Bantec
Reports an Over 50 Percent Increase in Sales and Profits in Q1 2024
from Q1 2023.
Sparta,
NJ -- April 25, 2024 -- InvestorsHub NewsWire -- Bantec, Inc.
(OTCPINK:
BANT) ("Bantec" or the
"Company"),
a product
and services company, increased sales, and profits, through
its Howco
Distributing Co. subsidiary
("Howco"), from first quarter
2023 to first quarter 2024.
Michael
Bannon, Bantec's Chairman and CEO stated: "Howco is currently in a
growth spurt as demand continues to grow for our products and
services. Additional purchase orders are coming in almost
daily."
"We
reported $955,734 in Sales in Q1 2024 as opposed to Sales of $
606,166 in Q1 2023. We reported a Gross Profit of $147,547.00 in Q1
2024 as opposed to a Gross Profit of $94,950 in Q1 2023. Both sales
and profits increased over 50% from Q1 2023 to Q1 2024. The
increased order inflow and growing financials, have opened doors to
purchase order financing discussions, building a roadmap for more
rapid growth"
continued
Michael Bannon, Bantec's Chairman and CEO. Look for further
corporate development updates.
About
Bantec
Bantec, Inc. is a product
and service company targeting the United States Government, state
governments, municipalities, hospitals, universities,
manufacturers, and other building owners. Bantec also provides
product procurement, distribution, and logistics services through
its wholly owned subsidiary, Howco Distributing Co., to the United
States Department of Defense and Defense Logistics Agency. The
Company established Bantec Sanitizing in fiscal year 2021, which
offers sanitizing products and equipment through its website
bantec.store. The Company has operations based in Sparta, New
Jersey and Vancouver, Washington. The Company
continues to seek strategic acquisitions and partnerships that
offer it an opportunity to grow sales and profit.
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.
Forward-looking
statements may be identified by the use of words referencing future
events or circumstances such as "expect," "intend," "plan,"
"anticipate," "believe," and "will," among
others. These forward-looking
statements may include projections of matters that affect revenue,
operating expenses, projections of growth; and assumptions relating
to the foregoing. These forward-looking statements are based upon
the Company's current expectations and involve assumptions that may
never materialize or may prove to be incorrect. Actual results and
the timing of events could differ materially from those anticipated
in such forward-looking statements as a result of various risks and
uncertainties. More detailed information about the risks and
uncertainties affecting the Company is contained under the heading
"Risk Factors" included in the Company's Annual Report on Form 10-K
for the year ended September 30, 2023 that the Company filed with
the SEC. One should not place undue reliance on these
forward-looking statements, which speak only as of the date on
which they were made. The Company undertakes no obligation to
update such statements to reflect events that occur or
circumstances that exist after the date on which they were made,
except as may be required by law.
Contacts:
Michael
Bannon
Chairman
& CEO
Stockholders@Bantecinvestorrelations.com
