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(EMAILWIRE.COM, May 15, 2009 ) TAMPA, Fla. - Bulova Technologies Group, Inc. (Pink Sheets: BLVT) ("BulovaTech" or "the Company") announced today that it has incorporated a new, wholly-owned subsidiary, BulovaTech Labs, Inc. ("LABS"). LABS will incubate, develop and license commercial applications of technologies applicable to the defense, alternative energy and healthcare industries.
Bulova Technologies' Chairman, John Stanton, observed, "BulovaTech Labs will continue the Company's tradition of technological development, such as the introduction of time based fuze and arming mechanisms." Bulova Technologies intends to add significant value to the Company through this new subsidiary in ways that are planned to be non-dilutive to the shareholders. "Our vision is that LABS will evolve into a critical element in the growth of the Company by contributing significant intellectual property through direct ownership or Joint Ventures. We will provide details of these plans over the near-term," Stanton concluded.
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 the 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.
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