BioNovelus, Inc. Announces the Closing of its Acquisition of Corvus Consulting, LLC https://www.otcmarkets.com/stock/ONOV/news/BioNovelus-Inc-Announces-the-Closing-of-its-Acquisition-of-Corvus-Consulting-LLC?id=247339
OTOMAC, Md., Nov. 25, 2019 (GLOBE NEWSWIRE) -- BioNovelus, Inc. (OTC: 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.”