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Bulova Technologies Group Provides Update
Nov 21, 2009 (Close-Up Media via COMTEX) --
Bulova Technologies Group provided an update of the restructuring that has taken place in 2009 and an outlook for the strategic direction of the company in calendar year 2010.
In a release dated November 18, the company stated:
- BulovaTech's primary focus in 2009 has been the re-establishment of the company as a strategic defense contractor for all branches of the Department of Defense. We are satisfied with the position in the marketplace obtained in 2009 by our Combat Systems and Ordnance businesses. The company has built a platform for real growth in 2010. We are also poised in 2010 for continued growth in the fuse and safe and arming device business that was once the backbone of the company.
- By the end of calendar year 2009 the company will have completed the relocation of its contract manufacturing business to its new location at 4005 Dow Road, in Melbourne, Florida, 32934. This will provide a basis for substantial growth in a business segment that has been essentially dormant in 2009.
- The company remains committed to its primary business unit in the defense segment. This unit has seen growth in 2009 and will continue to be the main source of revenue in 2010. This unit anticipates expansion from its current business into a number of areas in which Bulova historically was a provider, as well as a number of new initiatives designed to take advantage of technology opportunities.
- The contributed capital foundation of the company in 2009 included various technologies primarily in healthcare, alternative energy and the internet that will be developed and commercialized in the future. These technologies are in the intellectual property estate of BulovaTech Labs. The potential of these properties will be set forth in future updates.
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