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History of Bulova Technologies Group, Inc.

^{Published on 2008-12-05 07:17:37 - Market Wire}
 

TAMPA, Fla.--([ BUSINESS WIRE ])--Bulova Technologies Group, Inc. (Pink Sheets:TSIH) ("BulovaTech" or "the Company") today provided a brief corporate history.

BulovaTech has operated as both a defense contractor and systems contract manufacturer since 1962. BulovaTech was once affiliated with Loews Corporation and part of Bulova Watch Company, founded in 1875. Watch companies were sought out by the U.S. Defense Department post World War II to produce military fuzes because of the mechanical time complexities similar to watches.

In 1989 BulovaTech acquired Hamilton Technologies, which was founded by the Hamilton Watch Company in 1890; the operations were consolidated in Lancaster, PA. BulovaTech has been a world leader in fuzing, safe and arming devices, and load, assemble and pack of key military ammunition programs for over 50 years. The Company has also been a contract manufacturing company building electronic systems for over 20 years.

The Company's main defense customers are the U.S. Army, U.S. Navy, U.S. Marine Corp and U.S. Homeland Security. Its military products cover small through large caliber ammunitions, vehicles and weapons as well as building electronic printed circuit boards, sub assemblies and final assemblies for ruggedized computers and encryptic devices for large system defense contractors.

The Company's contract manufacturing customers include a number of Fortune 500 companies and include products in communication, medical application, banking ATM application, robotics, pay phone systems and voice recording devices.

The Company, over the last three years, acquired related manufacturing capacity and capability in Melbourne, FL (formerly the Dictaphone Manufacturing Company) as well as related ordnance capability for load, assemble and pack of munitions on a 261 acre facility in Mayo, FL (formerly Lance Ordnance).

The Company will announce its new business plan for 2009 in the coming days.

About Bulova Technologies Group, Inc.

Headquartered in Clearwater, Florida, Bulova Technologies Group, Inc. will operate two facilities, Bulova Technologies Ordnance Systems in Mayo, FL and BT Manufacturing Company in Melbourne, FL. The headquarters also houses the 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.