Mission Ready Secures Additional $58.5 Million In Orders Under $435 Million Government Contract

Mission Ready Solutions (TSXV: MRS) is having a banger of a week. The company announced early this afternoon that it has received further purchase orders in association with its currently outstanding PPE contracts with the US Government. Notably, awarded last week, the contract contains a ceiling of $435 million, for which the company estimates that they’ll receive $127 million worth of contracts under.

The announcement today essentially serves as a follow-on to the news from yesterday, wherein the company announced it had received the first purchase order under the contract for $37.5 million. Today, the company received a second purchase order, with a total value of $58.5 million.

Today’s order brings the total dollar figure of purchase orders issued to $96 million under the contract, raising hopes that Mission Ready may have provided a low-ball estimate in its original news release in relation to expected orders. The $96 million worth of purchase orders is for products expected to be delivered between October 2020 and February 2021, leaving ample room for additional orders to come through under said contracts.

The company also added that the US Government has indicated it will remit payment within thirty days of receiving material from Mission Ready, alleviating cash crunch concerns for the firm.

Mission Ready Solutions last traded at $0.24 on the TSX Venture.

Information for this briefing was found via Sedar and Mission Ready Solutions Inc. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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