Management Update as Of January 4, 2013 January 4, 2013
- Bulova Technologies Group, Inc. ("Bulova") fiscal year runs October 1 thru September 30.
- Bulova through the divestiture of certain assets on October 24, 2012 has significantly reduced its debt. Bulova has also significantly reduced overhead and general and administrative costs to assist in returning the company to profitability.
- As a function of the divestiture of certain assets, Bulova has entered into a 5 year marketing agreement with the new owner of the ordnance company and anticipates commissions in excess of a million dollars in 2013.
- Bulova has submitted and published its Form 10-K Annual Report on December 27, 2012 and continues to remain current with all its SEC filings.
- Current backlog of firm purchase orders for non-standard ammo ("NSA") and non-standard weapons ("NSW") contracts is approximately 6 million dollars.
- Bulova projects its 1st quarter to be profitable which will be reflected on our next 10-Q and expects to be profitable in the 2nd Quarter due to the backlog of firm purchase orders.
- Potential awards expected by the end of the 2nd Quarter are approximately 21 million dollars for military pyrotechnic products.
- Bulova's objective by the end of the 2nd Quarter is to identify a company or companies to acquire and finalize the acquisition(s) by the end of the 3rd Quarter.
- Bulova continues to actively pursue solicitations under its current NSA and NSW blanket purchasing agreements ("BPA") with the U.S. Army which expires in 2016. Bulova is one of the selected prime contractors for the two BPA's and Bulova management believes there is significant funding to be awarded between now and 2016.
- Bulova is working with its partner, Rosoboronexport, on a joint venture to reduce Rosoboronexport's offset requirements by implementing the technology of Bulova's ammunition and weapons exchange program ("Exchange Program") in the UAE. Bulova continues to market its exchange program throughout the NATO countries in Europe.
- Bulova Management intends to utilize its website for continued updates.
- For further information call 727-536-6666