AMMO, Inc. Appoints New Chief Financial Officer and Provides Corporate Update

Paul Kasowski, Who Has Served as Chief Compliance and Transformation Officer, Named New Chief Financial Officer

The Board of Directors Has Retained Independent Advisors to Support an Investigation Into Financial Reporting for Fiscal Years 2020-2023

SCOTTSDALE, Ariz., Sept. 24, 2024 (GLOBE NEWSWIRE) -- 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 Paul Kasowski, who has served as the Company's Chief Compliance and Transformation Officer, has been appointed by AMMO's Board of Directors (the "Board") as the Company's new Chief Financial Officer, effective immediately. Mr. Kasowski succeeds Rob Wiley, who resigned on September 19, 2024 at the request of the Board.

After due consideration, the Company's Board determined that Mr. Kasowski possesses the requisite experience and qualifications to serve as CFO. Mr. Kasowski most recently served as Chief Compliance and Transformation Officer since January 2024.

Jared Smith, AMMO's Chief Executive Officer and Board member, commented:

"Since my appointment as CEO in July 2023, I have prioritized laying a foundation for long-term value creation and helping AMMO mature as a public company. The appointment of Paul will support these efforts. He brings additive experience in a variety of areas, including enhancing margins, improving internal processes, and positioning businesses to transform."

Paul Kasowski Biography:

Prior to joining the Company in January 2024, Mr. Kasowski held the role of SVP, Business Transformation for Kinder's Seasonings & Sauces from January 2022 to July 2023 where he professionalized financial reporting and implemented margin improvement projects while building a winning culture for this high growth brand. Previously, from December 2020 to December 2021, he was CFO for Arizona Natural Resources, a privately owned manufacturer of premium beauty care products where he oversaw finance, accounting, IT, HR, planning and sourcing. Mr. Kasowski also held the role of VP, Financial Planning & Analysis from April 2019 to December 2020 for Igloo Products Corp., a manufacturer of coolers and hydration products based in Katy, TX. From 2003 to 2019, he held progressing roles in finance, strategy, and operations for Del Monte Foods and Ainsworth Pet Nutrition. Mr. Kasowski earned his M.S. in Supply Chain Management from Michigan State University, MBA from Ohio University, and B.S. in Finance from Robert Morris University.

Independent Investigation Into Historical Financial Statements

As disclosed in a Form 8-K filed with the U.S. Securities and Exchange Commission on September 24, 2024, a Special Sub-Committee of the Nominations and Corporate Governance Committee of the Board of Directors has retained a law firm to conduct an independent investigation into the Company's internal control over financial reporting for the fiscal years 2020 through 2023. The independent investigation is in its early stages and is focused on fiscal years 2020 through 2023.

The Company does not plan to comment further until the completion of the investigation.

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 use via government programs. For more information, please visit: www.ammo-inc.com.

About GunBroker

GunBroker is the largest online marketplace dedicated to firearms, hunting, shooting and related products. Aside from merchandise bearing its logo, GunBroker 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, the GunBroker.com website 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 promotes responsible ownership of guns and firearms. For more information, visit: www.gunbroker.com.

Forward Looking Statements

This document contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words like "may," "will," "likely," "should," "expect," "anticipate," "future," "plan," "believe," "intend," "goal," "seek," "estimate," "project," "continue," and similar expressions. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on current beliefs, expectations and assumptions regarding the future of the business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict. Actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. We do not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the dates they are made. You should, however, consult further disclosures and risk factors we include in Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports filed on Form 8-K.

Contacts

For media:
Longacre Square Partners
Joe Householder, [phone]
[e-mail]

For investors:
Matt Blazei
CoreIR
Phone: [phone]
[e-mail]

Source: AMMO, Inc.