Castellum, Inc. Announces Closing of Acquisition of Pax River Business

Rhea-AI Summary

Castellum has finalized the acquisition of key assets from Albers Group at Patuxent River Naval Air Station in Maryland. This deal adds approximately $2 million in annualized revenue and enhances Castellum's presence in support of Navy and Marine Corps programs. With this acquisition, Castellum's annualized revenue run-rate exceeds $35 million, strengthening its market position. The company's leadership emphasizes the strategic importance of this location for future growth and service expansion in naval aviation.

Positive

• Acquisition adds approximately $2 million in annualized revenue.
• Increases Castellum's annualized revenue run-rate to over $35 million.
• Strengthens support for Navy and Marine Corps programs.
• Enhances relationships with contractors at Pax River.

Negative

• None.

POTOMAC, Md., Nov. 17, 2021 (GLOBE NEWSWIRE) -- Castellum, Inc. (OTC: ONOV) announces closing the acquisition of certain key assets located at Patuxent River Naval Air Station (Pax), Maryland from the Albers Group. The acquisition brings several key personnel, approximately $2 million in annualized revenue, and key relationships with contractors at Pax River.

The acquisition marks both an expansion of Castellum’s SSI subsidiary’s presence at Pax River and the continued leadership of former Pax River commander, Captain (retired) Glen Ives, Castellum’s Navy/Marine Corps Division head and Chief Growth Officer.

“This acquisition represents another key step for Castellum’s growth strategy by strengthening our support of Navy and Marine Corps programs," said Mark Fuller, President and CEO of Castellum. "Pax River Naval Air Station is here in Castellum’s home state of Maryland, and therefore, we must have a strong presence there. This accretive transaction also increases our annualized revenue run-rate to over $35 million.”

“SSI is excited to be expanding our footprint at Pax River, which increases our ability to support Naval Aviation as the nation’s tip of the spear,” said Emil Kaunitz, CEO of SSI. “Glen’s relationships at Pax should allow SSI to further serve our nation’s naval air capabilities with an increasing presence there while continuing to serve our long-term aircraft carrier customers at Lakehurst in Toms River, New Jersey.”

“I am thrilled to have this special opportunity to work directly with a remarkable and talented group of individuals who have joined our team. I’m so honored to continue to serve our Navy and Marine Corps here at the World’s Finest Naval Air Station Pax River through this acquisition,” said Glen Ives, Castellum’s Chief Growth Officer, and Navy/Marine Corps Division CEO. “We are also committed to making new acquisitions consistent with our strategy of bringing great companies together and organic growth opportunities both at Pax and further down the coast in Norfolk and Charleston.”

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 carefully review 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.

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

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f74696a9-50b6-445a-97a5-19c7106f1002

 

FAQ

What is the significance of Castellum's acquisition at Patuxent River Naval Air Station?

The acquisition enhances Castellum's presence and support for Navy and Marine Corps programs, contributing approximately $2 million in annualized revenue.

What is Castellum's new annualized revenue run-rate after the acquisition?

Castellum's annualized revenue run-rate exceeds $35 million following the acquisition.

Who are the key personnel involved in the acquisition by Castellum?

Key personnel include Glen Ives, Castellum's Chief Growth Officer and head of the Navy/Marine Corps Division, who brings relationships at Pax River.

What future plans does Castellum have after the acquisition at Pax River?

Castellum is committed to making new acquisitions and pursuing organic growth opportunities both at Pax River and other locations.

Who did Castellum acquire assets from?

Castellum acquired key assets from the Albers Group.