Bantec Inc. (OTCMKTS:BANT) Stock Soars As Company Gets Purchase Order
Bantec Inc. (OTCMKTS:BANT) was up 29% after announcing that its Howco subsidiary had received a considerable purchase order for the supply of military vehicle spare parts to a military supplier of the Department of Defense.
Market Stats
On Tuesday, BANT stock soared 28.57% to $0.0009 with 755.35 million shares, compared to its average volume of 41.63 million shares. The stock moved within a range of $0.0006 – 0.0012 after opening trading at $0.0007.
Bantec’s Howco Distributing Receives Its First P.O. to Supply Military Vehicle Kit Parts a Department of Defense Military Contractor
The company’s CEO and chairman, Michael Bannon, stated that They are delighted to announce that a Defense Department Military Contractor purchased vehicle military equipment parts from its subsidiary Howco. The deal is Howco’s first to sell something like this.
The US Department of Defense has a long-term deal with the company’s customers. Their Department of Defense contract stipulates that the components must be obtained only from an Original Equipment Manufacturer (OEM) Military Distributor, which the company and its subsidiary are.
As Howco develops into the new, growing market, they expect this to be the initial of many purchases anticipated in the future. Bantec, through its subsidiaries and units, sells to engineers, maintenance managers, facility managers, contract officers, and purchasing managers working for universities, hospitals, commercial businesses, and manufacturers. So BANT is worth watching.
Key Quote
Michael Bannon, Bantec’s Chairman and CEO stated: “We are pleased to announce that our subsidiary Howco sold vehicle military kit parts to a Department of Defense Military Contractor. This is Howco’s first sale of this kind. Our customer holds a long-term contract with the U.S. Department of Defense. Their DOD contract requires that the parts be exclusively purchased from an OEM Military distributor – which we are. We anticipate that this will the first of many sales as Howco expands into this new, lucrative area.
Traders Corner
BANT stock is trading below the 50-Day and 200-Day Moving averages of $0.0010 and $0.0033 respectively. However, the stock is trading above the 20-Day moving average of $0.0008.
