Castellum, Inc. Announces Signing of LOI to Acquire $2 million Government Contractor

Rhea-AI Summary

Castellum, Inc. (OTC: ONOV) has signed a Letter of Intent (LOI) to acquire a government contractor on the East Coast, expected to generate approximately $2 million in annual revenue. This acquisition could increase Castellum's revenue run-rate to over $35 million, with the company aiming to finalize the deal by the end of October 2021, pending due diligence and a definitive agreement. Castellum is actively pursuing strategic acquisitions in areas including cyber security and electronic warfare.

Positive

• Potential revenue increase to over $35 million post-acquisition.
• Acquisition aligns with Castellum's strategic growth in defense and technology sectors.

Negative

• There is a risk that the LOI may not lead to a completed transaction.

POTOMAC, Md., Sept. 16, 2021 (GLOBE NEWSWIRE) -- Castellum, Inc. (OTC: ONOV) announces the signing of a Letter of Intent (LOI) to acquire an East-coast based government contractor generating approximately $2 million per year in revenue. Subject to due diligence and the execution of a definitive agreement, the Company hopes to close the acquisition by the end of October 2021.

“We are very pleased to announce to our shareholders that we have identified another accretive acquisition which is now under LOI,” said Mark Fuller, President and CEO of Castellum. “This transaction, should we close it, would increase our revenue run-rate to over $35 million. We also are looking at other opportunities which fit our acquisition strategy.”

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/28f5c6d6-32a1-4cab-adf7-7188e36bdf2e

FAQ

What is Castellum's recent acquisition announcement?

Castellum announced a Letter of Intent to acquire a government contractor generating approximately $2 million annually.

How much will Castellum's revenue increase after the acquisition?

The acquisition could increase Castellum's revenue run-rate to over $35 million.

What are the next steps for Castellum regarding the acquisition?

The company is conducting due diligence and expects to finalize the acquisition by the end of October 2021.

What are the risks associated with Castellum's acquisition deal?

There is a risk that the Letter of Intent might not result in a successful transaction.