Bulova Technologies Group, Inc. (OTCMKTS:BTGI) Files An 8-K Entry into a Material Definitive AgreementITEM 1.01 Entry into a Material Definitive Agreement.
Bulova Technologies Group, Inc. (the “Company”) entered into a Membership Interest Purchase Agreement dated March 29, 2017 to sell all of the membership interests of its wholly-owned subsidiary, Bulova Technologies Ordnance Systems LLC (“Ordnance”), with the following material items:
1. A nominal sales price in light of the fact that Ordnance had disposed of all of its assets in 2012.
2. Ordnance retained all rights and liabilities.
3. The buyer is an independent third party and has no prior relationship to the Company and / or its officers.
The foregoing does not constitute a complete summary of the terms of the Membership Interest Purchase Agreement, and reference is made to the complete text of this document which is attached hereto as Exhibit 10.1 incorporated by reference herein.
SECTION 9 – FINANCIAL STATEMENTS AND EXHIBITS
Item 9.01 Financial Statements and Exhibits
(d)- Exhibit
10.1 Membership Interest Purchase Agreement dated March 29, 2017 between Bulova Technologies Group, Inc. and Arc Technologies, Inc.
About Bulova Technologies Group, Inc. (OTCMKTS:BTGI)
Bulova Technologies Group, Inc. is a seller of high precision industrial machine tools, primarily through its distribution network. The Company operates through two segments: Transportation services and Commercial Sales. The Transportation segment provides freight storage and movement across the Continental United States, and the Commercial Sales segment is involved in sales and distribution of industrial machines, ammunition, software and healthcare products. The Company has approximately four major areas of focus, which it conducts through its subsidiaries. The Company’s subsidiaries include Bulova Technologies Machinery LLC (BTM), Bulova Technologies Finance LLC, Bulova Technologies (Europe) LLC, Bulova Technologies Advanced Products LLC, Bulova Technologies Healthcare Products LLC, Bulova Technologies Compliance and Security LLC, and BT Twiss Transport LLC. The Company, through BTM, establishes a distributor/dealer network throughout the United States and Canada. Bulova Technologies Group, Inc. (OTCMKTS:BTGI) Recent Trading Information
Bulova Technologies Group, Inc. (OTCMKTS:BTGI) closed its last trading session up +0.00030 at 0.00230 with 3,608,417 shares trading hands.