Bulova Technologies Group, Inc. Provides Update
November 18, 2009 - Business Wire
TAMPA, Fla.--(BUSINESS WIRE)--Bulova Technologies Group, Inc. (Pink Sheets:BLVT - News) (“BulovaTech” or “the Company”) today provided an update of the restructuring that has taken place in 2009 and an outlook for the strategic direction of the Company in calendar year 2010.
BulovaTech’s primary focus in 2009 has been the re-establishment of the Company as a strategic and significant defense contractor for all branches of the Department of Defense. We are satisfied with the position in the marketplace obtained in 2009 by our Combat Systems and Ordnance businesses. The Company has built a platform for real growth in 2010. We are also poised in 2010 for continued growth in the fuze and safe and arming device business that was once the backbone of the Company.
By the end of calendar year 2009 the Company will have completed the relocation of its contract manufacturing business to its new location at 4005 Dow Road, in Melbourne, Florida, 32934. This will provide a basis for substantial growth in a business segment that has been essentially dormant in 2009.
The Company remains committed to its primary business unit in the defense segment. This unit has seen significant growth in 2009 and will continue to be the main source of revenue in 2010. This unit anticipates expansion from its current business into a number of areas in which Bulova historically was a market leader, as well as a number of new initiatives designed to take advantage of technology opportunities.
The contributed capital foundation of the Company in 2009 included various cutting edge technologies primarily in healthcare, alternative energy and the internet that will be developed and commercialized in the future. These technologies are in the intellectual property estate of BulovaTech Labs. The potential of these properties will be set forth in future updates.
John Stanton, Chairman Stephen Gurba, President & CEO
Please visit our website at www.BulovaTechGroup.com for a complete Biography on Mr. Devlin and more information about the Company.
About Bulova Technologies Group, Inc.
Headquartered in Clearwater Florida, Bulova Technologies Group, Inc. operates two facilities, Bulova Technologies Ordnance Systems in Mayo, FL and BT Manufacturing Company in Melbourne, FL. The headquarters also houses BulovaTech Labs, Inc and Bulova Technologies Combat Systems Company which is a world leader in the international sale of military vehicles, weapons and munitions in support of the U.S. Department of Defense.
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.
Contact:
Bulova Technologies Group, Inc.
Beverly Mercer, 727-451-6560