Castellum subsidiary adds IT services to GSA contract

VIENNA, Va. - Cybersecurity and software engineering firm Castellum, Inc. (NYSE-American:CTM), a $101 million market cap company that has delivered an impressive 529% return over the past year, announced Tuesday that its subsidiary Specialty Systems, Inc. (SSI) has added Special Item Number (SIN) 54151S to a new General Services Administration (GSA) Multiple Award Schedule contract.

The addition allows SSI to bid on competitive contracts related to information technology professional services and enables the company to onboard its joint venture with protégé Epic Systems, Inc. to the GSA MAS SIN 54151S. With a strong current ratio of 3.62, Castellum demonstrates solid financial flexibility to pursue these opportunities.

"We have been implementing a very specific strategy to ensure we can compete for more full and open opportunities as a large business, while maintaining access to small business set-asides through our mentor-protégé joint ventures," said Drew Merriman, Chief Operating Officer of Castellum.

The new contract designation permits Castellum to compete for information technology opportunities on GSA MAS and respond to Requests for Quotations and Requests for Proposals tied specifically to SIN 54151S.

Castellum describes itself as a cybersecurity, electronic warfare, and software engineering services company focused on the federal government.

The announcement was made in a company press release statement.

In other recent news, Castellum, Inc. has successfully reduced its long-term debt to under $5 million while securing a significant $103.3 million contract with Naval Air Systems Command. This development marks a pivotal moment as the company transitions from a startup phase focused on acquisitions to prioritizing organic growth. Additionally, Castellum has raised approximately $4.5 million through the exercise of 3,673,666 warrants, part of a previous public offering. The company also formed a reseller agreement with Tradewinds Networks, Inc., aiming to deliver AI-driven cybersecurity solutions to its clients through its subsidiary, Castellum Advanced Technology Products, Inc.

Meanwhile, Canterra Minerals Corporation has commenced Phase 3 of its drilling program at the Buchans Project in Central Newfoundland. This follows the identification of promising targets through a 3D Induced Polarization survey, which revealed five previously untested anomalies. These targets are located along a corridor that historically hosted the Buchans Mine, known for its significant ore production. These recent developments underscore the ongoing strategic efforts by both Castellum and Canterra to enhance their operational and financial positions.

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