VirTra Receives $800,000 Delivery Order Under Previous DHS IDIQ Contract for U.S. Customs and Border Protection

Rhea-AI Summary

VirTra, Inc. (NASDAQ: VTSI) has received an $800,000 delivery order under a five-year indefinite delivery/indefinite quantity (IDIQ) contract from the U.S. Department of Homeland Security for U.S. Customs and Border Protection (CBP). This order is part of a contract initially awarded in September 2019, potentially generating up to $5.0 million over its duration. VirTra will provide CBP with video-based simulators and custom training content, emphasizing the importance of effective training tools for CBP agents.

Positive

• Received $800,000 order under existing IDIQ contract.
• Potential revenue growth of up to $5.0 million from the contract.
• Reinforces product effectiveness and long-term value.

Negative

• None.

TEMPE, Ariz., June 24, 2021 (GLOBE NEWSWIRE) -- VirTra, Inc. (NASDAQ: VTSI), a global provider of training simulators for the law enforcement, military, educational and commercial markets, has received an $800,000 delivery order under the five-year, single awardee indefinite delivery/indefinite quantity (IDIQ) contract from U.S. Department of Homeland Security for U.S. Customs and Border Protection (CBP). The initial order was awarded in September 2019.

“Continuing to assist Customs and Border Protection with their training is proof of the long-term value and effectiveness of VirTra's products,” said Jason Mulcahy, General Manager of VirTra. “As a vital necessity to our country, CBP agents and officers must have the proper and effective tools to ensure the development and retention of their skills.”

VirTra will continue to provide CBP with video-based simulators and custom content for its training facilities. VirTra anticipates generating continued revenue from the IDIQ for the next two years, adding to a value of up to $5.0 million over the five-year IDIQ contract.

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.

Forward-Looking Statements:
This news release includes certain information that may constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by terminology such as “could”, “may”, “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “proposed,” “planned,” “potential” and similar expressions, or are those, which, by their nature, refer to future events. All statements, other than statements of historical fact, included herein, including statements about VirTra’s beliefs and expectations, are forward-looking statements. Forward-looking information is necessarily based upon a number of assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Although VirTra believes that such statements are reasonable, it can give no assurance that such forward-looking information will prove to be accurate. VirTra cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors. Accordingly, due to the risks, uncertainties and assumptions inherent in forward-looking information, readers and prospective investors in the Company’s securities should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof, is based upon the opinions and estimates of management and information available to management as at the date hereof and is subject to change. The Company assumes no obligation to revise or update forward-looking information to reflect new circumstances, whether as a result of new information, future events or otherwise, except as required by law.

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

FAQ

What recent contract did VirTra receive from Homeland Security?

VirTra received an $800,000 delivery order under a five-year indefinite delivery/indefinite quantity (IDIQ) contract with the U.S. Department of Homeland Security for Customs and Border Protection.

How much revenue can VirTra potentially generate from the new order?

VirTra anticipates generating up to $5.0 million from the IDIQ contract over its five-year term.

What are the details of the contract awarded to VirTra?

The initial order was awarded in September 2019, and the recent order is part of a continuation of services for CBP training.