VirTra Systems, Inc. (OTCMKTS:VTSI) shares rose 17.31% on Tuesday to $0.305 and were flat in after-hours trading. The company has a market cap of $50.62 million at 158.25 million shares outstanding. Share prices have been trading in a 52-week range of $0.08 to $0.34.
VirTra Systems is a company that is engaged in the development, sales and supports use-of-force training and marksmanship firearms training systems and accessories for law enforcement, military or civilian use. Its products include V-300 Simulator, which is an approximately 300 degrees wrap-around screen with video capability standard for simulation training; V-180 Simulator, which is an approximately 180 degrees screen with video capability; V-100 Simulator, a single screen-based simulator, and V-ST Simulator, a realistic simulated shooting range simulator.
In its press release yesterday, VirTra Systems announced that it has received two indefinite delivery/indefinite quantity contracts from U.S. Customs and Border Protection, which is under the U.S. Department of Homeland Security. One contract worth $3.2 million makes the company the sole provider of ongoing service and maintenance on law enforcement training simulators installed by the company under a previous contract. The other contract worth $9 million is for the purchase of additional V-300 systems and accessories.
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,” remarked VirTra Systems General Manager Jason Mulcahy.
In an earlier contract with the U.S. Department of Homeland Security, VirTra Systems delivered and installed its V-300 multiple screen systems at 28 separate U.S. Customs and Border Protection field locations. These systems are currently in operation and the new contract will extend service and maintenance of those systems, on top of accommodating additional systems to be installed at existing and future field locations over the next five years.
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