VirTra Awarded $1.9 Million Contract to Support the Air Force Research Laboratory

Rhea-AI Summary

VirTra, Inc. (NASDAQ: VTSI) has been awarded a $1.9 million IDIQ contract through its partnership with Infoscitex for the Air Force Research Laboratory’s ADMIRE program. This contract is part of a larger 6-year agreement valued at $135 million aimed at enhancing decision-making and marksmanship skills for US military personnel. VirTra will develop high-resolution content and simulation software that integrates biometric feedback to optimize human performance. Work on the contract has commenced and is expected to continue until June 30, 2022.

Positive

• Awarded a $1.9 million IDIQ contract, enhancing revenue prospects.
• Partnership with Infoscitex strengthens military market position.
• Development of advanced simulation technology may lead to further contracts.

Negative

• None.

TEMPE, Ariz., Aug. 31, 2020 (GLOBE NEWSWIRE) -- VirTra, Inc. (NASDAQ: VTSI) (“VirTra”), a global provider of training simulators for the law enforcement, military, educational and commercial markets, has been awarded a $1.9 million indefinite delivery/indefinite quantity (IDIQ) contract as a result of the Company’s recent partnership with Infoscitex (IST), a subsidiary of DCS Corporation, in support of the Air Force Research Laboratory’s Airman Decision Making and Interface Research (ADMIRE) program.

Under the terms of the agreement, VirTra will serve as a subcontractor to IST, which recently secured a portion of the 6-year ADMIRE contract, valued at $135 million. The intent of the contract is to develop technology that improves US military warfighters’ decision-making and marksmanship skills. As part of its partnership with IST, VirTra will develop an expanded high-resolution library of content and an enhanced simulation software engine, which will also integrate biometric feedback that is captured, synched, and meta tagged to improve models and methodologies that optimize human performance. VirTra’s work on this task order has already begun and VirTra’s involvement on the contract is expected to run through June 30, 2022.

“One of our strategic priorities is to leverage our unique expertise and the world’s best simulation training technology and apply it to the military market,” said Bob Ferris, CEO of VirTra, Inc. “Recent events have brought to light that VirTra’s training technology is indispensable for law enforcement. And while we are continuing our push to ensure that law enforcement personnel have the best decision-making, marksmanship, and use-of-force training available, the fact remains that these needs extend directly to the military market as well. We’re very encouraged by our recent traction in the military market, but even more so, we’re especially cognizant of our unique position to help all first responders effectively improve essential skills.”    

About VirTra
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.

About Infoscitex
Infoscitex and its parent company, DCS Corporation, offer advanced technology and management solutions to Government agencies in the DoD and national security sector. The transformative ideas, commitment to quality and entrepreneurial spirit that characterize our employee-owners allow us to ensure the success of each client’s mission and actively contribute to the well-being of the Nation. 

Investor Relations Contact:
Matt Glover or Charlie Schumacher
VTSI@gatewayir.com
949-574-3860

FAQ

What is the value of the contract awarded to VTSI?

VirTra was awarded a $1.9 million IDIQ contract.

Who is VirTra partnering with on the ADMIRE program?

VirTra is partnering with Infoscitex, a subsidiary of DCS Corporation.

What is the duration of the work on the contract?

VirTra's involvement on the ADMIRE contract is expected to run through June 30, 2022.

What is the purpose of the ADMIRE program?

The ADMIRE program aims to improve decision-making and marksmanship skills for US military personnel.

What type of technology is VirTra developing under this contract?

VirTra will develop a high-resolution library of content and enhanced simulation software that integrates biometric feedback.