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CLEARWATER — Bulova Technologies Group Inc. (symbol: BLVT), a defense contractor headquartered in Clearwater, received a loan commitment of $3 million from an unnamed private investor this week.
To date, Bulova has received 20% of the total commitment, or $600,000, a release says. The company will receive all of the committed $3 million by July 31.
In a statement, Bulova says the funds will be used for “general corporate purposes and working capital.”
Yesterday, John Stanton resigned from his positions as chairman and chief financial officer of Bulova to pursue other opportunities, specifically in alternative energy and health care. Frank Barker, former vice president of finance, took over as CFO, while president and CEO Stephen Gurba assumed the role of chairman of the board.
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