Release projects $430 million in annual revenue “at maturity”
Callan JMB Inc. and Alabama State University will hold an official announcement and signing ceremony for their newly announced partnership at 10:30 a.m. Thursday in the chapel at the former Judson College campus, according to an event announcement circulated on social media this week.
The “Meet Us in Marion” announcement, carrying both the ASU and Atlas Complex logos, encourages attendees to wear black and gold to “show your Hornet pride.”
The ceremony follows the publicly traded Texas logistics company’s July 8 announcement of a “strategic partnership” with the university focused on workforce development, applied research, and industry collaboration at the Atlas Complex, the pharmaceutical, medical, and logistics campus the company is developing at the former Judson property.
The announcement, distributed through GlobeNewswire, included statements from Callan JMB Chief Executive Officer Wayne Williams and Alabama State University President Dr. Quinton T. Ross Jr., and listed media contacts for both organizations.
According to the release, the partnership will focus on “workforce development, student internships, faculty-led research, applied innovation, and academic programs aligned with pharmaceutical manufacturing, biotechnology, quality assurance and quality control (QA/QC), healthcare logistics, regulatory compliance, and supply chain management.”
The release states that students and researchers “will have opportunities to collaborate directly with companies establishing operations at Atlas Complex.”
The announcement did not disclose the terms of any agreement between the company and the university, financial commitments by either party, specific academic programs, facilities, or a timeline for implementation.
The partnership carries historical resonance for Marion.
Alabama State University traces its founding to 1867 in Marion, where it began as Lincoln Normal School before relocating to Montgomery.
The company’s release noted that the university “celebrates its rich legacy as an institution founded in Marion, Alabama” and called the partnership “a significant moment in the University’s history.”
Ross said the relationship between the university and the company predates the Atlas Complex project.
“Our partnership with Callan JMB began during the unprecedented challenges of the COVID-19 pandemic,” Ross said in the release. “What started as a collaboration focused on protecting the health and safety of our students has grown into a trusted, long-standing partnership built on a shared commitment to the success of Alabama State University and providing the very best for our students.”
Williams referenced the same history.
“Six years ago, we partnered to help protect Alabama State University’s students,” he said in the release. “Today, we’re partnering to help prepare them to lead the future of pharmaceutical manufacturing in America.”
Neither statement described the nature of the pandemic-era work.
Callan JMB was formed from Coldchain Technology Services, LLC, a Texas company that provided cold-chain and emergency preparedness logistics services, including vaccine-related logistics, during the pandemic period.
The release also contained a financial projection that has not previously appeared in the company’s public statements about the Marion project.
“Based on the Company’s long-term operating model, Atlas Complex is designed to support a pharmaceutical manufacturing ecosystem capable of generating more than $430 million in annual revenue at maturity,” the release stated.
The release did not define “at maturity” or provide a timeline for reaching that level of activity.
The projection is many times larger than the company’s current operations.
Callan JMB reported total revenue of $5.7 million for 2025, down from $6.6 million the previous year, according to its annual results announced March 31.
The forward-looking statements section of the release specifically identifies “estimated or projected revenue” and the company’s ability to “achieve projected revenue levels” among the statements subject to risk and uncertainty, and cautions that actual results may be materially different.
The announcement comes as the company faces two compliance matters with the Nasdaq Capital Market.
Callan JMB disclosed in April that it had received notice from Nasdaq on April 7 that it was not in compliance with the exchange’s requirement that listed companies maintain at least $2.5 million in stockholders’ equity, with an October 4 deadline to demonstrate compliance under its accepted plan.
On July 2, the company disclosed that it had received a second notice concerning Nasdaq’s minimum bid price requirement.
The company’s shares have traded below $1 in recent weeks, closing most recently at 83 cents, giving the company a market value of roughly $4.6 million.
In late May, the company filed a shelf registration statement covering up to $250 million in securities and launched an at-the-market equity offering program, according to its filings with the Securities and Exchange Commission.
The company announced the resignation of an executive vice president on June 11, the same day it announced an authorization to support Oregon’s Vaccines for Children program.
Thursday’s ceremony formalizes the second university relationship associated with the Atlas Complex.
At the project’s April 20 launch event in Marion, Troy University Chancellor Dr. Jack Hawkins, Jr. spoke about the university’s research capabilities and interest in workforce collaboration at the site.
No agreement between Troy University and Callan JMB has been announced, and the July 8 release does not mention Troy University.
Callan JMB announced the Atlas Complex on April 20, describing a planned 150-acre pharmaceutical, medical, and logistics campus at the former Judson College property, which closed in 2021.
The company said at that time that the project was expected to bring approximately 250 to 300 jobs to Marion over time.
Williams said at the April launch event that his goal was for “500 plus people” to be paid daily to work at the complex.
The campus was purchased in April by Monarch Property Management, an entity whose members include Callan JMB insiders, with the company stating it would lease the property back.
