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Bulova Technologies Group, Inc. Updates Ordnance Systems LLC Growth Strategy

^{Published on 2010-09-23 06:10:46 - Market Wire}
 

TAMPA, Fla.--([ BUSINESS WIRE ])--Bulova Technologies Group, Inc. (Pink Sheets: BLVT) ("Bulova Tech" or "the Company") announced today that its principal defense business is expected to see significant growth from earlier forecasts to capture new contracts. The U.S. Government has recently expanded its procurement activities to pursue Indefinite Delivery Indefinite Quantity (IDIQ) contracts for reoccurring ammunition production buys. Several new procurements are restricted to those businesses classified as Small Business, such as the Company. Contract periods of performance are typically 5 years with an optional 5 year period. These are expected to lower the U.S. Governmenta™s acquisition costs.

BLVTa™s Ordnance Systems facility, located in Mayo, FL, has actively pursued several of these new programs. Currently, it has more than $500 million in open proposals to the U.S. Government. The backlog at the Company reveals an excess of $62 million over the next 4 years.

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.