TEMPE, AZ
VirTra Systems, Inc. Bob Ferris, VirTra Systems' CEO and president (OTC:VTSI.PK), today announced that during the 4th Quarter 2008, VirTra Systems has eliminated a total of $1,196,269 in outstanding debt and liabilities. This information will be included in the forthcoming 2008 VirTra Annual Report.
VirTra has also settled all pending legal judgments in their entirety, which eliminates $249,887 in financial obligations to the company. VirTra has also eliminated the only secured creditor of the Company. As of today, by eliminating pending financial judgments, accounts payable and other outstanding debt, VirTra’s debt and liability reduction totals $1,196,269. VirTra’s management eliminated or reduced these obligations at a cost of only $72,451, no other compensation was provided (no shares of stock and no issued warrants).
“Management negotiated the debt and liability reduction on very favorable terms for our shareholders, while significantly reducing overall corporate obligations. Also, the debt and liability reduction is further evidence of our surging progress and our ever strengthening financial position as a company,” said Bob Ferris, CEO and President of VirTra.
About VirTra Systems
The company produces the best-in-class firearm simulators for both law enforcement and military customers throughout the world. VirTra is the higher standard in simulation: from exceptional customer service to unparalleled technology like 360 degree HD training platforms and the Threat-Fire™ safe return fire system (patent pending). When training realism matters, military and law enforcement professionals consistently select VirTra’s simulators to help save lives.
www.virtra.com.
One of our most important responsibilities is to communicate with shareholders in an open and direct manner. Comments are based on current management expectations, and are considered "forward-looking statements," generally preceded by words such as "plans," "expects," "believes," "anticipates," or "intends." We cannot promise future returns. Our statements reflect our best judgment at the time they are issued, and we disclaim any obligation to update or alter forward-looking statements as the result of new information or future events. VirTra Systems urges investors to review the risks and uncertainties contained within its filings with the Securities and Exchange Commission.
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