Bulova Technologies Group, Inc. (OTCPK:BLVT) announced that it has entered into a purchase agreement for a private placement of secured convertible promissory note with new investor Richard Welkowitz for gross proceeds of $4,000,000 on February 6, 2015. The note carries bear fixed interest rate at 7% per annum and would mature on February 5, 2021. The company also issued additional warrants to purchase up to 12,000,000 shares of common stock at an exercise price of $0.02 per share which shall expire ten years from the date of closing.

The note is convertible into shares of the company's common stock at from 181 days after the date of the note through the balance of year one for $0.10 per share, year two for $0.20 per share, year three for $0.30 per share, year four for $0.40 per share, and year five for $0.50 per share. The securities issued pursuant to Regulation D.