Mission Ready Announces 2016 Annual General & Special Meeting of Shareholders Results and Filing of Q1 2016 Interim Reports
VANCOUVER, BC--(Marketwired - May 30, 2016) - Mission Ready Services Inc. (TSX VENTURE: MRS) ("Mission Ready" or the "Company") reports that shareholders represented in person and by proxy approved all resolutions brought before them at the Company's 2015 and 2016 Annual General and Special Meeting (the "AGSM") of its shareholders held in New York City, NY, USA on May 25, 2016.
The Company provides the following report on the voting results of the matters considered at the AGSM, the particulars of which are set out in more detail in the Company's information circular dated April 26, 2016:
Number of Directors: Shareholders approved the number of directors for the ensuing year to be fixed at five (5).
Election of Directors: Shareholders approved the election of Rodney Reum, Vitor Fonseca, Peter Fuller, Paul Litchfield and Mark Bishop for the ensuing year.
Appointment and Remuneration of Auditors: WDM Chartered Accountants were re-appointed as the auditor of the Company for the ensuing year and the directors were authorized to fix their remuneration.
Approval of Stock Option Plan: Disinterested shareholders approved the ratification and amendment of the Company's Stock Option Plan.
The Board of Directors would like to thank the shareholders for their continued support.
Mission Ready further reports that its Q1 2016 Interim financial statements, related management's discussion and analysis ("MD&A") and National Instrument ("NI") 52-109FV2 reports were filed on SEDAR on May 30, 2016 and can be viewed at www.sedar.com.
The Company had a decrease in gross revenues for the period by $0.8 million to $1.2 million (2015 - 2.0 million), a 40% decrease over the same period in the prior year. Total expenses include in determining Income (Loss) Before Other Items decreased 29% to $1.5 million from $2.1 million. Income Before Other items decreased by $0.2 million from a loss in 2015 of $0.14 million to a loss of $0.3 million. The decrease in revenues is primarily due to the Company's completion of a contract for the US Marines as of September 2015.
The Company's overall net comprehensive loss for the year decreased by 22% from $1.1 million for the same period in the prior year to $0.84 million for the current year. This loss is mainly attributed to: non-cash expenses of $0.29 million for Amortization & Depreciation, a foreign currency translation loss of $0.24 million and by net loss from operations of $0.32 million in the current year.
The Company continued its product development efforts including, placing our patented No-Contact technology into a riot control shield (patent pending). We have also started marketing our new generation Tactical Police Shirt branded as the Flex9Armor Shirt (patents pending).