TAMPA, Fla.--(BUSINESS WIRE)-- Bulova Technologies Group, Inc. (OTCQB:BLVT) (the “Company”) announced today the completion of the sale of substantially all of the assets of its wholly owned subsidiary, Bulova Technologies Ordnance Systems LLC (“BTOS”), as described in previous press releases and securities filings.
Stephen L. Gurba, Chairman of the Board, President and CEO stated, “This sale allows the Company to focus its energies on the pursuit and completion of higher margin, less capital and labor intensive, contracts. The accomplishment of this sale also relieves the Company of burdensome high interest debt and provides working capital to ensure future growth. The Company will continue to provide marketing efforts on behalf of the purchaser under a five year contract that will also generate additional revenue going forward.”
Currently, the Company is in the process of finalizing delivery of three contract awards for Non Standard Weapons and Ammunition. The delivery of these items is expected to occur within the first quarter of our fiscal year beginning October 1, 2012.
About Bulova Technologies Group, Inc.
Bulova Technologies Group, Inc., Bulova Technologies Ordnance Systems LLC and Bulova Technologies Europe LLC are headquartered in Tampa, Florida. Bulova Technologies Group, Inc. is registered with the United States Department of State Directorate of Defense Trade Controls (DDTC) as a broker.
Please visit our website at www.BulovaTechGroup.com for more information.
Statements about the Company's future expectations and all other statements in this press release other than historical facts, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. The above information contains information relating to the Company that is based on the beliefs of the Company and/or its management as well as assumptions made by and information currently available to the Company or its management.
For Bulova Technologies Group, Inc.
Equiti-trend Advisors, LLC
Brian Barnes, 800-953-3350
Source: Bulova Technologies Group, Inc.