Clearwater, FL -- (ReleaseWire) -- 10/05/2016 --Bulova Technologies Group, Inc. (OTCQB:BTGI) announced today that, with the goal of improving its monthly cash flow position, BT Twiss Transport LLC has refinanced a significant portion of its operating fleet of trailers and trucks. Sunshine Bank, a local full service bank, provided a $6,500,000 refinancing package.
This refinancing action, coupled with the previously announced acquisition of Global Frozen Trucking Inc., has the dual effect of improving BTGI cash flow for 2017 by approximately $1,000,000, as well as the reduction of nearly $34,000 per month in payments and by the realization of increased profit from the estimated $3,000,000 to $5,000,000 in profitable sales resulting from the Global Frozen Trucking Inc. acquisition.
Stephen L Gurba, President and Chief Executive Officer of BTGI, stated, "These recent actions are aimed at growing a highly successful transportation business endeavor for BTGI. Our growing relationship with Sunshine Bank will assist us in keeping our fleet of trucks and trailers in new or late model condition thereby reducing maintenance costs and improving our reliability. We will continue to seek out and improve in those business areas that will yield higher customer satisfaction and increased profitability."
About Bulova Technologies Group, Inc.
Bulova Technologies Group, Inc., Bulova Technologies Compliance & Security LLC, Bulova Technologies Health Care Products LLC, Bulova Technologies Europe LLC and Bulova Technologies Machinery LLC's headquarters are located in Clearwater, Florida and BT-Twiss Transport LLC's headquarters are located in Largo, Florida.
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.
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Source: UPTICK Newswire
Bulova Technologies Group, Inc., Announces That Its Subsidiary, BT Twiss Transport LLC, Has Finalized a $6,500,000 Refinancing Package for the Majority of Its Truck and Trailer Fleet