Texas-based advanced technology company TV Ammo, Inc. (“True
Velocity”) announced today a strategic development partnership with
FN America (“FN”) that would enable one of the most prolific
machine guns in the world to fire its proprietary 6.8TVCM
composite-cased cartridge.
The partnership is aimed at the development and
qualification of a conversion kit that would allow existing M240
machine guns initially chambered for the 7.62x51mm NATO cartridge
to convert to True Velocity’s advanced 6.8TVCM composite-cased
cartridge with only minor modifications, including a barrel
change.
“This is the tip of the iceberg,” said True
Velocity Chairman and co-CEO Kevin Boscamp. “We are working with
top weapon manufacturers like FN America to change the paradigm for
our soldiers and ensure that they have access to the very best
technology that America has to offer. This level of innovation will
not only breathe new life into a fantastic weapon system like the
M240, but it opens the door to entirely new systems like True
Velocity’s .338 Norma Lightweight Medium Machine Gun.”
The two companies commenced an extensive First
Article Test of the 6.8TVCM M240 conversion kit at FN’s Columbia,
SC, facility on May 8, 2023. Over the course of three months,
30,000 rounds of True Velocity’s 6.8TVCM ammunition will be fired
through a single M240 weapon system chambered for the proprietary
cartridge. Upon completion of the First Article Test in August
2023, the two companies will then begin three additional
50,000-round endurance tests to fully qualify the M240 chambered
for True Velocity’s 6.8TVCM cartridge.
“The performance implications of this
‘switch-barrel’ capability are eclipsed only by the magnitude of
the business opportunity associated with it,” said True Velocity
co-CEO Chris Tedford. “We’re talking about improving the effective
range of one of the most prolific machine guns in the world by as
much as 50 percent, providing our warfighters with a significant
advantage on the battlefield.”
The U.S. Army has tested more than 700,000
rounds of True Velocity’s 6.8TVCM cartridge, resulting in its
designation as the first and only lightweight cartridge to meet or
exceed all U.S. military specifications, including performance
across the entire temperature spectrum required by the U.S.
Department of Defense. Additionally, True Velocity has fired in
excess of 1 million rounds of 6.8TVCM in its internal testing,
including more than 10,000 rounds through the M240.
The cartridge offers an approximate weight
reduction of 30 percent as compared to traditional, brass-cased
7.62x51mm cartridges and delivers muzzle velocity in excess of
3,000 feet per second, while maintaining safe operating pressures.
As a result of these performance attributes, the cartridge is
capable of delivering significantly greater effective range than
traditional 7.62x51mm NATO ammunition.
“FN’s partnership with True Velocity and the
rigorous testing we are accomplishing highlight the rugged and
capable design of the M240,” said Jim Williams, Vice President,
Military Programs for FN America, LLC. “The adaptability of the
M240 design to accept new calibers to address emerging threats and
requirements provides more capability to the warfighter. We look
forward to the results of this First Article testing and the bright
future ahead for this proven weapon system.”
FN America is the preeminent manufacturer of the
M240 machine gun, which is currently fielded by all branches of the
United States military as well as dozens of foreign militaries
around the world. The weapon system is capable of a cyclic rate of
between 600-900 rounds per minute, depending upon which variant of
the M240 is being fired.
True Velocity and FN America intend to market
the M240 conversion kit and composite-cased 6.8TVCM ammunition to
the U.S. and Allied militaries and have participated in multiple
military live-fire demonstrations displaying the enhanced
capability.
For military sales inquiries, please contact
True Velocity Executive Vice President of Sales and Business
Development Kevin Sims at ksims@tvammo.com.
About True Velocity and its Proposed
Business Combination with Breeze Holdings
True Velocity is an advanced technology and
composite manufacturing company based in Garland, Texas. Founded in
2010, True Velocity has approximately 300 patents pending or issued
surrounding its products, technology and manufacturing processes.
True Velocity is focused on revolutionizing the ammunition industry
through the use of composite materials. True Velocity products are
manufactured in the U.S. in a state-of-the-art, 66,000-square-foot
facility. True Velocity’s proprietary composite cartridge is
designed to provide significant logistical advantages over
traditional brass-cased ammunition and give end users unmatched
accuracy, repeatability, and reliability, all in a light-weight
cartridge.
For more information, visit tvammo.com.
As previously announced on November 1, 2022, TV
Ammo, Inc. (“True Velocity”) entered into a business combination
agreement with Breeze Holdings Acquisition Corp. (“Breeze
Holdings”) (NASDAQ: BREZ), a publicly traded special purpose
acquisition company, pursuant to which a newly formed wholly-owned
subsidiary of Breeze Holdings will merge with and into True
Velocity, with True Velocity surviving as a wholly-owned subsidiary
of Breeze Holdings. Upon closing of the transaction, Breeze
Holdings will be renamed “True Velocity, Inc.” and its common stock
is expected to trade on the Nasdaq Capital Market. The transaction
is expected to close in the second half of 2023, subject to the
satisfaction of customary closing conditions, including certain
regulatory and shareholder approvals.
