Bulova Hires Investment Bankers March 18, 2011 - Business Wire
CLEARWATER, Fla.--(BUSINESS WIRE)--Bulova Technologies Group, Inc. (Pink Sheets: BLVT) (the “Company”) today provided the following update to shareholders and other interested parties.
Bulova Technologies Group, Inc. announced that it has reached an agreement with SSG Capital Advisors, LLC to represent the Company in seeking financing to facilitate future growth. SSG Capital Advisors, LLC (www.ssgca.com) is a nationally recognized investment bank that helps middle market companies complete financial transactions.
Stephen L. Gurba, President and CEO, stated: “The success Bulova Technologies Group has enjoyed recently in winning contracts with the U.S. Government valued in excess of $500 million has created the need to generate additional 'seed money' to facilitate the initiation of performance. SSG Capital Advisors, LLC was selected to assist the Company in this endeavor because of their expertise and track record, and we are optimistic that, together, we will succeed in completing an appropriate transaction.”
The Company also announced that it would retain its shares of Growth Technologies, Inc. The Company had previously intended to distribute the shares to its shareholders.
With respect to this decision, Stephen L. Gurba advised, “The Board received the advice of tax counsel that receipt of such dividends would create a taxable event for each recipient, as well as the Company. Because of concern that this tax liability could be potentially onerous for recipients with little liquidity as the Growth Technologies shares are thinly-traded and, accordingly might not be readily sold to meet the tax liability, the Company elected to retain the Growth Technologies shares. At the appropriate time, the Company will sell its interest to provide working capital for use in its core business.”
About Bulova Technologies Group, Inc.
Bulova Technologies Group, Inc. and Bulova Technologies (Europe) are headquartered in Clearwater, Florida. Bulova Technologies (Europe) is registered with the United States Department of State Directorate of Defense Trade Controls (DDTC) as a broker.
Bulova Technologies Ordnance Systems, located in Mayo, Florida, is a load, assembly, and pack (L.A.P.) facility specializing in fuzes, safe and arming devices, and explosive simulators.
Bulova Technologies (Europe) is a systems prime contractor with focus on refurbishment of all mortar calibers for NATO countries.
Please visit our website at www.BulovaTechGroup.com for more information.
Forward-Looking Statement
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.
Contacts:
For Bulova Technologies Group, Inc.
Thackston Consulting
Brett Thackston, 404-303-8350
www.bulovatechgroup.com