BLVT .0022 news
Bulova Technologies Group, Inc. Shareholders Update
CLEARWATER, Fla., May 24, 2012 (BUSINESS WIRE) -- Bulova Technologies Group, Inc. (OTCQB: BLVT) (the "Company") today provided updated information for its shareholders.
The Company announced today that it has received a commitment for new financing in the amount of $4 million. Subject to due diligence, the Company expects to close the new financing in June 2012. Stephen L. Gurba, Chairman of the Board and Chief Executive Officer, stated, "With this new financing in place, working capital will be available to continue to perform our current contracts and provide for an improved balance sheet which will strengthen the Company and attract future contract awards."
The Company also announced that it is preparing its second proposal in league with its partner, the Russian Joint Stock Company, Rosoboronexport. This proposal addresses more than 100 separate ammunition line items and is similar to, but larger than, the Company's successful proposal for Russian machine guns to be delivered to the U.S Department of Defense in July 2012. The Company continues to add to its current backlog of contracts, in excess of $300 million over the next five (5) years.
Finally, the Company reminds all shareholders that they are welcome to attend its shareholder informational meeting to be held July 9, 2012 at 10:00 am in the Tampa, Florida area. The exact location will be announced in June 2012. Information from this meeting will be posted on the Company's website; shortly after its conclusion.
About Bulova Technologies Group, Inc.
Bulova Technologies Group, Inc. and Bulova Technologies (Europe) LLC are headquartered in Clearwater, Florida. Bulova Technologies Group, Inc. is registered with the United States Department of State Directorate of Defense Trade Controls (DDTC) as a broker.
Bulova Technologies Ordnance Systems LLC is located on 261 acres in Mayo, Florida, and is a load, assemble, and pack (L.A.P.) facility specializing in fuzes, safe and arming devices and explosive simulators.
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.
SOURCE: Bulova Technologies Group, Inc.
CONTACT:
Equiti-trend Advisors, LLC Investor Relations Contact: Brian Barnes, 800-953-3350
Copyright Business Wire 2012
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KEYWORD: United States
North America
Florida
INDUSTRY KEYWORD: Defense
Other Defense
SUBJECT CODE: Funding
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