Draft:True Velocity

True Velocity is an advanced technology and composite manufacturing company focused on revolutionizing the ammunition and weapons industry. Based in Garland, Texas, True Velocity has more than 250 patents pending or issued on its products, technology, and manufacturing processes.

History
True Velocity was founded by Kevin Boscamp with the vision of revolutionizing the firearms industry through innovation. The company officially began operations in 2012.

Next Generation Squad Automatic Rifle and Next Generation Squad Weapon Programs
In 2019, True Velocity announced a partnership with General Dynamics Ordnance and Tactical Systems (GD OTS) to compete in the United States Army’s Next Generation Squad Automatic Rifle program to develop replacements for the M4 carbine and M249 weapon systems and the 5.56x45m m NATO cartridge. GD OTS was one of a number of companies to receive contracts from the U.S. Army in July 2018 to develop submissions for the program. Under the terms of the agreement, True Velocity was to develop a composite-cased cartridge chambered in a 6.8x51mm caliber, and GD OTS was to develop weapon systems to fire the new cartridge.

Subsequently, in August 2019, GD OTS and True Velocity were selected as one of three teams to compete in the U.S. Army’s Next Generation Squad Weapon program.

Lone Star Future Weapons Acquisition
In September 2021, following GD OTS’ move to discontinue operations in the small arms industry, True Velocity announced the acquisition of Lone Star Future Weapons. Lone Star Future Weapons had licensed from GD OTS the intellectual property and technology associated with the company’s NGSW weapons submission (as well as additional weapon systems) and had assumed from GD OTS the prime contractor role in the NGSW program.

Commercial Sales
In 2021, True Velocity announced it would begin selling its composite-cased ammunition in the U.S. commercial ammunition market. The company first made its .308 Winchester ammunition available direct-to-consumer via its website, but subsequently announced a strategic partnership with Great Outdoors Group LLC, the parent company of outdoor retailers Bass Pro Shops and Cabela’s, extending True Velocity’s commercial availability to more than 150 retail locations nationwide.

In October 2021, Guns & Ammo magazine awarded True Velocity its “Guns & Ammo Innovation of the Year award for the company’s commercially available composite-cased ammunition.

Breeze Holdings Merger
In November of 2022, True Velocity entered into a merger agreement with Breeze Holdings Acquisition Corp., a Nasdaq-listed special-purpose acquisition company (SPAC). The anticipated completion of this merger will mark True Velocity’s entry into the public market, with Breeze Holdings rebranded as True Velocity Inc. and listed on the Nasdaq Capital Market.

Delta P Acquisition
In July 2023, True Velocity announced its acquisition of advanced suppressor technology company Delta P Design. The acquisition extended True Velocity’s reach from the ammunition and weapons industries into the sound and flash suppression industry as well, adding Delta P’s American-made suppressor technology to its portfolio of assets. Delta P Design delivers proven solutions for signature suppression of machine guns and other hard-to-suppress weapon systems for military applications, as well as high-performance signature suppressors for civilian firearms. Since 2014, Delta P Design has developed these solutions using state-of-the-art 3D metal printing technology, which allows for unique design geometries and extreme durability.

Partnership with FN America
In May 2023, True Velocity announced a strategic partnership with FN America to develop a conversion kit that would allow it’s globally field M240 belt-fed machine gun, initially chambered for the 7.62x51mm NATO cartridge, to fire True Velocity’s advanced 6.8TVCM cartridge instead, resulting in a significant reduction ammunition weight, increased effective range, and reduced heat transfer to the weapon system. In January 2024, the two companies said that extensive, rigorous evaluation of the “switch-barrel” capability was nearly finished and that manufacturing plans were underway. True Velocity and FN commenced a First Article Test of the conversion kit at FN’s Columbia, S.C., facility on May 8, 2023, requiring more than 30,000 rounds of True Velocity’s proprietary 6.8TVCM cartridge to be fired through the M240 platform over several months.

Products
True Velocity’s product line includes a range of small arms ammunition designed for various applications, from military and law enforcement to civilian use. True Velocity’s ammunition is known for its consistent performance and increased accuracy, making them sought after by defense and hunting professionals alike.

True Velocity has launched multiple calibers to date (January 2024), including .308 Winchester, 5.56x45mm, and its proprietary 6.8TVCM cartridge.

In addition to the company’s advanced composite-cased ammunition, True Velocity’s acquisition of Lone Star Future Weapons and Delta P Designs have enabled the company to expand their product portfolio to include proprietary, advanced weapons technology and next-generation weapon suppression technology.