Castellum Announces Signing of LOI to Acquire $4 Million Government Contractor 

Rhea-AI Summary

Castellum, Inc. (OTC: ONOV) has signed a letter-of-intent to acquire an East-coast based government contractor with annual revenues exceeding $4 million. The acquisition aims to enhance Castellum's capabilities in Information Warfare/Information Operations and strengthen its workforce by adding over 25 employees. This strategic move is expected to push Castellum's revenue run-rate above $40 million. The closing of the deal is anticipated in the first quarter of 2022, pending due diligence and final agreement.

Positive

• Acquisition of a contractor generating over $4 million in revenue, expanding capabilities in Information Warfare/Information Operations.
• Expected to increase Castellum's annual revenue run-rate to above $40 million.
• Addition of more than 25 employees, enhancing operational capacity.

Negative

• Risk that the letter-of-intent may not lead to a finalized acquisition.

POTOMAC, Md., Dec. 27, 2021 (GLOBE NEWSWIRE) -- Castellum, Inc. (OTC: ONOV) announces the signing of a letter-of-intent (LOI) to acquire an East-coast based government contractor generating over $4 million in annualized revenue. Subject to due diligence and the execution of a definitive purchase agreement, the Company hopes to close the acquisition in the first quarter of 2022.  

“We are happy to announce our next LOI, which adds more than 25 employees and further strengthens our past performance by adding more capabilities in Information Warfare/Information Operations (IW/IO) serving the special operations community,” said Mark Fuller, President and CEO of Castellum. “Combined with some organic growth that we have seen recently; this accretive acquisition will push Castellum above the $40 million run-rate threshold. We also continue to look at other potential acquisitions.”
  
About Castellum, Inc.  Castellum, Inc. (OTC: ONOV) is a defense-oriented technology company which is executing strategic acquisitions in the cyber security, information technology and software, information warfare, and electronic warfare and engineering services space - 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 acquisition announced today, there is a risk that the LOI does not translate into a closed transaction.

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

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/281c27d6-9bce-408d-b209-3dd43a26876b

FAQ

What does Castellum's recent acquisition mean for its revenue?

The acquisition aims to increase Castellum's annual revenue run-rate to above $40 million.

When is the expected closing date for Castellum's acquisition?

The closing of the acquisition is anticipated in the first quarter of 2022, subject to due diligence.

How many employees will Castellum gain from the acquisition?

Castellum will gain over 25 employees from the acquisition.

What type of contractor is Castellum acquiring?

Castellum is acquiring an East-coast based government contractor focused on Information Warfare/Information Operations.

What risks are associated with Castellum's acquisition announcement?

There is a risk that the letter-of-intent may not lead to a closed transaction.