EXTON, Pa., Nov. 30 /PRNewswire-FirstCall/ -- Defense Solutions Holding, Inc. (OTC Bulletin Board: DFSH), announced today that it is expanding operations in Iraq to assist other American firms to contract directly with commercial and government organizations in Iraq. "Iraq is a country of 30 million people sitting on 22% of the world's oil. Iraq needs virtually everything," said Defense Solutions' Chief Executive Officer, Colonel Timothy Ringgold, US Army (Retired).
Defense Solutions began working in Iraq in 2005 when it refurbished and supplied 77 Battle Tanks under contracts with NATO, the Iraq Defense Ministry, and the US Army. Since then, the Iraq Ministry of Trade licensed Defense Solutions as one of relatively few American firms authorized to conduct both defense and commercial business in Iraq. Defense Solutions' staff in Iraq consists of both US and Iraqi citizens, as does the staff at the company headquarters near Philadelphia. Ringgold has made nine trips into Iraq and resided there for over six months earlier this year. He expects to return to Iraq before Christmas.
Operating from Baghdad's Al Rasheed Hotel, home for many of Iraq's Ministers and Members of Parliament, Ringgold expanded the firm's service offerings to include oil and commodity trading. Last month, the company announced that it represents seven oil refineries seeking Iraqi crude oil. Defense Solutions is seeking to identify other American companies with competitive advantages against the European and Asian companies pouring into Iraq.
Virtually all American companies in Iraq are under contract to the US Government. When US forces withdraw, those contracts will likely disappear. Defense Solutions' business model is to contract directly with the Iraqis. "We believe that the contracts we've seen represent the tip of the iceberg of the business opportunities in Iraq. We anticipate additional oil, commodity, defense and commercial supply contracts in the near term as Iraq continues to focus on both security and rebuilding," Ringgold said.
Defense Solutions is positioned to play a major role in the logistics of facilitating oil contracts with the Iraqi Government. Iraq produces approximately 2 million barrels of oil a day and holds proven reserves of 115 billion barrels, which are relatively accessible and economical to tap. Ending its 40 year seclusion from the rest of the world, Iraq now aims to develop the world's third largest oil reserves.
About Defense Solutions:
Defense Solutions Holding, Inc. is headquartered in Exton, PA. Established in 2001, the firms' founding philosophy was to deliver the world's best solutions to military members so they can perform their jobs with minimal risk. Defense Solutions has worked for Federal and State departments and agencies, the White House, and international allied organizations including Iraq's Defense Ministry, NATO, and the Multi-National Force in Iraq.
For more information visit: http://www.ds-pa.com.
Certain matters discussed in this release may constitute "forward-looking statements." Actual results and the timing of certain events may differ materially from those indicated by such forward-looking statements due to a variety of risks and uncertainties, many of which are beyond Defense Solutions' ability to control or predict, including, but not limited to, risks and uncertainties outlined in reports filed by Defense Solutions with the Securities and Exchange Commission.
The statements made herein are made as of the date of this release, and Defense Solutions undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
CONTACT: Defense Solutions Holding, Inc. Michael Buglio +1.610.833.6000 email@example.com
SOURCE Defense Solutions Holding, Inc.