U.S.A. –-(AmmoLand.com)- AMMO, Inc. (Nasdaq: POWW, POWWP) (“AMMO” or the “Company”), the owner of GunBroker.com, the largest online marketplace serving the firearms and shooting sports industries, and a leading vertically integrated producer of high-performance ammunition and components, today announced that Steven Urvan, Chief Strategy Officer, and Susan Lokey, Chief Financial Officer of SpeedLight I, LLC d/b/a GunBroker.com, have been placed on administrative leave with immediate effect.
The Company has reason to believe that these individuals may have misappropriated the Company’s data and digital assets and transmitted that data to a third party controlled by Mr. Urvan and with which Ms. Lokey is associated. The Company commenced an internal investigation into the alleged misconduct several weeks ago. During the pendency of the investigation, these individuals will remain suspended from their duties.
The Company’s board of directors has formed a special committee (the “Special Committee”) in connection with the conduct of Mr. Urvan. The Special Committee issued the following statement:
We are deeply concerned by the preliminary results of our investigation to date. We are committed to ensuring that all aspects of the Company’s business are conducted with integrity, transparency and oversight. The Company seeks to protect its data and digital assets against all forms of misappropriation.
Mr. Urvan was aware of our concerns and our prior attempts to investigate and discern more information. We believe that his recently announced proxy contest to replace the entire Board may be, at least in part, an attempt by Mr. Urvan to thwart our investigation and driven by his desire to avoid accountability.
Nevertheless, we will continue our thorough investigation into the alleged misconduct. We will conduct this investigation with the urgency and diligence it deserves, and we will take responsive or preventative actions that the Special Committee determines to be appropriate.
In the meantime, to protect the Company and its customers, stockholders and other stakeholders, the Special Committee has determined to place these individuals on administrative leave. It is untenable to allow these individuals continued access to the Company’s systems, data, property or employees while the investigation is underway and until we fully understand the nature and scope of their prior actions.
In the meantime, we remain committed to delivering exceptional and innovative products and experiences for outdoor sporting enthusiasts that drive value for our shareholders and other stakeholders.
The Company currently does not expect the investigation to yield any findings that impact the financial results, balance sheet or business prospects of the Company.
About AMMO, Inc.
With its corporate offices headquartered in Scottsdale, Arizona, AMMO designs and manufactures products for a variety of aptitudes, including law enforcement, military, sport shooting and self-defense. The Company was founded in 2016 with a vision to change, innovate and invigorate the complacent munitions industry. AMMO promotes branded munitions as well as its patented STREAK ™ Visual Ammunition, /stelTH/™ subsonic munitions, and specialty rounds for military and law enforcement use via government programs. For more information, please visit: www.ammo-inc.com.
About GunBroker.com
GunBroker.com is the largest online marketplace dedicated to firearms, hunting, shooting and related products. Aside from merchandise bearing its logo, GunBroker.com currently sells none of the items listed on its website. Third-party sellers list items on the site and Federal and state laws govern the sale of firearms and other restricted items. Ownership policies and regulations are followed using licensed firearms dealers as transfer agents. Launched in 1999, GunBroker.com is an informative, secure and safe way to buy and sell firearms, ammunition, air guns, archery equipment, knives and swords, firearms accessories and hunting/shooting gear online. GunBroker.com promotes responsible ownership of guns and firearms. For more information, please visit: www.gunbroker.com
GB was bought & controlled opposition years ago. No customer support, tons of mis-billed & incorrectly assessed fees. They also digitally track everything. Enjoy the charade Clown Show.
Watch your credit card statements. I have one credit card that is used for GB only and I noticed 2 charges on that card that I did not make from Ammo Inc which shows up as outdoor online on my statement with there phone number. I called ammo Inc to make sure they dont have another company that I may have purchased from that they use the same credit card processing and spoke too a women who told me she would have the person call me that handles that stuff. I never heard from here and had more card canceled… Read more »
Leftist / Liberals – who are Gun Haters – You Have YOUR IDEAS – Millions of OTHER CITIZENS Have THEIRS! If you DON’T LIKE GUNS – DON’T ‘BUY ONE’ = Just stop PUSHING YOUR NEGATIVE BULLSHIP On the MAJORITY! We all live in THE USA! WE HAVE A CONSTITUTION FOR A REASON ! Our Makers of THE CONSTITUTION & Declaration of Independence – Used SPECIFIC TEXT & LANGUAGE for a Reason! As to NOT BE MISCONSTRUED By EVIL POLITICIANS! TO GET FULL “POWER OVER THE PEOPLE ( Majority)! If it were NOT FOR BRAVE COLONISTS THAT USED THE RIFLES FROM… Read more »
Sounds like an internal power struggle.
Isn’t this the dipstick company that was sending thousands of rounds of ammo to Ukraine to help prop up the corrupt Zelenskyy/Biden government against Russia’s righteous attempt to set things back to normal there? Glad I bought nothing from them and do not intend to buy from them.
So who are they selling all the customers’ info to? FBATFE or Giffords?