Defense Solutions Holding, Inc.
(BULLETIN BOARD: DFSH) , announced today that it is expanding operations in Iraq to
assist other American firms to contract directly with commercial and government
organizations in Iraq. "Iraq is a country of 30 million people sitting on 22% of
the world's oil. Iraq needs virtually everything," said Defense Solutions' Chief
Executive Officer, Colonel Timothy Ringgold, US Army (Retired).
Defense Solutions began working in Iraq in 2005 when it refurbished and supplied 77
Battle Tanks under contracts with NATO, the Iraq Defense Ministry, and the US Army.
Since then, the Iraq Ministry of Trade licensed Defense Solutions as one of
relatively 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. Ringgold
has made nine trips into Iraq and resided there for over six months earlier this
year. He expects to return to Iraq before Christmas.
Operating from Baghdad's Al Rasheed Hotel, home for many of Iraq's Ministers and
Members of Parliament, Ringgold expanded the firm's service offerings to include oil
and commodity trading. Last month, the company announced that it represents seven
oil refineries seeking Iraqi crude oil. Defense Solutions is seeking to identify
other American companies with competitive advantages against the European and Asian
companies pouring into Iraq.
Virtually all American companies in Iraq are under contract to the US Government.
When US forces withdraw, those contracts will likely disappear. Defense Solutions'
business model is to contract directly with the Iraqis. "We believe that the
contracts we've seen represent the tip of the iceberg of the business opportunities
in Iraq. We anticipate additional oil, commodity, defense and commercial supply
contracts in the near term as Iraq continues to focus on both security and
rebuilding," Ringgold said.
Defense Solutions is positioned to play a major role in the logistics of
facilitating oil contracts with the Iraqi Government. Iraq produces approximately 2
million barrels of oil a day and holds proven reserves of 115 billion barrels, which
are relatively accessible and economical to tap. Ending its 40 year seclusion from
the rest of the world, Iraq now aims to develop the world's third largest oil
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