Bulova Technologies Group, Inc. Announces Growth and Profit Strategy April 29, 2010 - Business Wire
TAMPA, Fla.--(BUSINESS WIRE)--Bulova Technologies Group, Inc. (Pink Sheets: BLVT - News) (“BulovaTech” or “the Company”) announced today that it intends to divest two of its wholly-owned subsidiaries, BT Manufacturing Company LLC (“BT Manufacturing”) and BulovaTech Labs, Inc. (“LABS”) to concentrate on its core defense business. The Company will seek a potential buyer for BT Manufacturing, which is engaged in the contract manufacturing business, and will seek to effectively spin-off LABS into a “stand alone” public company.
The Company intends to consummate these two transactions as soon as possible, with a goal of May 31, 2010. Stephen L. Gurba, President and Chief Executive Officer, stated, “Bulova Technologies Group is first and foremost a defense contractor and its engagement in contract manufacturing and the BulovaTech Labs’ businesses, has been diluting the Company’s energies and assets. With these two transactions the Company will be able to focus its attention on the growth of its principal defense business.”
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 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.
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.
Rich Di Sebastian, 727-451-6572