LARGO, Fla., June 21, 2018 (GLOBE NEWSWIRE) -- Bulova Technologies Group, Inc. (OTC:BTGI) (the “Company” or “BTGI”) announced today that its wholly owned subsidiaries, Big Red LTL Transport, Inc. (“Big Red LTL”) and CIN-SAN Leasing, Inc. (“CIN-SAN”), have sold all of their assets to Big Red Express Trucking LLC in exchange for cash in the amount of $732,000.00 and the assumption of certain liabilities of both subsidiaries. Both subsidiaries have ceased operations. Stephen L. Gurba, President and CEO of the Company, stated, “The sale of these assets by the subsidiaries was, unfortunately, made necessary to satisfy the debt load carried by Big Red LTL and CIN-SAN. It is our belief that relief from the demands of these subsidiaries’ debt will enable BTGI to transition to new areas of business”.
About Bulova Technologies Group, Inc.
Bulova Technologies Group, Inc. headquarters is located in Largo, Florida.
Please contact: Craig Schnee for more information.
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.
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