POTOMAC, Md., Nov. 25, 2019 (GLOBE NEWSWIRE) -- BioNovelus, Inc. (ONOV) announces the closing of its previously announced acquisition of Corvus Consulting, LLC.
BioNovelus, a Maryland based Cybersecurity and IT services Company, said it has acquired Virginia based Corvus for approximately $9 million of cash and convertible notes. Through October, Corvus has generated unaudited pre-tax income of over $1.8 million. Immediately, the acquisition becomes accretive to ONOV’s revenue per share and earnings per share on both a basic and diluted basis.
Corvus is a leading provider of scientific, engineering, technical, operational support, and training services to the Federal government and Commercial clients focusing on Cyberspace Operations, Electronic Warfare, Information Operations, Intelligence, and Joint/Electromagnetic Spectrum Operations. Founded by COL (USA – Ret.) Laurie Buckhout in 2012, Corvus, with over 40 employees, provides high-level policy development and Congressional liaison to requirements analysis, DOTMLPF-p development assistance and design services for hardware and software systems, fulfilling the mission needs of the U.S. Department of Defense and U.S. Intelligence Communities.
“BioNovelus is pleased to acquire this well led and run cyber security company and its capabilities along with strong customer relationships. I look forward to working with Laurie to further grow the revenue, profit, and management team of Corvus,” said Mark Fuller, President and CEO of BioNovelus. “We also continue to look at several other acquisition opportunities as we pursue our growth strategy.”
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.
Mark Fuller, President & CEO