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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, Inc. (OTCPINK: BANT) announced on March 29, 2022, that its subsidiary Howco has secured six indefinite delivery contracts from the Defense Logistics Agency (DLA) worth 1.5 million dollars.
The contracts cover the supply of pressure transmitters, anodes, V-belts, and maintenance kits, which include five one-year contracts and one five-year contract with different OEMs. CEO Michael Bannon expressed optimism about future contract acquisitions, indicating that this achievement could significantly boost revenue for 2022 and beyond.
Bantec, Inc. (OTCPINK: BANT) announced the launch of its Pandemic Response kit for direct sale to consumers through its subsidiary, Bantec Sanitizing, starting in February 2022. Chairman and CEO Michael Bannon emphasized the need for this product during ongoing Covid challenges, aiming to create a new revenue stream via an advertising campaign in Exceptional Parent Magazine. Bantec Sanitizing focuses on sanitizing solutions for both home and commercial settings, as well as offering franchise opportunities for sanitizing service providers.
Bantec, Inc. (OTC-PINK: BANT) announced a purchase order received by its subsidiary Drone USA to supply a thermal imaging drone to a Police Department in New Jersey. The CEO, Michael Bannon, emphasized that this drone is designed for police use, featuring a loudspeaker, beacon, and spotlight, with capabilities such as a five-mile range and 8X zoom thermal camera. The sale is anticipated to be the first of many to law enforcement agencies across New Jersey and the United States, showcasing Bantec's commitment to integrating drone technology into police operations.
Bantec, Inc. (OTCPINK: BANT) announced the expansion of its licensing initiative focused on its Drone Delivery Receptacle patent. CEO Michael Bannon highlighted plans to contact over 10 Improvement Patent holders for potential licensing agreements, which could generate significant revenue in 2022. The global drone package delivery market is projected to reach USD 18.65 billion with a CAGR of 54.5% by 2028, driven by demand for efficient delivery systems.
Bantec, Inc. (OTCPINK: BANT) is actively pursuing licensing agreements for its drone delivery patent (10,147,067) with 19 potential candidates, including 6 Fortune 100 companies. CEO Michael Bannon emphasizes that this initiative aims to generate licensing revenue in Q1 2022. The delivery drones market, valued at USD 2 billion in 2020, is projected to grow to USD 5.6 billion by 2026 due to increased demand for contactless delivery solutions stemming from COVID-19.
Bantec, Inc. (OTCPINK: BANT) reported an operating profit of $102,000 for Howco in the first half of 2021, a notable turnaround from a $85,000 loss last year. Following the resignation of General Manager Matt Wiles, the company plans to potentially split Howco into two businesses. Bantec is also exploring franchise opportunities for Drone USA and the Bantec Sanitizing Mobile Franchise, with plans to begin marketing in New Jersey. Furthermore, the acquisition of a patent for a drone-operated delivery receptacle enhances its intellectual property portfolio, aligning with its strategy in the growing drone delivery market.
Bantec, Inc. (OTCPINK: BANT) announced a sale of its 'ThinkLiteAir' air monitors to an Ivy League University. These monitors detect airborne pathogens, including Covid-19, and measure air quality factors like humidity and CO2. The global air quality monitoring market is expected to exceed $6.5 billion by 2027. Furthermore, Bantec's subsidiary is expanding its franchise model, including mobile sanitation services. The company aims to support various sectors, including hospitals and universities, while exploring new business lines, such as solar services.
Bantec, Inc. (OTCPINK: BANT) has expanded its Covid-19 offerings by becoming a distributor for Larson Electronics. The move allows Bantec to provide a range of UV disinfecting products, including portable industrial UV sanitation lights and UVC handheld surface sanitizers. Chairman and CEO Michael Bannon emphasized the potential for future product expansion beyond Covid-19. Additionally, Bantec plans to acquire electrical and janitorial service companies to bolster its customer base and profitability.
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.
Bantec, Inc. (OTCPINK: BANT) announced a new initiative to support safe school reopenings amid the Covid-19 pandemic. This program includes selling UVC and spray disinfecting robots, Enviro-Pro® disinfectant, and a glass floor coating. A demonstration was held for a Connecticut school system aiming for full student attendance this Fall. The company aims to extend its services to hospitals, manufacturers, universities, and commercial property managers. Bantec emphasizes establishing strong relationships with clients and providing high-quality services through a skilled workforce.
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