NEW ORLEANS, Feb. 3, 2009 (GLOBE NEWSWIRE) -- Pride Business Development Holdings, Inc. (Pink Sheets:PDVG), a high tech manufacturer of Defense and Homeland securities material supplied to the US government and its allies worldwide, announced today that its Strategic Maritime subsidiary is ramping up for high-volume production on several contracts with members of the Industrial Military Complex. As a subcontractor to Lockheed Martin for the fulfillment of the US Navy Littoral Combat Ship program, February marks the start of production of the second ship in the program, which was originally scheduled to start in December of 2008. The work on each vessel is valued at $4.1 million by the Company, and 68 vessels are to be delivered over the 10-year life of the agreement. The Company also announced that as a subcontractor to BAE, it has started production on the Astute class submarine. The work on each sub is valued at $425 thousand in a program of eight submarines. The Company added that it has been awarded a new contract from Ticon to deliver its Master-Insulation for the first of eight British Navy Patrol Boats at a value of $600 thousand per delivery.
Newton "Newt" Reynolds, President of Pride's Strategic Marine subsidiary, stated, "We provide various proprietary single source products and hi-tech construction processes that are in defined demand by our Military as a result of superior performance." Mr. Reynolds went on to say, "Our maritime defense product line will continue to diversify and grow in concert with the needs of our government to secure the homeland through the commanding global presence of the US Navy."
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The Statements which are not historical facts contained in this press release 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.
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