GARLAND, Texas, Nov. 10, 2021 /PRNewswire/ -- Texas-based True Velocity has announced that it will acquire next-generation weapon manufacturer LoneStar Future Weapons in a transaction valued at approximately $84 million.
The strategic acquisition enables True Velocity to extend its innovative approach to lightweight ammunition development and advanced manufacturing technology into the weapons industry, leveraging LoneStar Future Weapons' substantial expertise in research and design, precision manufacturing, quality control and production efficiency. As a result of the transaction, True Velocity will add LoneStar's preeminent patent portfolio around next-generation weapons and projectile technology to an already-robust collection of more than 340 patents either issued or pending in the lightweight ammunition space.
LoneStar Future Weapons will operate as a wholly owned subsidiary of True Velocity parent company TV Ammo, Inc.
"The LoneStar team is extremely excited to work more closely with True Velocity to implement our next-generation weapons, projectile technology and recoil-mitigation technology into the amazing polymer ammunition ecosystem," said Craig Etchegoyen, chairman of LoneStar Future Weapons. "Together, our American-owned, American-based companies will provide our warfighters with the very best weapons and ammunition to protect our nation."
In April 2021, LoneStar Future Weapons announced a strategic partnership with True Velocity to compete in the U.S. Army's Next Generation Squad Weapons program. Under the arrangement, LoneStar Future Weapons assumed the prime contractor role from General Dynamics Ordnance & Tactical Systems and True Velocity continued to serve as a subcontractor responsible for the provision of its advanced 6.8TVCM composite-cased cartridge.
True Velocity's acquisition of LoneStar Future Weapons allows the two companies to leverage substantial synergies and business efficiencies in the development and production of advanced weapons and ammunition for the Next Generation Squad Weapons program and other forthcoming force modernization contracts.
"Incorporating LoneStar Future Weapons' innovative approach to weapon design and manufacture, along with their significant intellectual property portfolio and licensing expertise, into TV Ammo's holdings strategically positions our business to have a lasting and meaningful impact on the lethality of U.S. fighting forces," said True Velocity Chairman and CEO Kevin Boscamp. "It provides a path forward for the development and co-optimization of advanced weapons and munitions for the U.S. Department of Defense, our international allies, and the domestic commercial market."
True Velocity and LoneStar Future Weapons are one of two teams remaining in the NGSW program, which is expected to culminate in January 2022. Current production includes a semi-automatic rifle and an automatic rifle designed to fire True Velocity's proprietary 6.8TVCM composite-cased cartridge. LoneStar Future Weapons and True Velocity also plan to develop a lightweight medium machine gun, as well as commercially available products, in the future.
To learn more about True Velocity, LoneStar Future Weapons and the NGSW program, visit TVAmmo.com.
About True Velocity
True Velocity is an advanced technology and composite manufacturing company based in Garland, Texas. Founded in 2010, True Velocity has more than 250 patents pending or issued on its products, technology and manufacturing processes. Initially, the company is focused on revolutionizing the ammunition industry. True Velocity products are manufactured in the U.S. in a state-of-the-art facility and are currently available to public agencies, with consumer products available soon. True Velocity's proprietary composite cartridge provides significant logistical advantages over traditional brass-cased ammunition and gives end users unmatched accuracy, repeatability, and reliability, all in a light-weight cartridge. For more information, visit tvammo.com.
About LoneStar Future Weapons
Texas-based LoneStar Future Weapons is an advanced technology company focused on the manufacture of next-generation defense solutions. For more information, visit lonestarfutureweapons.com.
View original content to download multimedia:https://www.prnewswire.com/news-releases/true-velocity-acquires-lonestar-future-weapons-301420645.html
SOURCE True Velocity, Inc.