AMMO CEO sees ‘considerable progress in the quarters ahead’

AMMO issued a Letter to Shareholders from CEO Jared Smith, which read in part, “I am pleased to communicate directly with you as AMMO, Inc.’s new Chief Executive Officer and want to take this opportunity to share the many developments that have occurred over the past six months and the future we envision for AMMO and GunBroker.com. I would like to begin by acknowledging AMMO Inc.’s Executive Chairman Fred Wagenhals and thank him on behalf of our leadership team and Board members for his innumerable and invaluable contributions over the past seven years. I look forward to learning from his impeccable entrepreneurial instincts and drive. I would also like to acknowledge all of our employees for their hard work and our investors for their continued patience. To our employees: this change has not been easy and current market conditions have made this transition even tougher. We have a very bright future, and I believe our team is now aligned to execute on a set of principles and goals that will drive long term shareholder value. To our investors: I ask that you maintain your faith in AMMO’s vision. We are now starting to execute on that vision while quickly making the changes necessary to win and maintain your confidence. We anticipate considerable progress in the quarters ahead through careful execution under three major categories: alignment and commitment from management; expansion of the reach and positioning of GunBroker.com; and enhancing our margins, operational prowess, and brand strength for our AMMO division…We are grateful for our shareholders’ interest and support of AMMO and our singular goal remains that our long-term and supportive shareholders realize the full potential of these amazing businesses, which will be reflected in our future financial performance and the share price.”