Bulova Technologies Group Inc. (BLVT) Stock soars, Trades Heavy in Wednesday’s Session
The share price of Bulova Technologies Group Inc. (OTCQB: BLVT), a Florida based company that manufactures military vehicles, weapons and munitions in support of the United States Department of Defense, soars on Wednesday’s session.
The stock closed at $0.0016, which was a 33.33% increase from its previous close of $0.0012. It opened Wednesday at $0.0011 and was trading in the range of $0.0009 and $0.0017. It had been between $0.0002 and $0.0190 in the previous 52 weeks. The company’s total market cap stands at $2.12 million and it recently reported its earnings per share of $-0.0120.
BLVT opened at a price slightly below the previous day close price but reached $0.0013 within few minutes of open. Then it increased further to its $0.0016 by mid half of the day. Later in the afternoon, it remained volatile and increased to its intraday high of $0.0017 and closed at $0.0016 by end of the day.
BLVT also traded heavily with the trading volume at 119.76 million shares, which was much higher than its average 5-day volume of 104.01 million and its daily volume of 51.41 million shares.
In order to shift the company more towards labor intensive contracts, Bulova Technologies Ordnance Systems LLC, a wholly owned subsidiary of Bulova Technologies Group Inc. (BLVT) has entered into an Asset Purchase Agreement and a Commercial Real Estate Contract to dispose of substantially all of its assets for a sale price of $11.2 million.
The payment of the sales price will be made as a cash payment of approximately $6.6 million and a note receivable from the buyer of approximately $3.6 million. This amount will relieve BLVT and its subsidiaries from high interest debt that is currently in default and to provide working capital to ensure future growth.
According to management, the assets being sold consist of all those assets and properties that are used in or pertaining to the defense contracting business operations of the subsidiary.
BLVT’s consolidated revenues decreased by 62% to $0.62 million from that of June 2011 and net losses reduced by 48% to $1.98 million from $3.78 million. Total assets were worth $5.45 million including $0.034 as cash and its equivalents and total liabilities were 18.76 million, among which 93% were current and the remaining were long-term liabilities.
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