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Bulova Technologies Group, Inc. Provides Update on Financing and Contract Backlog

  //science-technology.news-articles.net/content/2 .. es-update-on-financing-and-contract-backlog.html
  Published in Science and Technology on Wednesday, August 10th 2011 at 7:05 GMT by Market Wire
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CLEARWATER, Fla.--([ BUSINESS WIRE ])--Bulova Technologies Group, Inc. (Pink Sheets:BLVT) (aBulovaTecha or athe Companya) announced today that it has received additional funds towards the completion of its previously announced $3 million dollar financing package. The final closing for the total amount is anticipated to be completed within the next two weeks.

The Companya™s current contract backlog exceeds $450 million over the next four and a half years. Pending awards on seven different contract bids to the US Army for weapons and ammunition to be used in Afghanistan total approximately $20 million in sales. The Company is also awaiting the outcome of two Research & Development (R&D) bids regarding the environmental impact of simulators. Awards are anticipated over the next month.

About Bulova Technologies Group, Inc.

Bulova Technologies Group, Inc. and Bulova Technologies (Europe) are headquartered in Clearwater, Florida. Bulova Technologies Europe is registered with the United States Department of State Directorate of Defense Trade Controls (DDTC) as a broker.

Bulova Technologies Ordnance Systems 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.