VirTra and Action Target Inc. Announce Teaming Agreement

Rhea-AI Summary

VirTra, Inc. (NASDAQ: VTSI) has announced a teaming agreement with Action Target Inc. to enhance simulation training systems and live-fire shooting ranges for law enforcement and military markets. This collaboration aims to leverage both companies' expertise to offer a comprehensive solution, benefiting customers globally. The partnership allows for co-branding and mutual sales opportunities while both firms continue their individual marketing efforts. CEOs from both companies express confidence that this collaboration will provide enhanced training solutions to meet customer demands.

Positive

• Teaming agreement with Action Target Inc. enhances product offerings.
• Combines VirTra's simulation training with Action Target's live-fire ranges.
• Mutually beneficial sales opportunities expected for both companies.

Negative

• None.

TEMPE, Ariz., Jan. 11, 2022 (GLOBE NEWSWIRE) -- VirTra, Inc. (NASDAQ: VTSI), a global provider of judgmental use of force training simulators, and firearms training simulators for the law enforcement and military markets, announced a teaming agreement with Action Target Inc. in which the two companies will work together to provide the industry with best-in-class solutions for both simulation training systems and live-fire shooting ranges.

This agreement will allow both companies to use their combined expertise to provide an all-inclusive turnkey solution. The combination of VirTra’s simulation training and curriculum, and Action Target Inc.’s well known high-quality indoor/outdoor live shooting ranges should benefit customers worldwide. Future projects will be implemented and managed by both parties along with co-branding to effectively execute the teaming agreement.

“Action Target Inc. is a valuable teaming partner who also enjoys an excellent reputation in the market,” said VirTra CEO and Chairman Bob Ferris. “We believe that clients needing live fire and virtual training will especially benefit from the close collaboration that this teaming agreement represents.”

Both VirTra and Action Target will continue to market and sell the standard products and services individually. The companies see this teaming agreement as a mutually beneficial cross-selling opportunity for both companies' sales teams. 

“Action Target is always looking for ways to continue our mission in order to provide customers with a turnkey solution,” said Action Target CEO Mike Birch. “We believe in working with companies, like VirTra, Inc., that not only share core values but has the professional experience in the industry to provide world-class equipment and state-of-the-art technology necessary to meet the demand of our customers.”

About VirTra
VirTra (NASDAQ: VTSI) is a global provider of judgmental use of force training simulators and firearms training 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.

About Action Target Inc.
Action Target is the global leading expert on modern shooting ranges. Since 1986, the company has partnered with thousands of range owners worldwide to design, install and maintain world-class shooting ranges, systems, and equipment for law enforcement, military, educational, commercial, and residential markets. Action Target's range solutions include dynamic range designs, shoot houses, modular ranges, shooting stalls, target carriers, target retrievers, reactive targets, superior bullet traps integrated with eco-friendly low maintenance systems, and the new Smart Range AXIS™ range control system. As the industry's foremost turnkey solution provider, Action Target also offers custom ventilation equipment, security systems, and a comprehensive selection of range services. These Services include shooter training courses, parts, and maintenance programs, rubber trap cleaning, metals recycling, hazardous waste and filter disposal, and an online store for range supplies. Learn more about Action Target at www.ActionTarget.com.

Forward-Looking Statements
The information in this discussion contains forward-looking statements and information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections. The words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “will,” “should,” “could,” “predicts,” “potential,” “continue,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that we make. The forward-looking statements are applicable only as of the date on which they are made, and we do not assume any obligation to update any forward-looking statements. All forward-looking statements in this document are made based on our current expectations, forecasts, estimates and assumptions, and involve risks, uncertainties and other factors that could cause results or events to differ materially from those expressed in the forward-looking statements. In evaluating these statements, you should specifically consider various factors, uncertainties and risks that could affect our future results or operations. These factors, uncertainties and risks may cause our actual results to differ materially from any forward-looking statement set forth in the reports we file with or furnish to the Securities and Exchange Commission (the “SEC”). You should carefully consider these risk and uncertainties described and other information contained in the reports we file with or furnish to the SEC before making any investment decision with respect to our securities. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this cautionary statement.

Investor Relations Contact:
Matt Glover and Jeff Grampp, CFA
VTSI@gatewayir.com
949-574-3860

FAQ

What is the significance of the VirTra and Action Target teaming agreement?

The agreement aims to combine the strengths of both companies to deliver a comprehensive training solution in simulation and live-fire shooting.

How will the teaming agreement impact VirTra's market position?

The collaboration is expected to enhance VirTra's offerings and create cross-selling opportunities, potentially improving its competitive position.

What products will VirTra and Action Target provide together?

They will offer an all-inclusive solution that integrates simulation training systems with live-fire shooting ranges.

When was the teaming agreement between VirTra and Action Target announced?

The agreement was announced on January 11, 2022.