Castellum Announces Award of SeaPort-NxG Contract to Corvus Subsidiary

Rhea-AI Summary

POTOMAC, Md., Aug. 02, 2021 (GLOBE NEWSWIRE) -- Castellum, Inc. (OTC: ONOV) announces its subsidiary Corvus Consulting has secured a prime SeaPort-NxG contract (#N00178-18-R-7000) to offer Engineering and Program Management support to the U.S. Navy. This multiple-award contract can lead to approximately $5 billion in procurements over 10 years. CEO Jim Enicks highlights the contract as a significant growth step, while CEO Mark Fuller emphasizes the contract's timing alongside pending acquisitions, aiming for business expansion in defense sectors.

Positive

• Awarded prime SeaPort-NxG contract provides potential access to $5 billion in services over 10 years.
• Enhances Corvus's capabilities with a focus on government and DoD markets, diversifying from Army clientele.
• Timely contract award aligns with pending acquisitions to accelerate growth.

Negative

• None.

POTOMAC, Md., Aug. 02, 2021 (GLOBE NEWSWIRE) -- Castellum, Inc. (OTC: ONOV) announces that its subsidiary Corvus Consulting has been awarded a prime SeaPort Next Generation (SeaPort-NxG) contract (#N00178-18-R-7000), an indefinite-delivery/indefinite-quantity (IDIQ), multiple-award contract (MAC) to provide Engineering and Program Management support services to the U.S. Navy.

SeaPort-NxG is the Navy Department’s electronic platform for acquiring support services in 23 separate areas that include engineering, financial management, and program management. Task orders are competitively solicited, awarded, and managed using this platform. The government estimates that approximately $5 billion in services will be procured over 10 years via orders issued under the SeaPort-NxG multiple award contracts. These MACs have a 2.5-year base period of performance with an additional five year ordering period option.

“This prime contract represents another important step for Corvus as we grow and expand our capabilities among the government / DoD industry, with focus on Navy customers while adding diversity to our legacy Army focused customer base,” said Jim Enicks, CEO of Corvus.

“The focus of Castellum continues to be organic business growth and growth through acquisitions. This Prime contract award provides organic growth opportunities for Corvus and another means by which to team with partners to greatly accelerate a broad-based growth of services,” noted Mark Fuller CEO of Castellum. “The timing of this Prime contract win could not have been more opportunistic as we near the completion of two pending acquisitions for Castellum.”

About Castellum, Inc.  Castellum, Inc. (OTC: ONOV)  is a defense-oriented technology company which is executing strategic acquisitions in cyber security, information technology and software, information warfare, and electronic warfare and engineering services. http://castellumus.com/.  
  
Forward-Looking Statements:  

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain, based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters disclosed at www.otcmarkets.com. These risks and uncertainties could cause the company's actual results to differ materially from those indicated in the forward-looking statements.  For the potential cited acquisitions referenced, there is a risk that these acquisitions do not close.

Contact: 
Mark Fuller, CEO 
info@castellumus.com 
301-961-4895 

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/abc5bce0-13b2-418b-8072-50c2ab11fd2a

 

FAQ

What is the SeaPort-NxG contract awarded to Castellum?

The SeaPort-NxG contract is an indefinite-delivery/indefinite-quantity contract for Engineering and Program Management support services to the U.S. Navy, potentially worth $5 billion over 10 years.

How does the SeaPort-NxG contract impact Castellum's growth?

The contract is expected to significantly enhance Castellum's growth by expanding Corvus's capabilities in the defense market and diversifying its customer base.

What is the significance of the contract for Corvus Consulting?

For Corvus Consulting, the contract represents a vital opportunity to establish a foothold in the Navy sector while complementing its existing Army-focused operations.

What are Castellum's future plans following this contract win?

Castellum plans to pursue organic growth and strategic acquisitions in the defense sector, particularly cyber security and engineering services, leveraging the new contract.