Castellum, Inc. Closes on the Acquisition of Lexington Solutions Group

Rhea-AI Summary

Castellum, Inc. (OTC: ONOV) has successfully completed its acquisition of Lexington Solutions Group, a government contractor valued at $4 million, enhancing its presence in information operations. The acquisition elevates Castellum's annualized revenue to over $43 million. CEO Mark Fuller expressed optimism about future acquisitions and progress on up-listing plans. This move aligns with Castellum's strategy to expand in cybersecurity and information warfare sectors.

Positive

• Acquisition of Lexington Solutions Group enhances Castellum's annualized revenue to over $43 million.
• Strategic fit with Castellum's focus on cybersecurity and information warfare.
• Plans for further acquisitions identified to support growth strategy.
• Progress on up-listing plans indicates potential for increased market visibility.

Negative

• None.

POTOMAC, Md., April 18, 2022 (GLOBE NEWSWIRE) -- Castellum, Inc. (OTC: ONOV) announces the closing of its acquisition of Lexington Solutions Group (“LSG”), a $4 million government contractor focused on information operations.

“We are pleased that Boyd Brown and his team at LSG have joined Castellum,” said Mark Fuller, President and CEO of Castellum. “Due to some organic growth, the addition of LSG now pushes Castellum above $43 million of annualized revenue on a run-rate basis. We also have identified several other potential acquisitions which fit our strategy and hope to be able to do one or more of those deals later this year. Additionally, we have made progress on our up-listing plans, which we intend to share publicly in the near future.”

About Castellum, Inc. (OTC: ONOV): 

Castellum, Inc. (OTC: ONOV) is a defense-oriented technology company that 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 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 the company’s future events or future performance. 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 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/ade37cdc-e746-4a36-90f4-fce8ce0bc1cd

FAQ

What is the significance of Castellum's acquisition of Lexington Solutions Group for ONOV shareholders?

This acquisition increases Castellum's annualized revenue to over $43 million, potentially enhancing shareholder value.

How much did Castellum pay for Lexington Solutions Group?

Castellum acquired Lexington Solutions Group for $4 million.

What future plans does Castellum have after acquiring Lexington Solutions Group?

Castellum plans to pursue additional acquisitions and is making progress on its up-listing plans.

What does the acquisition of Lexington Solutions Group mean for Castellum's business strategy?

The acquisition aligns with Castellum's strategy to expand its capabilities in cybersecurity and information operations.

When was the acquisition of Lexington Solutions Group announced?

Castellum announced the acquisition on April 18, 2022.