Bantec Subsidiary Howco Distributing Co, Receives One New $95,000+ Contract and Two One-Year Contract Extensions from the DLA Land & Maritime and Aviation Divisions
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LITTLE FALLS, N.J., April 13, 2021 /PRNewswire/ -- Bantec, Inc. (OTCPINK: BANT) ("Bantec" or the "Company"), Bantec, Inc., a product and service company, announces that Howco Distributing, its wholly-owned subsidiary, received two one-year contract extensions and one new contract from the DLA Land & Maritime and Aviation Divisions.
Howco Distributing Co.
Michael Bannon, Bantec's Chairman, and CEO stated that, "Howco received two DLA long-term contract extensions. One is extending a $1,700,000 contract with the Defense Logistics Agency's Division of Land and Maritime. Immediately following the extension, the DLA placed an $86,000 order. The second extension added one year to the life of an existing $250,000 long-term contract. Additionally, Howco received a standalone contract for approximately $100,000 from the DLA Land and Maritime division."
"We see two emerging strategies coming out of Howco. The first reflects Howco's origins as a capital-intensive low margin reseller of products. The second, a less capital-intensive logistics company, provides contract packaging specialties for larger corporations contracting with the US government with higher margins. These customers do not want to be burdened with interpreting, packaging, and labeling for the U.S. government. If not done correctly and not on a consistent basis, bid contracts could be lost. This is where we come in. We will not let that happen." Michael Bannon, Bantec's Chairman and CEO continued, "It is often difficult, if not impossible, to pursue two different strategies in one organization. Ultimately, we may split the two (Howco and Bantec) and form a new logistics company under the Bantec umbrella."
Bantec, Inc, a product and services company, through its subsidiaries and divisions sells to facility managers, engineers, maintenance managers, purchasing managers and contract officers who work for hospitals, universities, manufacturers, commercial businesses, local and state governments, and the US government. We intend to grow different businesses lines within Bantec, possibly using the franchise model, that support the customers described above.
Certain statements in this press release may be considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include projections of matters that affect revenue, operating expenses or net earnings; projections of growth; and assumptions relating to the foregoing. Such forward-looking statements are generally qualified by terms such as: "plans, "anticipates," "expects," "believes" or similar words. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or qualified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking information. These factors are discussed in greater detail in our most recent Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission.
Michael BannonChairman & CEOmike@bantecinc.com
View original content:http://www.prnewswire.com/news-releases/bantec-subsidiary-howco-distributing-co-receives-one-new-95-000-contract-and-two-one-year-contract-extensions-from-the-dla-land--maritime-and-aviation-divisions-301267381.html
SOURCE Bantek Inc.
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