VirTra Receives Orders Worth $9.0 Million from Two U.S. Federal Agencies

Rhea-AI Summary

VirTra (NASDAQ: VTSI) has secured two significant orders totaling approximately $9.0 million from the U.S. Customs and Border Protection (CBP) and another federal agency. The orders include the V-300^® and V-100^® training simulators, recoil kits, and additional accessories, with deliveries expected within eight months. This accomplishment highlights the ongoing demand for advanced training technologies within federal agencies, reinforcing VirTra's position in the market.

Positive

• Secured two orders totaling approximately $9.0 million.
• Enhanced presence in federal agency training market.
• Delivery expected within eight months, indicating prompt service.

Negative

• None.

CHANDLER, Ariz., Sept. 07, 2022 (GLOBE NEWSWIRE) -- VirTra, Inc. (NASDAQ: VTSI) (“VirTra”), a global provider of judgmental use of force training simulators, and firearms training simulators for the law enforcement and military markets, has received two orders worth approximately $9.0 million under an existing contract with the U.S. Customs and Border Protection (CBP). Of the total order amount, $4.3 million is attributable to the CBP and $4.7 million is attributed to another U.S. federal agency ordered under the same contract.

The orders consist of VirTra’s flagship V-300^® and portable V-100^® simulators, recoil kits and magazines, V-Threat-Fire^® devices and other accessories. Service plans are included as well as training and installation. Items on the orders are expected to be delivered within the next eight months.

“These substantial orders are a meaningful accomplishment for VirTra and we are honored to be able to help those who keep our borders secure by providing them with the latest in training technology,” said John Givens, Co-CEO of VirTra. “Additionally, the orders demonstrate the significant need we continue to see for realistic training amongst federal agencies.”

Commented Jason Mulcahy, VirTra’s Sr. VP of Global Sales, “CBP has been a valued client of VirTra for many years and we look forward to assisting them with their training goals through this sizable order. Our world-class training solutions continue to have strong demand from federal agencies, which remains a core growth market for the Company.”

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.

Forward-Looking Statements
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Investor Relations Contact:
Matt Glover and Jeff Grampp, CFA
Gateway Group, Inc.
VTSI@gatewayir.com
949-574-3860

FAQ

What is the value of the recent orders received by VirTra?

VirTra received two orders totaling approximately $9.0 million.

Which agencies placed orders with VirTra?

The orders were placed by the U.S. Customs and Border Protection and another U.S. federal agency.

What products are included in VirTra's recent orders?

The orders include the V-300® and V-100® simulators, recoil kits, and other accessories.

When are the products from VirTra's recent orders expected to be delivered?

The products are expected to be delivered within the next eight months.

What does VirTra's recent order indicate about its market demand?

The recent orders demonstrate strong demand for realistic training solutions among federal agencies.