Bulova Technologies Group, Inc. Provides Update

Defense News ~ : TAMPA, Fla.--February 20, 2010 (BUSINESS WIRE)--Bulova Technologies Group, Inc. (Pink Sheets:BLVT - News) ("Bulova Tech" or "the Company") today provided an update on the following matters:
1) 2009 Financial Audit
The delay of the filing of the financial reports has understandably frustrated all interested parties. Technical issues involving un-filed reports covering several years prior to the current year, as well as asset valuation issues arising from the acquisition of the "Bulova Technologies" companies in the current year (fiscal year 2009), have taken longer than anticipated to conclude. We will file the reports as soon as possible.
2) BulovaTech Labs ("LABS")
While the Company believes LABS presents significant opportunities, the Board of Directors has determined to spin off LABS into a stand-alone public company in order to focus the energies of BulovaTech on its core businesses of defense and contract manufacturing. More information about the spin off and its timing will be provided in the near future.
John Stanton, Chairman
Stephen Gurba, President & CEO
About Bulova Technologies Group, Inc.
Headquartered in Clearwater Florida, Bulova Technologies Group, Inc. operates two facilities, Bulova Technologies Ordnance Systems in Mayo, FL and BT Manufacturing Company in Melbourne, FL. The headquarters also houses Bulova Technologies Combat Systems Company, which is a world leader in the international sale of military vehicles, weapons and munitions in support of the U.S. Department of Defense.
Please visit our website at www.BulovaTechGroup.com for more information.
Statement about the Company's future expectations and all other statements in this press release other than historical facts, are "forward-looking statement" 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.

Contact:
Bulova Technologies Group, Inc.
Beverly Mercer, 727-451-6560


Related Headlines
Bulova Technologies Group, Inc. Provides Update - Business Wire
Bulova Technologies Group, Inc. Provides Internet Technologies Update - Business Wire
Bulova Technologies Group, Inc. Provides Financing Update - Business Wire
Bulova Technologies Group, Inc. Provides Alternative Energy Update - Business Wire
Bulova Technologies Group, Inc Provides Defense Contracting Sector Update - Business Wire