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LITTLE FALLS, N.J., Sept. 8, 2021 /PRNewswire/ -- Bantec, Inc. (OTCPINK: BANT) ("Bantec" or the "Company"), had our U.S. Patent 10,147,067 appraised.
Michael Bannon, Bantec's Chairman and CEO stated: "We contracted with Appraisal Economics, a highly respected independent patent appraisal company, to evaluate our Patent No. U.S. 10,147,067 drone package delivery technology. Appraisal Economics concluded the patent's worth is approximately $350,000. We intend to approach big players already invested in the package delivery market such as Walmart, Amazon, FedEx, DHL, Boeing, and others with potential proposals for licensing agreements. We also intend to reach out to companies who likely infringed upon on our patent with offers of licensing agreements as well. We expect revenues from these various licensing agreements to generate hundreds of thousands of dollars a year for Bantec. Our intention is to retain Intellectual Property counsel and begin the campaign to create these licensing arrangements in the 4th quarter.
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.
Below is a link to the Patent details on the USPTO.GOV site:
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
SOURCE Bantek Inc.