NEW ORLEANS, Feb. 5, 2009 (GLOBE NEWSWIRE) -- Pride Business Development Holdings, Inc. (Pink Sheets:PDVG), a high tech manufacturer of Defense and Homeland securities material supplied to the U.S. government and its allies worldwide reported today that Strategic Maritime's new bookings for its proprietary and single source product line exceeded $600k for the first four days of February which vastly out-paces the $500k per month sales ($6M annualized) of Strategic Maritime's off-the-shelf products. In addition to driving revenue through participation in competitive bidding for the award of multi-year contracts such as the 10 year Littoral combat ship program valued at hundreds of millions of dollars, Strategic Maritime sells a wide variety of specialty hi-tech marine insulation products and provides "stealth" friction stir welding construction for Military vessels to the U.S. Navy and our allies Worldwide on an order by order basis. The Strategic Maritime has entered into multi-year blanket purchase order contracts with some customers like Northrop Grumman or receives unique purchase orders from variety buyers both domestic and international. The Company's customers for off-the-shelf products include 18 of the 20 major shipyard in the USA such as Pearl Harbor Naval Shipyard, Norfolk Shipyard, Bremerton Shipyard, Palmer Johnson Shipyard and National Steel shipyards to name a few.
Newt Reynolds, President of Strategic Marine commented, "as a function of political instability in many regions of the world the mandate for Military readiness remains paramount and the resultant factor of this standard is continued spending on the equipment and technology that support U.S. armed forces." Mr. Reynolds went on to say, "congress approved a $550 Billion U.S. defense budget for 2009 however it is a fact that additional spending within the Military-Industrial-Complex will yield a dual benefit: immediate stimulation to the U.S. economy and enhanced homeland security. I firmly believe that we will continue to see an increase in day to day order flow."
ABOUT THE COMPANY
Pride Business Development Holdings, Inc. (the "Company") is the parent to a diverse portfolio of defense and homeland securities divisions each of whom own and develops distinctive proprietary technology assets and manufacture products for delivery to the U.S. government and its allies worldwide. The Company's interrelated objectives are to grow through the creation of additional technology developed within each of its existing divisions and through the formation of additional business units to acquire new and discrete technologies that target untapped segments of the defense and homeland security marketplace. At this date the Company is comprised of two operating divisions each with specialized defense technology at their focal point. The Company is currently traded over the counter on the Pink sheets and is making a diligent effort to become fully reporting. There are approximately 53 million common shares issued and outstanding on a fully diluted basis.
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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.