Getting a patent approved is almost always a significant development for any company but the monetary appraisal of the same can also come as a significant boost and it remains to be seen if such a development can help the Bantec Inc (OTCMKTS:BANT) stock in making a recovery.
The stock has tanked by as much as 11% over the course of the past week but on Wednesday the company announced that its U.S. Patent 10147067 had been appraised. The patent in question is related to the drone package delivery technology that has been created by Bantec.
The Chief Executive Officer and Chairman of Bantec Michael Bannon made the announcement. He stated that the company Appraisal Economics had been contacted for the purpose of appraising the technology. As per the studied conducted by Appraisal Economics, the patent is worth $350,000.
While the appraisal of the technology was a significant development for the company, Bannon also spoke about potential licensing agreements with some of the major players in the package delivery market. He stated that Bantec would be looking to approach companies like Walmart, FedEx, Boeign, Amazon, DHL and other similar firms for licensing agreements for the technology.