VirTra Awarded $24.5 Million DHS IDIQ Contract for U.S. Customs and Border Protection with $1.4 Million Initial Order

Rhea-AI Summary

VirTra, Inc. (NASDAQ: VTSI) has secured a new contract from the U.S. Department of Homeland Security for Customs and Border Protection, valued at approximately $1.4 million. The five-year contract, with a potential ceiling of $24.5 million, includes warranty, service for existing systems, and new technology such as 4K simulator systems and TASER training kits. General Manager Jason Mulcahy emphasized the value and market demand for VirTra's solutions in effective simulation training.

Positive

• New contract awarded from U.S. Department of Homeland Security valued at approximately $1.4 million.
• Potential for contract growth with a maximum ceiling of $24.5 million.
• Inclusion of advanced technology products indicates strong market demand.

Negative

• None.

TEMPE, Ariz., Aug. 31, 2021 (GLOBE NEWSWIRE) -- VirTra, Inc. (NASDAQ: VTSI), a global provider of training simulators for the law enforcement, military, educational, and commercial markets, has received a new contract award under the five-year, single awardee indefinite delivery/indefinite quantity (IDIQ) contract from the U.S. Department of Homeland Security for U.S. Customs and Border Protection (CBP). The contract award has an initial purchase value of approximately $1.4 million and a purchase ceiling of $24.5 million as the maximum amount for supplies and/or services that may be ordered over the life of the contract.

The award covers the warranty and service of current systems and accessories in addition to the purchase of new technology with the 4K simulator systems, recoil kits, Threat-Fire® devices, TASER® training kits, training content and warranty and service plans.

“This $1.4 million order is continued validation of the value our systems provide to our customers, and we are appreciative of our long-standing relationship with the CBP,” said Jason Mulcahy, General Manager of VirTra. “We are particularly excited about the potential for this order given the opportunity for a maximum order size of up to $24.5 million, which we believe demonstrates the significant market opportunity and the industry’s need for VirTra’s solutions that are the gold standard for effective simulation training.”

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.

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