Castellum Announces Signing Definitive Agreement to Acquire Lexington Solutions Group
Rhea-AI Summary
Castellum, Inc. (OTC: ONOV) has signed a Definitive Purchase Agreement to acquire Lexington Solutions Group (LSG), a $4 million government contractor specializing in information operations. The acquisition is expected to enhance Castellum's capabilities and push its annualized revenue above $42 million. The deal is anticipated to close within six weeks, pending customary consents. Castellum's President and CEO Mark Fuller expressed enthusiasm for the integration, indicating further potential acquisitions are on the horizon.
Positive
- Acquisition of LSG is expected to increase Castellum's annualized revenue above $42 million.
- Expansion of capabilities in information operations to better serve government clients.
- Potential for additional acquisitions identified, indicating growth strategy.
Negative
- Risk that the Letter of Intent may not result in a closed transaction.
News Market Reaction – ONOV
On the day this news was published, ONOV gained 4.50%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
POTOMAC, Md., Feb. 25, 2022 (GLOBE NEWSWIRE) -- Castellum, Inc. (OTC: ONOV) announces the signing of a “Definitive Purchase Agreement” to acquire Lexington Solutions Group (“LSG”), a
“Having completed our due diligence, we are thrilled to have Boyd Brown and his team at LSG join Castellum as they expand our capabilities in the area of Information Operations,” said Mark Fuller, President and CEO of Castellum. “The addition of LSG should push Castellum above
“On behalf of LSG, I am very pleased to be joining with Mark and the Castellum team,” said Boyd Brown, President of LSG. “Combining with Castellum will give LSG much greater scale and capability to support and grow with our government clients from Maryland to Florida.”
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/bfbb42d4-d608-485d-9a04-4b85d0aa89d9
FAQ
What is the acquisition of Lexington Solutions Group by Castellum?
What is the expected impact of the acquisition on Castellum's revenue?
When is the acquisition of LSG expected to close?
What are Castellum's plans following the acquisition of LSG?
