Vancouver, British Columbia, Canada – The press wire – DDecember 31, 2021 – Mission Ready Solutions Inc (“Ready for the mission“) (TSXV: MRS) (OTC: MSNVF), a comprehensive public procurement solutions provider is pleased to announce that it has been approved for a loan of $ 6,000,000 (the ââTo lend“) Northwest Bank of Coeur d’Alene, Idaho (an Idaho chartered bank owned by Western Capital Corporation) (the”Lenderâ) In order to facilitate the payment of certain amounts currently recognized in the Company’s balance sheet under the heading Suppliers and other payables.
Pursuant to the terms of the loan, the Company has agreed to pay the lender a total of $ 87,651.33 per month, representing principal and interest payments, beginning February 1, 2022 and ending January 1, 2027 ( the due date), on the date on which all sums due under the Loan become fully due and payable. The interest payable on the loan will be the lender’s index rate (3.25% per annum on the effective date of the loan documents), plus 2.75%, which is subject to an adjustment of from time to time based on changes in an independent index. , being the Wall Street Journal prime rate. Other fees and conditions include an administration fee of 1.5% of the principal amount of the loan, and a cash guarantee whereby the Company must maintain a minimum balance of at least $ 800,000 in a reserve account ( the ” “Reserve accountâ) To which the Lender will be granted security during the term of the Loan. Upon full repayment of the loan, any funds remaining in the reserve account (the balance of funds that have not previously been applied to the loan, as applicable) will be returned to the company.
Unless otherwise indicated, all currency values ââreferenced here are in US dollars.
About the Northwest Bank
Northwest Bank was founded in Boise, Idaho, in March 2008. Northwest Bank is focused on serving small and medium businesses, professionals, and nonprofit organizations from branches in Idaho, Oregon, Washington and Utah. Northwest Bank is owned by Western Capital Corporation, a banking holding company, and chartered in Idaho.
About Mission Ready Solutions Inc.
Mission Ready Solutions provides comprehensive public procurement solutions with extensive experience in delivering quality, reliable and mission critical products and services to law enforcement, firefighters, first responders, military and other government agencies.
Thanks to its privileged access to a multitude of federal contract vehicles, including the multi-award program (“MAS“) contracts awarded and administered by the United States General Services Administration, the wholly owned subsidiary of Mission Ready, Unifire, Inc., leverages its strong supplier network, proven industry relationships, proprietary technology infrastructure and its industry-leading manufacturing and distribution capabilities to efficiently research and deliver over 1.5 million products.
For more information on Mission Ready Solutions Inc., please visit MRSCorp.com or contact Investor Relations by email at [email protected] or by phone at +1 877.479.7778 (ext. 5). You can also subscribe to our mailing list at eepurl.com/hznhX9 to receive our press releases and news directly by email.
Mission Ready Solutions Inc.
(Signed “Buck L. Marshall”)
Buck L. Marshall
President, CEO and Director
T: +1 877.479.7778
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Generally, forward-looking information can be identified by the use of forward-looking terms such as “anticipate”, “believe”, “plan”, “expect”, “intend”, “estimate”, âPlanâ, âplanâ, âbudgetâ, âscheduleâ, âmayâ, âwillâ, âcouldâ, âcouldâ, âshouldâ or variations of these words or of similar words or expressions. Forward-looking information is based on reasonable assumptions that have been made by Mission Ready Solutions Inc. on the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause actual results, Level of activity, performance or achievements of Mission Ready Solutions Inc. are materially different from those expressed or implied by such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Therefore, readers should not place undue reliance on forward-looking information. Mission Ready Solutions Inc. does not undertake to update any forward-looking information included in this document, except in accordance with applicable securities laws.
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