LOS ANGELES, Dec. 3, 2009 (GLOBE NEWSWIRE) -- Pride Business Development Holdings, Inc. (Pink Sheets:PDVG) announced today that a majority of its shareholders have voted to spin-off its wholly owned subsidiary, Bodyguard Inc., a manufacturer of Bodyguard(R) brand ballistic resistant body armor, for military and law enforcement. Bodyguard holds ten unique NIJ certifications for the manufacture of body armor, a complete product line of bullet resistant and tactical vests as well as the trademark Bodyguard, which is registered with the United States Patent and Trademark Office Reg. No. 3,091,544.
The Company believes that the spin-off of the Bodyguard subsidiary will allow management of each business to focus solely on that business; allow greater access to financing by allowing the financial community to focus discreetly upon each business; and attract new management with incentive plans that are linked to the specific performance of his or her employer. Bodyguard intends to actively pursue new and additional opportunities through diversifying its product line and actively pursue the licensing of its trademarked name Bodyguard.
In connection with the spin-off the Company plans to issue Bodyguard shares, one for one, pro rata to each shareholder of record as of December 30, 2009 with an anticipated payment date of January 29, 2009.
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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.