LARGO, Fla., Jan. 11, 2018 (GLOBE NEWSWIRE) -- Bulova Technologies Group, Inc. (OTC:BTGI) (the “Company”) announced today agreements with major debtholders of the Company and its subsidiaries to exchange debt owed by a major subsidiary, Bulova Technologies Machinery LLC, for the issuance of common stock, preferred voting stock, and series A preferred non-voting stock. The total debt eliminated as a result of these transactions would be 4.6 Million. The transactions are subject to revisions to the Company’s Articles of Incorporation which would permit the transactions to be completed.
Stephen L. Gurba, President and Chief Executive Officer of the Company, said, “I am pleased to effect these significant improvements to the Company’s balance sheet, which puts the Company into a much stronger position with respect to future operations and opportunities.”
Please visit our website at www.bulovatechgroup.com for more information.
About Bulova Technologies Group, Inc.
Bulova Technologies Group, Inc.and BT-Twiss Transport LLC’s headquarters are located in Largo, Florida. Big Red LTL Transport and BT Big Red Logistics LLC are headquartered in Belvidere, New Jersey.
Please contact: Cindy Gwynn for more information.
727-536-6666
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.