Castellum, Inc. Signs LOI to Acquire $3 Million Government Contractor

Rhea-AI Summary

Castellum, Inc. (OTC: ONOV) has signed a Letter of Intent to acquire a government contractor on the U.S. East Coast, expected to generate approximately $3 million in annual revenue. The acquisition is under due diligence, with hopes to finalize by August 2021. CEO Mark Fuller indicated that the acquisition will enhance Castellum's MFSI subsidiary capabilities in business intelligence and data analytics. Additionally, a previously announced $14 million acquisition is on track for closure in July 2021, aiming for a combined revenue run-rate of $35 million.

Positive

• Signing a Letter of Intent for a $3 million revenue-generating acquisition.
• The acquisition enhances business intelligence and data analytics capabilities.
• On track to achieve a consolidated revenue run-rate of $35 million from recent acquisitions.

Negative

• Acquisition completion is contingent on due diligence and formal agreement.
• Potential risks associated with not closing the acquisition.

POTOMAC, Md., June 22, 2021 (GLOBE NEWSWIRE) -- Castellum, Inc. (OTC: ONOV) announces the signing of a Letter-of- Intent (LOI) to acquire a U.S. East coast-based government contractor generating approximately $3 million in revenue. Subject to due diligence and the execution of a definitive stock purchase agreement, the Company hopes to close the acquisition by the end of August 2021.  

“We are happy to announce our next LOI, which will further strengthen our MFSI subsidiary by adding business intelligence, integration, and large data analytics,” said Mark Fuller, President and CEO of Castellum. “We also would like our shareholders to know that the previously announced $14 million acquisition is proceeding through due diligence and is currently on track to close in July 2021. Together, these transactions should give us approximately a $35 million revenue run-rate, sufficient to enable us to begin the up-listing process to the NYSE MKT.”
  
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/5e2a08b0-01f7-4eec-8fc7-3aa94a51181b

FAQ

What is Castellum's latest acquisition about?

Castellum is acquiring a government contractor on the U.S. East Coast, generating approximately $3 million in revenue.

When is Castellum expected to finalize the acquisition?

The acquisition is expected to close by the end of August 2021, pending due diligence.

What is the significance of Castellum's planned acquisitions?

The acquisitions are aimed at expanding Castellum's capabilities in business intelligence and data analytics, potentially increasing revenue.

How much total revenue will Castellum generate from the recent acquisitions?

Castellum anticipates a combined revenue run-rate of approximately $35 million from its recent acquisitions.

What risks are associated with Castellum's acquisitions?

There are risks that the Letter of Intent may not lead to a closed transaction, impacting potential revenue growth.