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.
LITTLE FALLS, N.J., April 13, 2021 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., headquartered in Little Falls, NJ., consists of three separate divisions: Distributing, Drones and related services and Environmental/Construction products and services. Through our subsidiary Howco Distributing Co., we sell a wide variety of products primarily to United States Department of Defense. Through Drone USA we sell drone programs, which consists of drones, training, COA’s and waivers and other drone-related services, to law enforcement, firefighters, security companies and engineering companies. Our environmental/construction division sells products and services to hospitals, manufacturers, building owners, municipalities, universities and the US government.
This news is shared to Prittle Prattle News via a Press release.
By PR Newswire
Also read Monkey Bar