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LITTLE FALLS, N.J., Sept. 23, 2021 /PRNewswire/ -- Bantec, Inc. (OTCPINK: BANT) ("Bantec" or the "Company") retains Patent Attorney to begin the process of monetizing its U.S. Patent 10,147,067 for the Drone Operated Package Delivery Receptacle.
Michael Bannon, Bantec's Chairman and CEO, stated, "We hired Michael Blake, a patent attorney with decades of experience, to pursue companies infringing upon our patent while simultaneously pursuing licensing agreements with companies interested in avoiding infringement. We have identified a comprehensive list of substantial companies we believe are likely candidates for licensing agreements or infringement action. We intend to approach prospect companies with an eye towards licensing as that is the fastest and most efficient path towards generating revenue streams. In the event that fails, we will pursue infringement actions. We are hopeful that this initiative will begin generating revenue in Q1 of 2022 and become an ongoing source of revenue for years to come."
The Delivery Drones Market reached the USD 2 billion mark in 2020 and is projected to reach USD 5.6 billion by 2026 according to a Mordor Intelligence report. The shift to contactless delivery due to COVID-19 has significantly sped up the delivery drone market movement.
Bantec, Inc., a product and services company, through its subsidiaries and divisions, sells to facility managers, engineers, maintenance managers, purchasing managers and contract officers who work for hospitals, universities, manufacturers, commercial businesses, local and state governments, and the US government. We intend to grow different business lines, including using the franchise model, that support the customers described above.
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 most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission.
Chairman & CEO
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SOURCE Bantek Inc.