteran, to serve on the Company’s Board of Directors. Mr. Luth previously served on AMMO’s board from 2017 to 2021.

Mr. Luth has been a driving force in the firearm industry for nearly 40 years and currently serves as the president of LUTH-AR, LLC, the company he founded in 2013 to create innovative products for the AR-15 market. LUTH-AR, LLC is a supplier and manufacturer of AR parts, handguards, grips and affordable accessories and components for AR-15 rifles.

“I am honored to rejoin AMMO, Inc.’s Board of Directors and am impressed with the company’s rapid growth and focused direction,” said Mr. Luth.

Previously, Mr. Luth founded DPMS & Panther Arms in 1986 and led the company to become one of the leading manufacturers in the world. Holding nine patents and numerous industry-leading innovations, DPMS & Panther Arms is regarded as one of the pioneers behind the growth and popularity of the AR-15 market.

“We are pleased to welcome Randy back to our Board of Directors,” said AMMO, Inc. Chairman and CEO Fred Wagenhals. “Randy’s constant drive to innovate has led the industry to develop, design and manufacture multiple firearms, components and manufacturing processes that are recognized throughout the industry today.”

About AMMO, Inc.

With its corporate offices headquartered in Scottsdale, Arizona, AMMO designs and manufactures products for a variety of aptitudes, including law enforcement, military, sport shooting and self-defense. The Company was founded in 2016 with a vision to change, innovate and invigorate the complacent munitions industry. AMMO promotes branded munitions as well as its patented STREAK™ Visual Ammunition, /stelTH/™ subsonic munitions, and specialty rounds for military use via government programs. For more information, please visit: www.ammo-inc.com.

About GunBroker.com

GunBroker.com is the largest online marketplace dedicated to firearms, hunting, shooting and related products. Aside from merchandise bearing its logo, GunBroker.com currently sells none of the items listed on its website. Third-party sellers list items on the site and Federal and state laws govern the sale of firearms and other restricted items. Ownership policies and regulations are followed using licensed firearms dealers as transfer agents. Launched in 1999, GunBroker.com is an informative, secure and safe way to buy and sell firearms, ammunition, air guns, archery equipment, knives and swords, firearms accessories and hunting/shooting gear online. GunBroker.com promotes responsible ownership of guns and firearms. For more information, please visit: www.gunbroker.com.

Forward Looking Statements

This document contains certain “forward-looking statements”. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to, any projections of earnings, revenue or other financial items; any statements of the plans, strategies, goals and objectives of management for future operations; any statements concerning proposed new products and services or developments thereof; any statements regarding future economic conditions or performance; any statements or belief; and any statements of assumptions underlying any of the foregoing.

Forward looking statements may include the words “may,” “could,” “estimate,” “intend,” “continue,” “believe,” “expect” or “anticipate” or other similar words, or the negative thereof. These forward-looking statements present our estimates and assumptions only as of the date of this report. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the dates on which they are made. We do not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the dates they are made. You should, however, consult further disclosures and risk factors we include in Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Reports filed on Form 8-K.

Important Additional Information and Where to Find It

The Company has filed a proxy statement on Schedule 14A, accompanied by a WHITE universal proxy card and other relevant documents with the Securities and Exchange Commission (“SEC”) in connection with its solicitation of proxies from the Company’s shareholders for the Company’s 2022 Annual Meeting of Shareholders (the “Annual Meeting”). BEFORE MAKING ANY VOTING DECISION, SHAREHOLDERS OF THE COMPANY ARE STRONGLY ENCOURAGED TO READ THE COMPANY’S DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ALL OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors may obtain copies of the Company’s proxy statement, proxy card, any amendments or supplements thereto and other documents filed by the Company with the SEC when they become available at no charge at the SEC’s website at www.sec.gov. Copies will also be available at no charge in the “SEC Filings” section of the Company’s Investor Relations website at https://investors.ammoinc.com or by contacting the Company’s Investor Relations Department at IR@ammo-inc.com after such materials are electronically filed with, or furnished to, the SEC.

Certain Information Regarding Participants to the Solicitation

The Company, its directors and certain of its executive officers are participants in the solicitation of proxies from the Company’s shareholders in connection with matters to be considered at the Annual Meeting. Information regarding the direct and indirect interests, by security holdings or otherwise, of the Company’s directors and executive officers in the Company is included in the Company’s Proxy Statement on Schedule 14A for its 2021 Annual Meeting of Shareholders, filed with the SEC on September 13, 2021, the Company’s Annual Report on Form 10-K for the year ended March 31, 2022, filed with the SEC on June 29, 2022, and in the Company’s Current Reports on Form 8-K filed with the SEC from time to time. Changes to the direct or indirect interests of the Company’s directors and executive officers are set forth in SEC filings on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4. These documents are available free of charge as described above. Updated information regarding the identities of potential participants and their direct or indirect interests, by security holdings or otherwise, in the Company will be set forth in the Proxy Statement for the Annual Meeting and other relevant documents to be filed with the SEC, if and when they become available.

Investor Contact:
CoreIR
Phone: (212) 655-0924
IR@ammo-inc.com

Media Contact:
Victoria Welch
AMMO, Inc.
Phone: (480) 947-0001
vwelch@ammoinc.com

Source: AMMO, Inc.

FAQ

What is the significance of Randy Luth's appointment to AMMO's Board?

Randy Luth's appointment to AMMO's Board is significant due to his extensive experience in the firearms industry and prior board service, which could provide valuable insights and leadership.

How might Randy Luth's background affect AMMO's future strategies?

Luth's background and history of innovation may influence AMMO's future strategies, potentially leading to new product development and enhanced market competitiveness.

When did Randy Luth previously serve on AMMO's Board of Directors?

Randy Luth previously served on AMMO's Board of Directors from 2017 to 2021.

What are AMMO's main products and services?

AMMO designs and manufactures high-performance ammunition and components for various markets, including law enforcement, military, and sport shooting.