Clearwater, FL -- (ReleaseWire) -- 11/08/2016 --Bulova Technologies Group, Inc. (OTCPK:BTGI) announced today an update on the company's progression as they move forward into FY2017.
COMPANY BALANCE SHEET & SHARE STRUCTURE
- Bulova Technologies Group Inc. will report approximately $19,000,000 in revenue for FY2016, which ended September 30, 2016. The profitable results from FY 2016 have lowered the losses that the company anticipated prior to the acquisition of the transportation companies.
- The company expects to file a 10K for FY2016 not later than 15 January 2017.
- Aged Debt Conversions have concluded. In excess of $300,000 of aged debt have been converted into common shares as of mid-September 2016, and as a result, these conversions aided in the reduction of the company's current debt. The company now has 500,000,000 of Shares Authorized and 358,000,000 shares outstanding as of November 4, 2016.
The primary focus for growth for the company will remain on: 1) TRANSPORTATION and 2) MACHINERY.
BT TWISS TRANSPORT LLC
- The integration of Global Frozen Trucking into the company's trucking operations is well underway with positive financial results.
- The company will grow the transportation segment through the expansion of current customer support. Key acquisitions are also being evaluated at this time.
BULOVA TECHNOLOGIES MACHINERY LLC
- BTM contributed $1,800,000 in sales for FY2016.
- We intend on continuing to strengthen our presence in the machine tool industry through key acquisitions in complimentary industry segments.
SUMMARY
- The company anticipates more positive financial results with revenues potentially increasing to in excess of $30,000,000 to $40,000,000 in fiscal year 2017.
- Bulova Technologies aims to reduce debt through improvements in cash flow and financial management of the company's assets. The goal for the company is to reduce debt by $20,000,000 in FY2017.
- We are optimistic that the changes that are occurring within the company will significantly improve the company's balance sheet, as well as the current stock price.
Stephen L Gurba, President and Chief Executive of Bulova Technologies Group Inc., stated, "Our corporate actions backed by our financial reports support our decisions and actions in our progress toward growing Bulova Technologies Group Inc."
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.
Contact: J. E. Gwynn
727-287-5363
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.
Source: Uptick Newswire