EXTON, Pa., Jan. 29 /PRNewswire-FirstCall/ -- Defense Solutions Holding, Inc. (OTC Bulletin Board: DFSH), announced today that it has issued a Performance Bond to the Government of Iraq following successful negotiations of a major foodstuff contract valued at more than $60 million.
Defense Solutions, Inc., a wholly owned subsidiary of DFSH that is licensed to operate in Iraq, responded to a request from the Iraq Ministry of Trade to submit a proposal to the State Company for Foodstuff Trading. In accordance with Iraq's contracting procedures, Defense Solutions issued a bid bond to the Ministry of Trade in December, 2009. Since then, Colonel (Ret) Timothy Ringgold, CEO of Defense Solutions, returned to Baghdad to negotiate final contract terms. Following successful negotiations, Defense Solutions issued the performance bond to the Ministry of Trade as a final condition to make the contract operative. Delivery will be completed in four shipments over the next six months. First product shipment is expected within sixty days.
"The immediate requirement for foodstuffs for the 30 million Iraqis is immense. We are pleased that the Ministry of Trade has entrusted this contract to Defense Solutions," stated Ringgold. "This opportunity represents the first of many for Defense Solutions in 2010 and beyond in Iraq."
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, Iraq's Ministry of Trade licensed Defense Solutions as one of 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.
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 to devise and implement strategies supporting armed forces and civilian programs. Many of these programs directly support US and allied soldiers in combat.
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. You should not place undue reliance on forward-looking statements contained in this press release, and Defense Solutions undertakes no obligation to publicly update forward-looking statements, 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.