LOS ANGELES, Aug. 29, 2008 (GLOBE NEWSWIRE) -- Pride Business Development Holdings, Inc. (Pink Sheets:PDVG), a high-tech manufacturer of Bodyguard(r) brand body armor delivered to law enforcement and military worldwide, announced today that it has diversified its portfolio of defense assets. Pride has formed a wholly-owned subsidiary which has acquired a proven product line of high-tech thermal, acoustic and fire insulation materials and friction welding technology, along with a fully staffed, operational 100,000 square foot state-of-the-art manufacturing facility in New Orleans, Louisiana. Pride's Strategic Maritime products are certified to comply with all relevant specifications as promulgated by the U.S. Military, U.S. Coast Guard and other federal agencies, and are used in a multitude of military fleet vessels including troop carriers, battleships, submarines and aircraft carriers. Much of the product line is manufactured with proprietary technology and delivers the advantages of sole source supply.
Pride's new Strategic Maritime products subsidiary is a contractor team member to Lockheed Martin for the fulfillment of the U.S. Navy LCS program and will deliver multi-function aluminum deckhouse panels that are built to unique design specifications. 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 with construction on the first vessel to start by December of 2008. The Company examines a continuous flow of tender offerings of varying value and competes for those opportunities best suited to its business position. In addition to the award of individual competitively bid contracts, the Company has an ongoing and continuous flow of business from those who have previously purchased the Company's proprietary products such as: Northrup Grumman, BAE, Textron Marine, Newport News, Electric Boat Corporation and General Dynamics Corporation amongst others.
John Landrem, CEO and Chairman stated, "Under my leadership Pride will continue to diversify and obtain sales from each and every segment of the U.S. defense budget while we deliver to our military forces the very best products used to defend our great nation." Mr. Landrem went on to say, "We continue to concentrate on building our management team and bringing Pride current in its reporting and other requirements of good corporate governance."
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