VirTra Sets Fourth Quarter and Full Year 2021 Conference Call for Thursday March 31, 2022 at 4:30 p.m. ET

Rhea-AI Summary

VirTra, Inc. (NASDAQ: VTSI) announced it will hold a conference call on March 31, 2022, to discuss preliminary unaudited financial results for the fourth quarter and full year ended December 31, 2021. The company will file a Form 12b-25 requesting a 15-day extension to file its Annual Report on Form 10-K due to delays in completing its independent audit. These delays are attributed to the integration of a new company-wide ERP system. CEO Bob Ferris stated that despite the delays, the company remains in a strong operational position and anticipates strong financial results for 2021.

Positive

• Company expects strong financial results for 2021, potentially among the best in its history.
• Continued growth necessitated the integration of a new ERP system to enhance operational efficiency.

Negative

• Delay in filing Form 10-K due to audit completion issues.
• Integration of the new ERP system has caused operational setbacks.

Provides Update on its Independent Audit

TEMPE, Ariz., March 21, 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, will hold a conference call on Thursday, March 31, 2022 at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss preliminary unaudited financial results for the fourth quarter and full year ended December 31, 2021. These preliminary unaudited financial results will be issued in a press release prior to the call.

VirTra plans to file a Form 12b-25 with the U.S. Securities and Exchange Commission requesting a 15-day extension to file its Annual Report on Form 10-K for the year ended December 31, 2021. The Company does not anticipate having the audit of its financial statements completed in order to meet the March 31, 2022 deadline due primarily to the integration of a previously disclosed new company-wide ERP (Enterprise Resource Planning) system.

“We are working diligently to complete the independent audit and file our Form 10-K with the U.S. Securities and Exchange Commission as soon as possible, but we do not anticipate meeting the March 31 filing deadline,” said VirTra CEO and Chairman Bob Ferris. “Our continued and anticipated growth necessitated the complete changeover of our production and accounting systems from three independent systems to a new ERP system to improve internal operating efficiency. The integration of this system has caused delays in completing the independent audit. Despite this delay, VirTra continues to be in a strong operating position and we expect 2021 financial results to be among the best in our history.”

VirTra management will host the presentation, followed by a question-and-answer period.

Date: Thursday, March 31, 2022
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
U.S. dial-in: 1-877-407-9208
International dial-in: 1-201-493-6784

A live audio webcast of the conference call will be available in listen-only mode simultaneously and available for replay here and via the investor relations section of the company’s website.

Please call the conference telephone number five minutes prior to the start time. An operator will
register your name and organization.

A replay of the call will be available on the same day through Thursday, April 14, 2022.

U.S. replay dial-in: 1-844-512-2921
International replay dial-in: 1-412-317-6671
Replay ID: 13728165

About VirTra, Inc.

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.

Investor Relations Contact:

Matt Glover and Jeff Grampp, CFA
Gateway Group, Inc.
949-574-3860
VTSI@gatewayir.com

FAQ

What financial results will VirTra discuss on March 31, 2022?

VirTra will discuss preliminary unaudited financial results for the fourth quarter and full year ended December 31, 2021.

Why is VirTra extending its Form 10-K filing deadline?

VirTra is requesting a 15-day extension for its Form 10-K due to delays in completing its independent audit linked to ERP system integration.

What is the significance of the new ERP system for VirTra?

The new ERP system is intended to improve internal operating efficiency but has contributed to delays in the audit process.