About FN AmericaFN America,
LLC, is a U.S. subsidiary of FN Herstal, S.A., a global leader in
the development and manufacture of high-quality, reliable firearms
for military, law enforcement, and commercial customers worldwide.
Headquartered in McLean, VA, with manufacturing operations in
Columbia, SC, FN America is passionately committed to providing its
customers with a portfolio of products, training, and support
services under the FN brand name that enhance their performance and
safeguard their lives.
For more information, visit
www.fnamerica.com.
About Breeze Holdings Acquisition
Corp.
Breeze Holdings is a blank check company
organized for the purpose of effecting a merger, share exchange,
asset acquisition, stock purchase, recapitalization,
reorganization, or other similar business combinations with one or
more businesses or entities.
Additional Information and Where to Find
It
This press release relates to a proposed
business combination transaction involving Breeze Holdings and True
Velocity. In connection with the proposed transaction, Breeze
Holdings intends to file with the U.S. Securities and Exchange
Commission (the “SEC”) a registration statement on Form S-4 that
will include a proxy statement of Breeze Holdings and that also
will constitute a prospectus of True Velocity, Inc. with respect to
the shares of True Velocity, Inc. common stock to be issued in the
proposed transaction (the “Proxy Statement/Prospectus”). This
document is not a substitute for the Proxy Statement/Prospectus.
The definitive Proxy Statement/Prospectus (if and when available)
will be delivered to Breeze Holdings’ and True Velocity’s
stockholders. Breeze Holdings may also file other relevant
documents regarding the proposed transaction with the SEC. BEFORE
MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY
HOLDERS OF BREEZE HOLDINGS AND TRUE VELOCITY AND OTHER INTERESTED
PARTIES ARE URGED TO READ THE REGISTRATION STATEMENT, PROXY
STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS THAT ARE
FILED OR WILL BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED
TRANSACTION, INCLUDING ANY AMENDMENTS OR SUPPLEMENTS TO THESE
DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME
AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT
BREEZE HOLDINGS, TRUE VELOCITY, THE PROPOSED TRANSACTION AND
RELATED MATTERS.
Investors and security holders of Breeze
Holdings and True Velocity may obtain free copies of the
Registration Statement and Proxy Statement/Prospectus (if and when
available) and other documents that are filed or will be filed with
the SEC by Breeze Holdings through the website maintained by the
SEC at www.sec.gov. Copies of the documents filed with the SEC by
Breeze Holdings will be available free of charge at Breeze Holdings
Acquisition Corp., 955 W. John Carpenter Fwy., Suite 100-929,
Irving, TX 75039, attention: J. Douglas Ramsey.
Participants in the
Solicitation
Breeze Holdings, True Velocity and certain of
their respective directors and executive officers may be deemed to
be participants in the solicitation of proxies from the
stockholders of Breeze Holdings and True Velocity in respect of the
proposed transaction. Information about Breeze Holdings’ directors
and executive officers and their ownership of Breeze Holdings
common stock is set forth in Breeze Holdings’ filings with the SEC,
including its Annual Report on Form 10-K for the year ended
December 31, 2022 filed with the SEC on March 31, 2023 (the “Annual
Report”). To the extent that holdings of Breeze Holdings’
securities have changed since the amounts included in the Annual
Report, such changes have been or will be reflected on Statements
of Change in Ownership on Form 4 filed with the SEC. Other
information regarding the participants in the proxy solicitation
and a description of their direct and indirect interests, by
security holdings or otherwise, will be contained in the Proxy
Statement/Prospectus and other relevant materials to be filed with
the SEC in respect of the proposed transaction when they become
available. You may obtain free copies of these documents as
described in the preceding paragraph.
