LOS ANGELES, Aug. 1, 2008 (PRIME NEWSWIRE) -- Pride Business Development Holdings, (Pink Sheets:PDVG), a high tech manufacturer of Bodyguard(r) brand ballistic resistant body armor, delivered to military and law enforcement world-wide, announced today that Dr. John Landrem has been appointed the new Chairman of the Board of Directors and Chief Executive Officer and that Charles Stenbeck has been appointed the new Secretary Treasurer and Director of Manufacturing.
Dr. Landrem is an attorney by education and has spent the last twenty-eight years as a Washington business consultant negotiating a wide variety of contracts. Dr. Landrem has many years of cooperation and association with the very top Lobby firms in Washington, D.C., representing many billions of dollars in contracts with both the United States government and a long list of foreign nations.
Charles Stenbeck has over twenty-five years of operations experience in both the manufacturing and service sectors. Mr. Stenbeck has been responsible for transport services for such companies as Transamerica, Southern Pacific Railroad and Crowley Maritime. Most recently Mr. Stenbeck served as Director of Manufacturing for a subsidiary of Colt Firearms.
Commenting on his appointment, Dr. Landrem stated, "I intend to build Pride into a multi-faceted manufacturer of Defense and Homeland Security products that are needed by our United States government and its allies for our defense, be it land, sea or air." The Chairman went on to say, "I anticipate a significant and rapid turnaround in Pride's operations through organic growth and acquisition followed by a concomitant increase in shareholder value. In short, it is my objective for our investment in Pride Business Development Holdings to truly be defined by its name -- PRIDE."
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The Statements which are not historical facts contained in this Executive Summary are forward-looking statements, which are based largely on the Company's expectations and are subject to various business risks and uncertainties, certain of which are beyond the Company's control. Words such as "expects," "anticipates," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," variations of such words, and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are only predictions that speak as of the date hereof and are subject to risks, uncertainties and assumptions that are difficult to predict. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, those discussed in our reports on file with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. We undertake no obligation to revise or update publicly any forward-looking statements to reflect any change in the expectations of our management with regard thereto or any change in events, conditions, or circumstances on which any such statements are based.