Bantec, through Howco, is looking into the feasibility of selling attack drones directly to the US Department of Defense.
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.
- Potential new revenue stream from sales to the U.S. Government.
- Collaboration with a NATO drone development company to enhance product offerings.
- Engagement in a new market involves uncertainty and risks.
- Reliance on government contracts could expose the company to budget-related risks.
LITTLE FALLS, N.J., May 18, 2022 /PRNewswire/ -- Bantec, Inc. (OTCPINK: BANT) ("Bantec" or the "Company"), Bantec, Inc., a product and services company, announces that it is looking into selling the Bantec Hunter and Bantec Hunter Max, loitering munition attack drones, to the U.S. Government.
Michael Bannon, Bantec's Chairman and CEO stated: "For the first time we are looking to have Howco sell our product to the U.S. Department of Defense. This will add a new revenue stream to Howco's existing business of acting as a middleman for government sales. We engaged with a drone development company, a NATO company, to investigate the costs and logistics involved in manufacturing battery and fuel operating drones that will deliver explosive devices to eliminate enemy combatants and armed military vehicles. The drones will likely be called the Bantec Hunter and Bantec Hunter Max. Both, when developed, will be able to be used for surveillance and reconnaissance or a one-time kamikaze style mission. We are also investigating the permits and licenses necessary for Howco to enter this market. In light of the current political climate, we believe this has the potential of generating additional sales for Howco in 2022 and beyond."
About Bantec
Bantec, Inc, a product and services company, through its subsidiaries and divisions, sells to facility managers, engineers, maintenance managers, purchasing managers and contract officers who work for hospitals, universities, manufacturers, commercial businesses, local and state governments, and the US government. Our difference that matters consists of establishing lifelong customer and supplier friendships, responding immediately to our customers' needs, and providing products and services through a highly technically trained, motivated, and incentivized workforce.
About Howco
Howco Distributing Co., ("Howco"), a wholly-owned subsidiary of Bantec, provides product procurement, distribution, and logistics services to the United States Department of Defense and Defense Logistics Agency.
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-K filed with the U.S. Securities and Exchange Commission.
Contacts:
Michael Bannon
Chairman & CEO
mike@bantecinc.com
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SOURCE Bantec, Inc.
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