VirTra Systems Inc. (OTC Pink: VTSI) is engaged in the development, sale, and support of marksmanship, firearms, and use-of-force training and simulators. The security training company is seeing shares rally 23%, through afternoon trading Tuesday, September 27, 2016. Over the past three months, VirTra Systems Inc. has seen average daily volume of around 237,059 shares. However, nearly 650,400 shares or dollar volume of $208,128, has already exchanged hands through afternoon trading Tuesday.
Shares of VirTra Systems Inc. are rallying Tuesday after the company was awarded $12.2 million in indefinite delivery/indefinite quantity (IDIQ) contracts from the U.S. Customs and Border Protection agencies. The contract will focus on use-of-force and firearms training. Under the deal, VirTra Systems Inc. will handle all of the servicing and maintenance of the simulators that will be in use by these government agencies. Here is the press release detailing of the awarded contracts:
VirTra Systems Inc. Press Release:
TEMPE, Ariz., Sept. 26, 2016 (GLOBE NEWSWIRE) — VirTra Systems Inc. (OTC Pink:VTSI), a leading provider of use of force simulators and firearms training simulators, today announced that it has received two indefinite delivery/indefinite quantity (IDIQ) contracts from U.S. Customs and Border Protection, an agency within the U.S. Department of Homeland Security. Under the first $3.2 million IDIQ award VirTra will be the sole provider of ongoing service and maintenance on law enforcement training simulators installed by the company under a previous contract, and under the second $9 million IDIQ award VirTra will fulfill the purchase of additional V-300™ systems and accessories, for a maximum combined value of $12.2 million over the next five years.
Under its previously announced contract with the U.S. Department of Homeland Security, VirTra delivered and installed its V-300 multiple screen systems at 28 separate U.S. Customs and Border Protection field locations, all of which are currently in operation. The new award, if exercised, will extend service and maintenance of those systems and accommodates additional systems to be installed at existing and future field locations over the next five years.
VirTra General Manager Jason Mulcahy commented, “These sizeable follow-on single source awards demonstrate the value provided to the customer through VirTra’s unique firearms training and decision-making simulation products. We are proud to serve the U.S. Customs and Border Protection and other agencies within the Department of Homeland Security and look forward to continuing to exceed customer expectations as we expand this program.”
About VirTra Systems Inc.
VirTra is a global leading provider of the world’s most realistic and effective judgmental use of force simulators. VirTra is the higher standard in firearms training simulators, offering a variety of simulator platforms, powerful gas-powered recoil kits and the patented Threat-Fire™ simulated hostile return fire system. VirTra’s products provide the very best simulation training available for personnel that are entrusted with lethal force and critical missions. The Company’s common stock is not registered under the Securities Exchange Act of 1934 and the Company does not currently file periodic or other reports with the Securities and Exchange Commission.