Bulova Technologies Group, Inc. Makes Key Update Announcements to Shareholders October 14, 2010 - Business Wire
TAMPA, Fla.--(BUSINESS WIRE)-- Bulova Technologies Group, Inc. (Pink Sheets:BLVT.pk) (or the "Company") announced today the following key updates to its progress in several areas as follows: The Company is currently in negotiations with a potential buyer of its BT Manufacturing Company in Melbourne, FL and is optimistic that it will be able to conclude the sale by November 15, 2010.
The Company reiterates that it will issue on November 19, 2010, one share of Growth Technologies International (Pink Sheets:GRWT.pk) ("Growth Tech") per share of BLVT stock held by shareholders of record as of October 29, 2010. The record date was recently moved from October 10 to October 29, 2010 for regulatory and administrative reasons.
The backlog of Bulova Technologies Ordnance Systems in Mayo, FL is currently $61 million in firm purchase orders and the Company hopes to increase its bookings over the next three months. Outstanding bids to customers exceeding $500 million in opportunities, over a 5-10 year period, are currently under consideration by the customer.
The Company expects that the 2009 financial audit and quarterly financials for 2010 will be complete and that the Company's reporting obligations will be met by year end 2010.
About Bulova Technologies Group, Inc.
Headquartered in Clearwater, Florida, Bulova Technologies Group, Inc. operates three facilities, Bulova Technologies Ordnance Systems in Mayo, FL and BT Manufacturing Company in Melbourne, FL. Bulova Technologies Combat Systems is located at the Company's headquarters in Clearwater.
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.
Contact:
Bulova Technologies Group, Inc.
Stephen Gurba, 727-536-6666
www.bulovatechgroup.com