NEW ORLEANS, Feb. 16, 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 reported Friday, February 13, 2009, the formation of US Aerospace as a new business unit.
US Aerospace, has designed, in conjunction with an industry partner, AeroMatt(tm), an improved solution for the expedited restoration of crisis impaired Military and commercial runways. US Aerospace will maintain the exclusive marketing rights to AeroMatt(tm). The newly designed product can dramatically reduce the restoration time for the temporary repair of damaged airstrips and roads. All NATO countries are expected to inventory a Rapid Runway Repair solution although they are not required to do so. The contract size for each airfield facility currently reviewing AeroMatt(tm) exceeds $15M and US Aerospace's sales agents believe that the first order for AeroMatt(tm) will be in hand before the end of the second quarter of 2009 and anticipate that two additional orders will be consummated this year. US Aerospace estimates the worldwide marketplace for AeroMatt(tm) approaches $1B with annual maintenance and training revenues in excess of $6M.
Newt Reynolds, President of Pride, said, "With the ongoing formation of this third business unit, Pride now has the ability to participate in the supply chain for each sector of the Military, be it soldiers in the field, through Bodyguard body armor, Combat ships protecting US assets on the high seas, through Strategic Marine or supporting the global requirements of the US and allied military air commands through US Aerospace."
ABOUT THE COMPANY
Pride Business Development Holdings, Inc. (the "Company") is the parent acquiring 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 US government and its allies worldwide. The Company's interrelated objectives are to grow though 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 three 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.
The Pride Business Development Holdings logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5299
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.