Cautionary Note Regarding
Forward-Looking Statements
This press release contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, including, among other things, statements
regarding the anticipated benefits and impact of the proposed
transaction on the combined company’s business and future financial
and operating results, the anticipated timing of closing of the
proposed transaction, the anticipated growth of the industries and
markets in which True Velocity competes, the success and customer
acceptance of True Velocity’s product and service offerings and
other aspects of True Velocity’s operations, plans, objectives,
opportunities, expectations or operating results, the expected
ownership structure of the combined company and the likelihood and
ability of the parties to successfully consummate the proposed
transaction. Words such as “may,” “should,” “will,” “believe,”
“expect,” “anticipate,” “intend,” “estimated,” “target,” “project,”
and similar phrases or words of similar meaning that denote future
expectations or intent regarding the combined company’s financial
results, operations and other matters are intended to identify
forward-looking statements. You should not rely upon
forward-looking statements as predictions of future events. Such
forward-looking statements are based upon the current beliefs and
expectations of management and are inherently subject to
significant business, economic and competitive risks, uncertainties
and other factors, both known and unknown, which are difficult to
predict and generally beyond our control and that may cause actual
results and the timing of future events to differ materially from
the results and timing of future events anticipated by the
forward-looking statements in this press release, including but not
limited to: (i) the ability of the parties to complete the proposed
transaction within the time frame anticipated or at all, which may
adversely impact the price of Breeze Holdings’ securities; (ii) the
failure to realize the anticipated benefits of the proposed
transaction or those benefits taking longer than anticipated to be
realized; (iii) the risk that the proposed transaction may not be
completed by Breeze Holdings’ business combination deadline and the
potential failure to obtain further extensions of the business
combination deadline if sought by Breeze Holdings; (iv) the failure
to satisfy the conditions to the consummation of the proposed
transaction, including the adoption of the definitive merger
agreement by the stockholders of Breeze Holdings or True Velocity,
the satisfaction of the minimum cash amount following redemptions
by the public stockholders of Breeze Holdings, the receipt of any
required governmental or regulatory approvals or the failure to
meet the Nasdaq listing standards in connection with the closing of
the proposed transaction; (v) the lack of a third party valuation
in determining whether or not to pursue the proposed transaction;
(vi) the occurrence of any event, change or other circumstance that
could give rise to the termination of the definitive merger
agreement; (vii) the impact of the COVID-19 pandemic or related
governmental or regulatory orders; (viii) the effect of the
announcement or pendency of the proposed transaction on True
Velocity’s business relationships, performance and business
generally; (ix) risks that the proposed transaction disrupts
current plans and operations of True Velocity and any potential
difficulties in True Velocity employee retention as a result of the
proposed transaction; (x) the outcome of any legal proceedings that
may be instituted against True Velocity or Breeze Holdings related
to the definitive merger agreement or the proposed transaction or
any product liability or regulatory lawsuits or proceedings
relating to True Velocity’s products or services; (xi) the ability
to maintain the listing of Breeze Holdings’ (and after the closing
of the proposed transaction, True Velocity, Inc.’s) securities on
the Nasdaq Capital Market; (xii) potential volatility in the price
of Breeze Holdings’ securities due to a variety of factors,
including changes in the competitive and highly regulated
industries in which True Velocity operates, variations in
performance across competitors, changes in laws and regulations
affecting True Velocity’s business, and changes in the combined
company’s capital structure; (xiii) the ability to implement
business plans, identify and realize additional opportunities and
achieve forecasts and other expectations after the completion of
the proposed transaction; (xiv) the risk of downturns and the
possibility of rapid change in the highly competitive industries in
which True Velocity operates or the markets that True Velocity
targets; (xv) the inability of True Velocity and its current and
future collaborators to successfully develop and commercialize True
Velocity’s products and services in the expected time frame or at
all; (xvi) the risk that the combined company may never achieve or
sustain profitability or may need to raise additional capital to
execute its business plan, which may not be available on acceptable
terms or at all; and (xvii) the costs of the proposed transaction.
The forward-looking statements contained in this press release are
also subject to additional risks, uncertainties and factors,
including those described in Breeze Holdings’ most recent Annual
Report on Form 10-K and Quarterly Reports on Form 10-Q and other
documents filed or to be filed with the SEC by Breeze Holdings from
time to time. You are cautioned not to place undue reliance on
forward-looking statements as a predictor of future performance as
projected financial information and other information are based on
estimates and assumptions that are inherently subject to various
significant risks, uncertainties and other factors, many of which
are beyond our control. The forward-looking statements included in
this press release are made only as of the date hereof, and we
disclaim any intention or obligation to update any forward-looking
statements as a result of developments occurring after the date
hereof. Forecasts and estimates regarding True Velocity’s industry
and end markets are based on sources we believe to be reliable,
however there can be no assurance these forecasts and estimates
will prove accurate in whole or in part. Annualized, pro forma,
projected and estimated numbers are used for illustrative purpose
only, are not forecasts and may not reflect actual results.
No Offer or
Solicitation
This press release is for informational purposes
only and is not intended to and shall not constitute an offer to
sell or the solicitation of an offer to sell or to buy any
securities or a solicitation of any proxy, consent, vote or
approval with respect to any securities in respect of the proposed
transaction and is not a substitute for the Proxy
Statement/Prospectus or any other document that Breeze Holdings may
file with the SEC or send to Breeze Holdings’ or True Velocity’s
stockholders in connection with the proposed transaction. No offer,
sale, issuance or transfer of securities shall be made in any
jurisdiction in which such offer, sale, issuance or transfer would
be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
Contacts:
True VelocityPat HoganExecutive Vice President
of Corporate Communications(770) 500-0279press@tvammo.com
FN AmericaJim WilliamsVice President, Military
ProgramsJim.Williams@fnamerica.com
Breeze Holdings Acquisition
Corp.Investor RelationsCody Slach and
Cody CreeGateway GroupBREZ@gatewayir.com(949) 574-3860
Breeze Holdings Acquisit... (NASDAQ:BREZ)
過去 株価チャート
から 4 2024 まで 5 2024
Breeze Holdings Acquisit... (NASDAQ:BREZ)
過去 株価チャート
から 5 2023 まで 5 2024