PR Newswire | Nov 10, 2021 10:30AM EST

Improvement Holders regarding Licensing Agreements for Patent 10,147,067 (Drone Operated Package Delivery Receptacle)

11/10 09:30 CST

Bantec Expands licensing initiative by identifying and contacting 10+ Patent Improvement Holders regarding Licensing Agreements for Patent 10,147,067 (Drone Operated Package Delivery Receptacle) LITTLE FALLS, N.J., Nov. 10, 2021

LITTLE FALLS, N.J., Nov. 10, 2021 /PRNewswire/ -- Bantec, Inc.(OTCPINK: BANT) ("Bantec" or the "Company"), expands licensing initiative.

Michael Bannon, Bantec's Chairman and CEO stated: "Bantec's continuing research into revenue streams related to its Drone Delivery Receptacle patent has identified another exciting path to potential 2022 income; licensing opportunities directed towards Improvement Patent holders. An improvement patent is one which adds to the technology of a basic patent. We have identified 10+ well-funded Improvement Patent holders and we will be contacting these companies and their investors with an eye towards licensing our patent to them. We believe that these Improvement Patent holders will be quite receptive since we hold the basic patent and, in many instances, the Improvement Patent cannot be used without infringing on the basic patent".

Projected Drone Delivery Market Size"The global drone package delivery market size is expected to reach USD 18.65 Billion at a steady CAGR of 54.5% in 2028, according to latest analysis by Emergen Research. Steady market revenue growth can be attributed to growing demand for a safer system to deliver packages, increase in delivery service efficiency to drive brand image, and reduce time from warehouse to doorstep delivery."

About BantecBantec, 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.

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. 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.

Contacts:

Michael BannonChairman & CEOmike@bantecinc.com(203) 410-8924

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SOURCE Bantec, Inc.