Iraq needs qualified customers for its oil
Downingtown, PA (PRWEB) October 16, 2009
Defense Solutions Holding, Inc. (OTC Bulletin Board: DFSH), announced today that it entered agreements to represent one American-owned refinery group (3 refineries) and two Asian refinery groups (4 refineries) to secure oil contracts in Iraq.
"Iraq needs qualified customers for its oil," stated Colonel (Ret) Timothy Ringgold, CEO of DFSH. "Our American and Iraqi staff in Baghdad and our American and Iraqi staff in the United States are now in a position to meet the needs of Iraq's Ministry of Oil."
Defense Solutions, Inc., a wholly owned subsidiary of DFSH, supplies armored combat vehicles to international customers friendly to American interests. In 2005, Defense Solutions supplied 77 refurbished T-72 main battle tanks and other armored vehicles to the Iraqi Army under contracts with NATO, the Iraq Defense Ministry, and the US Army. Since then, Defense Solutions entered joint development agreements with firms in Europe to produce the NATO-compatible armored personnel carrier, the BTR-4.
"As one of very few American firms licensed to conduct business in Iraq, Defense Solutions is positioned to facilitate crude oil contracts for the seven refineries we are now representing," Ringgold added. "Iraq produces approximately 2 million barrels of oil a day and holds proven reserves of approximately 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 what is considered the world's second largest oil reserves."
About Defense Solutions:
Defense Solutions Holding, Inc. is headquartered in Exton, PA. Established in 2001, Defense Solutions' founding corporate 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 the Iraq's Defense Ministry, NATO, and the Multi-National Force in Iraq to devise and implement strategies supporting military and civilian programs. Earlier this year, Defense Solutions entered into the oil trading business 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. 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.