Bulova Technologies Group, Inc. (OTCMKTS:BTGI) shares soared 140.74% on Wednesday to $0.00650 after the company struck a merger deal between its subsidiary BT-Twiss Logistics and Gulf Transportation Corp. The company has a market cap of $464,551.00 at 95.29 million shares outstanding. Share prices have been trading in a 52-week range of $0.00 and $0.30.
Bulova Technologies Group is a seller of high precision industrial machine tools, primarily through its distribution network. The company focuses in four main areas which it conducts through its subsidiaries: Bulova Technologies Machinery LLC, 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.
Earlier this week, the company issued a statement disclosing details on a merger deal that took place on July 21 between BT-Twiss Logistics and Gulf Transportation Group. This deal will increase Bulova’s portfolio by more than 500 owner-operators, thereby enhancing its presence as an international carrier, particularly in the US-Canada border.
As part of this merger, Canadian Logistics Director of Sales and Operations Joseph Drago has been brought on board. He has more than 40 years of experience in the transportation business and has operated Gulf Transportation Group as the owner for more than half a decade.
Bulova Technologies Group CEO Stephen Gurba noted that the operations of BT-Twiss have been instrumental in the company’s overall progress so it was the most suitable candidate for the merger. This deal is expected to make $2 million in annual sales as both firms combine resources to optimize operations, solidify its presence in the industry, and expand its international reach.
Other financial details on the merger are yet to be revealed but it appears that investors are very much pleased with this agreement and are positive that it could contribute to bottom-line profitability for Bulova Technologies Group.
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