Defense Solutions Holding executes agreement in support of Iraq foodstuffs contract
Defense Solutions Holding announced today that it executed an agreement with a major European commodity supplier to fulfill its requirements to the Government of Iraq following successful negotiations of a major foodstuffs contract last month valued at more than $60 million.
Defense Solutions, Inc., a wholly owned subsidiary of DFSH that is licensed to operate in Iraq, will supply the foodstuffs through the Iraq Ministry of Trade. Delivery to Iraq will be completed in four shipments over the next five months. First product shipment is planned to arrive in Iraq within forty-five days.
"We are pleased that the Ministry of Trade has entrusted this contract to Defense Solutions and that our supplier has met our price objectives," stated Ringgold. "This opportunity represents a substantial value for our shareholders as the firm's margin is anticipated to be in excess of 8%. This contract is substantial in value and return. Further, we expect it to be the first of many for our firm in 2010 and beyond in Iraq."
Defense Solutions began working in Iraq in 2005 when it repaired and supplied 77 Army Tanks under contracts with NATO, the Iraq Defense Ministry, and the US Army. Since then, Iraq's Ministry of Trade licensed Defense Solutions as one of few American firms authorized to conduct both defense and commercial business in Iraq. Defense Solutions' staff in Iraq consists of both US and Iraqi citizens, as does the staff at the company headquarters near Philadelphia.
Source: Defense Solutions Holding
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