Bantec Subsidiary Howco Secures a $100,000 Increase to an Existing Purchase Order to Provide Military Grade Packaging for a Major Aerospace Defense Manufacturer

Rhea-AI Summary

Bantec, Inc. (OTCPINK: BANT) announces a $100,000 increase to an existing purchase order from its subsidiary, Howco Distributing. This order is to provide military-grade packaging for a significant aerospace manufacturer supplying military drones and parts to the U.S. Department of Defense. The company highlights its expertise in military-grade packaging, which has improved delivery rates from 37% to 93% for their customer. Bantec aims to continue its growth in packaging and consulting services in the defense sector.

Positive

• Secured a $100,000 increase in an existing purchase order, enhancing revenue potential.
• Improved customer delivery performance from 37% to 93%, showcasing operational efficiency.
• Demonstrated strong expertise in military-grade packaging, increasing competitive advantage.

Negative

• None.

LITTLE FALLS, N.J., Sept. 10, 2020 /PRNewswire/ -- Bantec, Inc. (OTCPINK: BANT) ("Bantec" or the "Company"), Bantec, Inc., a product and service company, announces that Howco Distributing, its wholly-owned subsidiary, received a $100,000 increase to an existing purchase order to provide military grade packaging for a major aerospace manufacturing company selling military drones, replacement parts and other accessories to the U.S. Department of Defense. 

Howco Distributing Co.
Michael Bannon, Bantec's Chairman and CEO stated that "Howco possesses a unique competence when it comes to understanding the complexities of the military grade packing requirements found in U.S. Defense contracts.  We successfully packaged for thousands of contracts during the past three years.  For defense contractors who struggle with these complexities, often making unnecessary mistakes costing valuable time and money, we offer them our expertise allowing them to focus on what is important – making their products better." 

Matt Wiles, Bantec's COO, commented, "I could not be more proud of our team for what they have been able to accomplish is such a short period.  The packaging and consulting services we are providing are intricate and relieve our customer of a cumbersome task.  Our customer, along with the Defense Logistics Agency (DLA) and Defense Contract Management Agency (DCMA), attribute to Howco an increase in our customer's on-time delivery from 37% to 93%.  I am confident we will continue to provide packaging and consulting services for many years to come."

About Bantec
Bantec Inc., a product and service company, through its subsidiaries and divisions sells to facility managers, engineers, maintenance managers, purchasing managers and contract officers who work for local and state governments and the U.S. Government.  It distinguishes itself by establishing lifelong customer and supplier friendships, responding immediately to its customers' needs, and providing products and services through a highly technically trained, motivated and incentivized workforce.

Forward-Looking Statements
Certain statements in this press release may be considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include projections of matters that affect revenue, operating expenses or net earnings; projections of growth; and assumptions relating to the foregoing. Such forward-looking statements are generally qualified by terms such as: "plans, "anticipates," "expects," "believes" or similar words. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or qualified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking information. These factors are discussed in greater detail in our Form 10 filed with the U.S. Securities and Exchange Commission.

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Contacts:
Michael Bannon
Chairman & CEO
mike@bantecinc.com
(203) 220-2296

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SOURCE Bantek Inc.

FAQ

What is the significance of Bantec's $100,000 purchase order increase?

The $100,000 increase indicates a growing demand for Bantec's military-grade packaging services, enhancing its revenue.

How has Bantec improved its customer's delivery performance?

Bantec's subsidiary, Howco Distributing, improved delivery from 37% to 93%, significantly increasing efficiency.

What type of services does Bantec provide related to defense contracts?

Bantec offers military-grade packaging and consulting services to defense contractors.