PINE BROOK, NJ / ACCESSWIRE / November 1, 2019 / Bantec, Inc. (OTC PINK:BANT) ("Bantec" or the "Company"), Bantec, Inc., a technology product and service company, announces that Howco Vancouver, Drone USA and Bantec Construction secured contracts.
Howco Vancouver
Howco landed a $261,000 one-time contract to deliver battery relays to Defense Logistics.
Drone USA
Drone USA will provide windmill inspection training to a group in Boise, Idaho. In addition, we attended the UAV commercial expo in Las Vegas this week looking for new products and services we can offer our drone customers.
Bantec Construction
Today, Bantec Construction, a newly formed subsidiary of Bantec, secured its first contract for slightly under $40,000, which marks a promising start for our new subsidiary. Michael Bannon, President and CEO of Bantec, stated: "I have over three decades of experience in the contracting world and I am excited Bantec is getting into it. In mid to late November, we intend to sign a agreement with the United Brotherhood of Carpenters and Joiners of America, New England Regional Council of Carpenters Local 326. I visited the training facility in Hamden, Connecticut and I was very impressed. That day I witnessed a large class training, and I was able to talk with the triaining staff. This agreement immediately gives us access to hundreds of highly trained carpenters. At this time, we already supplied one customer with over $1 million in estimates. When we sign the agreement, we will immediately have access to over twenty-five new customers."
New Bantec Headquarters & Howco New Jersey
On November 1, Michael Bannon stated that "we are moving our headquarters to Little Falls New Jersey. Both Bantec headquarters and Howco New Jersey will be located there. With a large warehouse, loading docks and plenty of office space, we believe it is an ideal location for us to grow. We also have a partner there - Chem Flowtronics. Chem Flowtronics manufactures sight flow indicators, level guages, mixers, agitators, PTF lined valves and reflux spliters, sanitary process equipment, glass drain lines and much more. We now can provide the Department of Defense, per their designs, with these manufactured products."
Bantec's Overall Strategy
Michael Bannon explained the Company's growth strategy as follows: "While attending Harvard Business School, I asked my professor Cynthia Montgomery if a corporation could pursue different strategies. She said no, that the literature was full of companies who tried and failed. Cynthia wrote a great book called the "The Strategist". I have read it a few times, and I recommed it to anyone running a company. We have one overarching strategy. This strategy is not new to me. I successfully ran my private company for decades using it. Now I intend to use it once again to take Bantec to a much more significant level. In the future, when we organically grow new businesses or aclquire businesses, they will all fit into the same strategy. We have selected "to service the broad needs of a few customers' (Harvard Business Review "What is Strategy" by Michael Porter). For example, at Howco we sell to the Department of Defense offering a wide variety of products to a few branches of our nation's military. At Drone USA, we offer a wide variety of products and services, such as drones, robots, training, and other products, to police, fire, private security and engineering companies. At Bantec Construction we provide a wide variety services to facility managers, engineers and project managers. Each business we build will have a unique strategy map. The core principals at the center of each strategy map, see below. will not change. Only the specific activities needed to reinforce the core principals, per the industry, will be added."
Future Projects
Michael Bannon explained the future projects for Bantec: "We are looking to create a Bantec Online Store to sell products to facility managers, engineers, maintenance managers and purchasing agents to hospitals, universities, large manufacturers and local and state governments. We anticipate the website will be up and running sometime late January or early February 2020. We started a new subsidiary called Bantec Insulation. While a student at the University of Connecticut, I paid for college working as a union member of International Association of Heat and Frost Insulators Local 33. In addition, for almost three decades, I successfully ran an insulation contracting company. As a founder of Thermaxx Insulation Jackets, having run a successful insulation contracting company, and how it fits into our overall corporate strategy, it's fitting that we enter this market."
About Bantec
Bantec, Inc., a technology product and service company, through its subsidiaries and divisions sells to facility managers, engineers, maintenance managers, purchasing managers, project managers and contract officers who work for local, state and the US governments, manufacturers, hospitals and universities. Our difference that matters consists of establishing lifelong customer and supplier friendships, responding immediately to our customers' needs, and providing products and services through a highly technically trained, motivated and incentivized workforce.
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. 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 Form 10 and S-1 Registration Statement filed with the U.S. Securities and Exchange Commission.
Contacts:
Michael Bannon
Chief Executive Officer
mike@bantecinc.com
SOURCE: Bantec, Inc.
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