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Bantec, Inc. (OTCPINK: BANT) is a dynamic product and services company headquartered in Sparta, New Jersey, with operations extending to Vancouver, Washington. Bantec focuses on serving a broad range of clients, including the United States Government, state governments, municipalities, hospitals, universities, manufacturers, and other building owners.
Through its wholly-owned subsidiary, Howco Distributing Co., Bantec provides essential product procurement, distribution, and logistics services to the United States Department of Defense and the Defense Logistics Agency. This strategic positioning has enabled Bantec to secure substantial contracts, such as the recent $4.19 million contract with the U.S. Department of Defense for hydraulic diesel power units and post pullers.
In fiscal year 2021, Bantec launched Bantec Sanitizing, a division dedicated to offering sanitizing products and equipment through its online store at bantec.store. This expansion aligns with its commitment to meeting diverse client needs while addressing current health and safety concerns.
Bantec has demonstrated robust financial growth, marked by a significant increase in sales and profits from the first quarter of 2023 to the first quarter of 2024. Sales rose from $606,166 to $955,734, and gross profit increased from $94,950 to $147,547 during this period. This over 50% growth in both categories reflects the company's strategic advancements and increasing market demand.
Notably, Bantec is actively pursuing further growth through strategic acquisitions. The company recently signed a Letter of Intent to acquire a New Jersey-based manufacturing company specializing in specialty metal, Teflon, and glass products. This acquisition is expected to bolster Bantec's product offerings and facilitate entry into new markets, including pharmaceutical, biotech, and chemical industries.
Under the leadership of Chairman and CEO Michael Bannon, Bantec continues to explore innovative solutions and partnerships that drive its mission forward. The company’s proactive approach to growth and expansion has equipped it to capitalize on emerging opportunities and enhance its service capabilities.
Bantec’s forward-looking statements reflect its optimistic outlook and strategic planning. However, these statements are subject to various risks and uncertainties, as detailed in the company's annual reports filed with the SEC. Investors are encouraged to review these documents to understand the potential risks and opportunities that could impact Bantec's future performance.
For further updates and corporate developments, stakeholders and potential investors can contact Michael Bannon, Chairman & CEO, at stockholders@bantecinvestorrelations.com or (203) 410-8924.
Photo: Bantec Q1 Results 2023-2024
Bantec (OTCPINK: BANT) reported significant contract wins through its subsidiaries. Howco Distributing Co. achieved sales of $1.163 million over the past three months, including a notable $455,000 contract. Additionally, Bantec Environmental Corp. secured its first fire cleanup contract and obtained licensing as an asbestos removal contractor in Connecticut.
The company operates as a product and service provider targeting government entities, healthcare facilities, educational institutions, and building owners. Through Howco Distributing, Bantec supplies procurement, distribution, and logistics services to the U.S. Department of Defense and Defense Logistics Agency. Bantec Environmental specializes in asbestos, mold, lead, and PCB removal services in Connecticut.
Bantec, a product and services company, through its subsidiary Howco Distributing, has secured over $1,100,000 in short-term Department of Defense contracts in Q3 2024. The sales include items such as welding pins, vehicle winches, and transmission lifts. Michael Bannon, Bantec's CEO, noted that Howco has already exceeded the $1.1 million mark this quarter. Additionally, order fulfillment has started for a $4,100,000 long-term DoD contract announced in May. Bantec focuses on providing products and services to government entities and other large organizations, with a strategic aim to grow through acquisitions and partnerships.
Bantec, Inc. (OTCPINK: BANT) subsidiary Howco was awarded a $4.19 million U.S. Department of Defense contract for a 5-year Indefinite Delivery Contract for two items. Bantec plans to enhance its capabilities for servicing the U.S. DoD through strategic acquisitions and partnerships, gearing up for future expansion.
Bantec, Inc. has engaged in a Letter of Intent to acquire a small New Jersey based manufacturing company. The target company has sales of $2.3 million and an EBITDA of $300,000, specializing in specialty metal, Teflon, and glass products for pharmaceutical, biotech, and chemical industries. Bantec plans to seek government approval for Chem Flowtronic products and sell them through Howco, with the acquired company becoming a subsidiary of Bantec Inc.
Bantec, Inc. (OTCPINK: BANT) announced that its subsidiary Howco secured $109,000 in contracts in a single day, with 80% of these awarded by the DLA. Chairman and CEO Michael Bannon attributed this achievement to the dedicated sales team and expects continued sales growth leading to a profitable 2023. The company focuses on providing services to various sectors, including government and commercial businesses.
Bantec, Inc. (OTCPINK: BANT) announced on Sept. 21, 2022, that its subsidiary, Drone USA, secured a repeat purchase order from a New Jersey Police Department to upgrade their drone fleet. CEO Michael Bannon highlighted that the rapid advancements in drone technology create continuous sales opportunities, akin to the computer industry's evolution in the 1990s. The upgrade will enhance features such as thermal imaging and flight duration, indicating potential increased sales for Bantec in 2022 and beyond.
Bantec, Inc. (OTC-PINK: BANT) announced that its subsidiary, Howco, received 510 Defense Logistics Agency (DLA) contracts in April and May 2022. Chairman and CEO Michael Bannon highlighted a significant increase in contract awards, including a long-term contract valued at $250,000 for exhaust pipes. This growth indicates an upward trend in sales that exceeds projections, suggesting a positive outlook for revenue growth in the upcoming Q3 and Q4.
Bantec, Inc. (OTCPINK: BANT) announced plans to explore selling its loitering munition drones, the Bantec Hunter and Hunter Max, to the U.S. Government. This venture aims to create a new revenue stream for Howco, Bantec's subsidiary, which already serves the U.S. Department of Defense. Bantec is collaborating with a NATO drone development company to assess manufacturing costs and logistics for their drone technology, which could provide surveillance and one-time attack capabilities. The company believes this initiative could enhance sales in 2022 and beyond.
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