POTOMAC, Md., Aug. 05, 2021 (GLOBE NEWSWIRE) -- Castellum, Inc. (OTC: ONOV) announces signing and closing on a definitive merger agreement with Merrison Technologies LLC, a Virginia limited liability company (“Merrison”), effective immediately.
Merrison is a government contractor with approximately $3 million in profitable revenue. The transaction will be immediately accretive to Castellum’s revenue and EBITDA per share and will increase Castellum’s revenue to approximately $19 million in annualized run-rate.
Castellum is also in late-stage discussions with another, previously announced, company which it is looking to close in August.
“Merrison is an excellent add-on addition to the Castellum family, bringing with it a strong relationship with CACI and expertise in software engineering and IT in the classified arena,” said Mark Fuller, President and CEO of Castellum. “Merrison also brings us an excellent team with Andrew Merriman, President, and his team of nearly 20 experienced people. We are happy to welcome the entire Merrison team to Castellum.”
About Castellum, Inc. Castellum, Inc. (OTC:ONOV) is a defense-oriented technology company which is executing strategic acquisitions in the cyber security, information technology, information warfare, software engineering, and electronic warfare space. In June 2019, the company brought on a new management team specifically to pursue an acquisition-led growth strategy. The company completed its first acquisition in November 2019. Merrison represents the Company’s third acquisition - http://castellumus.com/ and https://merrison-tech.com/
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, CEO
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c08cf29a-d1e1-491d-bc64-2a56e948e73d