Bantec's Howco Awarded $4.19 Million Dollar U.S. Department of Defense Contract

Rhea-AI Summary

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.

Positive

• Howco, a subsidiary of Bantec, secured a $4.19 million U.S. Department of Defense contract for two items.

• Bantec aims to grow sales and profit through strategic acquisitions and partnerships.

Negative

• None.

SPARTA, N.J., May 8, 2024 /PRNewswire/ -- Bantec, Inc. (OTCPINK: BANT) ("Bantec" or the "Company"), Bantec, Inc., a product and services company, through its wholly owned subsidiary Howco, was awarded a $4.19-million-dollar contract by the U.S. Department of Defense (DoD).

Michael Bannon, Bantec's Chairman and CEO stated: "Howco was awarded a 5-year Indefinite Delivery Contract for two items, a "Hydraulic Diesel Power Unit" and a  "Post Puller".  The contract maximum is $4,193,172.34. Howco's strong team and leadership continues to deliver with expanded U.S. DoD contracts."

In 2022, the U.S. Department of Defense spent over $85 billion on small business prime contracts and they are looking to further expand those contracts for small businesses. (Source: U.S. DoD)

"The recently announced Letter of Intent for the acquisition of Chem Flowtronic will enhance our abilities for servicing of the U.S. DoD., in addition to our other brands. We are gearing up for an exciting 2024 and beyond with continued expansion of our brands," concluded Michael Bannon, Bantec's Chairman and CEO.

About Bantec 

Bantec, Inc. is a product and service company targeting the U.S. Government, state governments, municipalities, hospitals, universities, manufacturers, and other building owners. Bantec also provides product procurement, distribution, and logistics services through its wholly owned subsidiary, Howco Distributing Co., to the United States Department of Defense and Defense Logistics Agency. The Company established Bantec Sanitizing in fiscal 2021, which offers sanitizing products and equipment through its store bantec.store. The Company has operations based in Sparta, New Jersey and Vancouver, Washington. The Company continues to seek strategic acquisitions and partnerships that offer it an opportunity to grow sales and profit.

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.  Forward-looking statements may be identified by the use of words referencing future events or circumstances such as "expect," "intend," "plan," "anticipate," "believe," and "will," among others.  These forward-looking statements may include projections of matters that affect revenue, operating expenses, projections of growth; and assumptions relating to the foregoing. These forward-looking statements are based upon the Company's current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties. More detailed information about the risks and uncertainties affecting the Company is contained under the heading "Risk Factors" included in the Company's Annual Report on Form 10-K for the year ended September 30, 2022, that the Company filed with the SEC. One should not place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. The Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as may be required by law. 

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

View original content:https://www.prnewswire.com/news-releases/bantecs-howco-awarded-4-19-million-dollar-us-department-of-defense-contract-302139855.html

SOURCE Bantec, Inc.

FAQ

What contract was awarded to Howco by the U.S. Department of Defense?

Howco was awarded a $4.19 million U.S. Department of Defense contract for a 5-year Indefinite Delivery Contract for two items.

Who is Bantec targeting with its products and services?

Bantec is targeting the U.S. Government, state governments, municipalities, hospitals, universities, manufacturers, and other building owners with its products and services.

Where is the company based?

Bantec has operations based in Sparta, New Jersey, and Vancouver, Washington.