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Bulova Technologies Group, Inc. Updates Shareholders

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  Published in Science and Technology on Friday, December 3rd 2010 at 10:00 GMT by Market Wire
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TAMPA, Fla.--([ BUSINESS WIRE ])--Bulova Technologies Group, Inc. (Pink Sheets: BLVT) (or the aCompanya) today provided the following update to shareholders and other interested parties.

First, there has been a major undertaking to conclude all SEC filings needed for BLVT to become a acurrent filera. The Company believes all such filings will be complete in January, 2011, which is the first step toward elevating the reporting status of the Company.

Second, there are $630 million in outstanding, pending contract bids with the Department of Defense. The Company will announce awards as they occur. The bids cover simulators, mortars and artillery ammunition.

Third, the Company should complete the sale or liquidation of BT Manufacturing, and the share distribution of Growth Technologies International, Inc. by the end of December.

Fourth, the Company recently launched a major mortar shell exchange program through a subsidiary, Bulova Technologies Europe. The initiative is designed to refurbish mortar shell inventories of 60mm, 81mm, 82mm and 120mm in all NATO countries (including the United States). The Company believes this program could provide $50 million in revenue in 2011. The potential of this program is over 1 billion in revenue over the next 10 years.

Finally, the Company will announce a shareholdersa™ meeting early next year after the filing of its 2010 Form 10K.

About Bulova Technologies Group, Inc.

Headquartered in Clearwater, Florida, Bulova Technologies Group, Inc. operates three facilities, Bulova Technologies Ordnance Systems in Mayo, FL and BT Manufacturing Company in Melbourne, FL. Bulova Technologies Combat Systems is located at the Companya™s headquarters in Clearwater.

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.