TEMPE, Ariz., Oct. 31, 2016 (GLOBE NEWSWIRE) -- VirTra, Inc. (OTC Pink:VTSID), a leading provider of judgmental use of force simulators and firearms training simulators, announced today that the Company’s Board of Directors approved the appointment of a new independent member, Mitchell A. Saltz, to the Board, effective November 1, 2016, increasing the number of independent directors to two and the total number of directors to four.
Mr. Saltz is a seasoned corporate executive and director with relevant experience in a variety of industries, including the firearms manufacturing and firearms safety and security products industries. He has served as a director of NASDAQ-listed firearms manufacturer Smith & Wesson Holding Corporation from 1998 and served as its Chairman of the Board and Chief Executive Officer from 1998 through 2003. Since Mr. Saltz assumed the role of CEO in 1998 and joined its board, Smith & Wesson has grown in size from a company with $70 million in annual revenue to a well-recognized firearms brand with $1.4 billion in market capitalization. Mr. Saltz has also served as the Chairman and Managing Partner of Southwest Capital Partners, LLC, an investment banking firm, since 2009. In addition, since October 2012 he has served as Chairman of the Board of NASDAQ-listed Quest Resource Holding Corporation, a provider of management programs to reuse, recycle, and dispose of a wide variety of waste streams and recyclables. He is currently the Chairman of the Board of Modern Round Entertainment Corporation.
“We are delighted to welcome Mitch Saltz to our Board of Directors,” said Bob Ferris, Chairman and CEO of VirTra. “Mitch brings significant knowledge and expertise in finance, operational growth, and corporate governance and we look forward to his contribution to our Board and the Company. His appointment brings our Board to a composition of two independent directors, which is one of the requirements of obtaining a listing on the OTCQX market.”
About VirTra
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.
Forward-looking Statements
This news release includes certain information that may constitute forward-looking statements. Forward-looking statements are typically identified by terminology such as “could,” “may,” "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," “proposed,” “planned,” “potential” and similar expressions, or are those, which, by their nature, refer to future events. All statements, other than statements of historical fact, included herein, including statements about VirTra's beliefs and expectations, are forward-looking statements. Forward-looking information is necessarily based upon a number of assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Although VirTra believes that such statements are reasonable, it can give no assurance that such forward-looking information will prove to be accurate. VirTra cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors. Accordingly, due to the risks, uncertainties and assumptions inherent in forward-looking information, readers and prospective investors in the Company's securities should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof, and is based upon the opinions and estimates of management and information available to management as at the date hereof and is subject to change. The Company assumes no obligation to revise or update forward-looking information to reflect new circumstances, whether as a result of new information, future events or otherwise, except as required by law.