LARGO, Fla., Jan. 11, 2018 (GLOBE NEWSWIRE) -- Bulova Technologies Group, Inc. (OTC:BTGI) (the “Company”) announced today agreements with major debtholders of the Company and its subsidiaries to exchange debt owed by a major subsidiary, Bulova Technologies Machinery LLC, for the issuance of common stock, preferred voting stock, and series A preferred non-voting stock. The total debt eliminated as a result of these transactions would be 4.6 Million. The transactions are subject to revisions to the Company’s Articles of Incorporation which would permit the transactions to be completed.
Stephen L. Gurba, President and Chief Executive Officer of the Company, said, “I am pleased to effect these significant improvements to the Company’s balance sheet, which puts the Company into a much stronger position with respect to future operations and opportunities.”
Please visit our website at www.bulovatechgroup.com for more information.
About Bulova Technologies Group, Inc.
Bulova Technologies Group, Inc.and BT-Twiss Transport LLC’s headquarters are located in Largo, Florida. Big Red LTL Transport and BT Big Red Logistics LLC are headquartered in Belvidere, New Jersey.