Bantec Restated its Senior Secured Note

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Aug 16, 2023, 10:00 ET

SPARTA, N.J., Aug. 16, 2023 /PRNewswire/ -- Bantec, Inc. (OTCPINK: BANTD) ("Bantec" or the "Company"), a product and services company, announces that Bantec restated its $8.678 million senior secured debt, which a company controlled by Bantec's Chief Executive Officer purchased from the Receiver for TCA Global Credit Master Fund, LP.

Michael Bannon, Bantec's Chairman and CEO stated: "On August 12, 2023, Ekimnel Strategies LLC, which I control 100%, restated Bantec's senior secured note. The total debt owed now is $8.678 million. There will be no payment of principal or interest due for three years (with interest being added to the outstanding principal amount during these three years), the interest rate goes to 2% per year, and maturity date goes out to 2047. In addition, the restated note's conversion feature was removed. We expect this restatement of the note to put both Bantec and its subsidiaries in a better growth position."

About Bantec

Bantec, Inc. is a product and service company targeting the U.S. Government, state governments, municipalities, hospitals, universities, manufacturers, and other building owners. Bantec also provides product procurement, distribution, and logistics services through its wholly owned subsidiary, Howco Distributing Co., to the United States Department of Defense and Defense Logistics Agency. The Company established Bantec Sanitizing in fiscal 2021, which offers sanitizing products and equipment through its store bantec.store. The Company has operations based in Sparta, New Jersey and Vancouver, Washington. The Company continues to seek strategic acquisitions and partnerships that offer it an opportunity to grow sales and profit.

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. Forward-looking statements may be identified by the use of words referencing future events or circumstances such as "expect," "intend," "plan," "anticipate," "believe," and "will," among others. These forward-looking statements may include projections of matters that affect revenue, operating expenses, projections of growth; and assumptions relating to the foregoing. These forward-looking statements are based upon the Company's current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties. More detailed information about the risks and uncertainties affecting the Company is contained under the heading "Risk Factors" included in the Company's Annual Report on Form 10-K for the year ended September 30, 2022, that the Company filed with the SEC. One should not place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. The Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as may be required by law.

Contacts:
Michael Bannon
Chairman & CEO
[email protected]
(203) 410-8924

SOURCE Bantec, Inc.