Bulova Technologies Group, Inc Provides Update December 14, 2009 - Business Wire
TAMPA, Fla.--(BUSINESS WIRE)--Bulova Technologies Group, Inc. (Pink Sheets: BLVT - News) ("BulovaTech" or "the Company") today provided an update regarding topics of interest to shareholders and other parties. The audit of our financial statements is ongoing. The Company adopted September 30th as a fiscal year end. We have had to complete several years of delinquent filings for the period the Company operated as 3Si Holdings, Inc., as well as an audit of Bulova Technologies Group's operations for 2009, all of which are being done simultaneously. Completion of all filings is expected in January, 2010.
The Company has focused on its core defense contracting business in 2009. We currently have a backlog of approximately $69 million. We believe our success in contract awards will improve as our financial strength improves. We are in a very competitive industry, and regularly compete with larger defense contractors. However, we have enjoyed some successes this year that we believe can be expanded in 2010.
The Company has previously announced that its contributed capital foundation includes investments in healthcare, alternative energy and internet technologies. We have received numerous inquiries about these endeavors, all of which are imbedded in BulovaTech Labs, Inc. ("LABS"). All activities in LABS will be set forth in our filings when complete. In the interim, the Company will overview the technologies by category on the following schedule:
| December 21, 2009 | Healthcare |
| December 28, 2009 | Defense Contracting |
| January 4, 2010 | Alternative Energy |
| January 11, 2010 | Internet |
John Stanton, Chairman
Stephen Gurba, President and CEO
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.
Investors are cautioned that certain statements contained in this document as well as some statements in periodic press releases and some oral statement of Bulova Technologies Group officials are "Forward-Looking Statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "believes," "anticipates," "intends," "plans," "expects," and similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future Bulova Technologies Group actions, which may be provided by management, are also forward-looking statements as defined by the Act. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance, or achievements expressed or implied by such forward-looking statements and to vary significantly from reporting period to reporting period. Although management believes that the assumptions made and expectations reflected in the forward-looking statements are reasonable, there is no assurance that the underlying assumptions will, in fact, prove to be correct or that actual future results will not be different from the expectations expressed in this report. These statements are not guarantees of future performance and Bulova Technologies Group has no specific intention to update these statements.
Contact:
Bulova Technologies Group, Inc.
Beverly Mercer, 727-451-6560
www.bulovatechgroup.com