NEW ORLEANS, Feb. 27, 2009 (GLOBE NEWSWIRE) -- Pride Business Development Holdings, Inc. (Pink Sheets:PDVG), a high tech manufacturer of Defense and Homeland securities materiel supplied to the US government and its allies worldwide announced today that its proprietary Masterglas(tm) insulation has been specified in the construction of two new Aircraft Carriers for the Royal Navy. Masterglas(tm) is formulated to support the unique acoustic and thermal insulation requirements of the 21st century's sophisticated naval armada. The Company anticipates the value of the contract to exceed $15.5M.
Newt Reynolds, President of Pride, stated, "Our wide ranges of American made products are in strong demand as a result of state of the art design, high quality, and competitive pricing." Mr. Reynolds went on to say, "Members of the industrial military complex agree that the threats of terrorism and military aggression are exacerbated by the down turn in worldwide financial stability. The United States and many of its allies continue to increase military spending therewith addressing both of these factors head on. Our significant increase in new order flow and concurrent increase in direct labor payroll substantiates those very points."
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 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.
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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