FN ANNOUNCES EXPANSION OF GLOBAL ALLIANCE WITH TRUE VELOCITY ON LIGHTWEIGHT MEDIUM MACHINE GUN

(McLean, VA – August 19, 2024) FN America, LLC is proud to announce the expansion of the strategic licensing and manufacturing alliance with ammunition and weapon system manufacturer TV Ammo, Inc. (“True Velocity”), to produce True Velocity’s .338 Norma Lightweight Medium Machine Gun for U.S. and Allied military units.

The international strategic alliance positions FN as the primary manufacturer of Texas-based True Velocity’s .338 Norma machine gun, both in the United States and the United Kingdom. The .338 is a recoil-mitigated weapon system designed to provide warfighters with range and terminal performance similar to that of the .50-caliber M2 machine gun, but with a lightweight, functional profile comparable to that of the ubiquitous M240 machine gun also manufactured by FN.

“FN America is extremely excited to partner with True Velocity on this effort to deliver the next medium machine gun to the U.S. military,” said Mark Cherpes, President and CEO for FN America, LLC. “Both companies share the drive and desire to innovate and deliver game-changing technology to the warfighter. This has produced a really great collaborative effort across our teams.”

A lightweight machine gun solution chambered for the .338 Norma cartridge has been a focal point of requirements emerging from the U.S. Department of Defense and Allied militaries in recent years. In March 2024, the United States Department of Defense selected True Velocity’s .338 Norma Lightweight Medium Machine Gun for continued evaluation in a military program aimed at fielding a weapon system that would bridge the performance gap between the .50-caliber M2 machine gun and the M240 machine gun chambered for 7.62x51mm NATO.

“True Velocity’s .338 machine gun will change the battlefield for our warfighters. We are thrilled that FN will join with us so we can equip U.S. and Allied militaries with this combat advantage,” said True Velocity President and Chief Intellectual Property Officer Craig Etchegoyen. “It very quickly became clear that FN is a world-renowned, reliable and respected manufacturer of innovative machine guns, and we’re excited for them to join our mission.”

Over the past 40 years, FN’s production facility in Columbia, South Carolina, has produced over one million small arms under contract to the U.S. Department of Defense. Currently, FN America produces firearms, accessories and other adjacent products for the U.S. military, law enforcement agencies as well as authorized retailers. The company has manufactured the M4A1, M16A4, M249 light machine gun, M240 medium machine gun and FN SCAR® under contract for the U.S. military.

“FN America is excited to bring its 40-plus years of U.S. government support in the manufacturing of belt-fed machine guns to the TV-FN alliance,” said Jim Williams, Vice President, Military Programs for FN America, LLC. “The natural teaming between True Velocity and FN America ensures success by combining the new technology designs of TV and the decades of manufacturing and U.S. Government support of FN America. And it’s equally exciting to extend the alliance globally through our sister company FN UK as we expand the growing relationship and joint expertise that TV and FN bring.”

To learn more about FN’s military expertise and products, visit https://fnamerica.com/military.

About True Velocity

True Velocity is an advanced technology manufacturing and licensing company based in Garland, Texas, with a current emphasis on composite ammunition, lightweight machine guns and suppressors. Founded in 2012, True Velocity has approximately 315 patents pending or issued surrounding its products, technology and manufacturing processes. True Velocity is focused on revolutionizing the ammunition and weapons industry through the introduction of its composite-cased ammunition, innovative weapons systems and advanced manufacturing technology. True Velocity products are manufactured in the U.S. in a state-of-the-art, 66,000-square-foot facility. The company’s proprietary composite cartridge is designed to provide significant logistical advantages over traditional brass-cased ammunition and give end users enhanced accuracy, repeatability, and reliability, all in a light-weight cartridge.

For more information, visit tvammo.com.

About FN America

FN 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.

Cautionary Note Regarding Forward-Looking Statements

This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results; our plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “believe,” “intend,” “plan,” “projection,” “outlook,” or words of similar meaning. These forward-looking statements include, but are not limited to, statements regarding True Velocity’s industry and market sizes, future opportunities for True Velocity, and True Velocity’s estimated future results. Such forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic, and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. Actual results and the timing of events may differ materially from the results anticipated in these forward-looking statements.