Bantec
Engaged in a Letter of Intent to Acquire a Small New Jersey Based
Manufacturing Company
Sparta,
NJ -- May 1, 2024 -- InvestorsHub NewsWire -- Bantec, Inc.
(OTCPINK:
BANTD) ("Bantec" or the
"Company"), Bantec, Inc., a product and services company, signed an
LOI to purchase a small New Jersey based manufacturing
company.
Michael Bannon,
Bantec's Chairman and CEO stated: "We are excited to pursue this
acquisition. This company has sales of approximately $2.3 million
and an EBITDA of $300,000. This company engineers and manufactures
specialty metal, Teflon, and glass products including sight flow
indicators, mixers, reaction vessels and process systems for
pharmaceutical, biotech and chemical companies. We intend to seek
government approval for all Chem Flowtronic products and sell them
to the Defense Logistics Agency through Howco. Like Howco, Chem
Flowtronics, once purchased, will become a wholly owned subsidiary
of Bantec Inc."
About
Bantec
Bantec, Inc. is a product and service
company targeting the U.S. Government, state governments,
municipalities, hospitals, universities, manufacturers, and other
building owners. Bantec also provides product procurement,
distribution, and logistics services through its wholly owned
subsidiary, Howco Distributing Co., to the United States Department
of Defense and Defense Logistics Agency. The Company established
Bantec Sanitizing in fiscal 2021, which offers sanitizing products
and equipment through its store bantec.store. The Company has
operations based in Sparta, New Jersey
and Vancouver, Washington. The Company
continues to seek strategic acquisitions and partnerships that
offer it an opportunity to grow sales and profit.
Forward-Looking
Statements
Certain statements in
this press release may be considered "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements may
be identified by the use of words referencing future events or
circumstances such as "expect," "intend," "plan," "anticipate,"
"believe," and "will," among others. These forward-looking
statements may include projections of matters that affect revenue,
operating expenses, projections of growth; and assumptions relating
to the foregoing. These forward-looking statements are based upon
the Company's current expectations and involve assumptions that may
never materialize or may prove to be incorrect. Actual results and
the timing of events could differ materially from those anticipated
in such forward-looking statements as a result of various risks and
uncertainties. More detailed information about the risks and
uncertainties affecting the Company is contained under the heading
"Risk Factors" included in the Company's Annual Report on Form 10-K
for the year ended September 30, 2022, that the Company filed with
the SEC. One should not place undue reliance on these
forward-looking statements, which speak only as of the date on
which they were made. The Company undertakes no obligation to
update such statements to reflect events that occur or
circumstances that exist after the date on which they were made,
except as may be required by law.
Contacts:
Michael
Bannon
Chairman &
CEO
Stockholders@Bantecinvestorrelations.com