Defense Solutions Inc. an international project management and executive consulting firm, has signed a $750,000 contract to supply pipeline parts to North Gas Co., a state-owned company of Iraq.
This contract represents Defense Solutions' first commercial-based contract in Iraq.
Defense Solutions Inc. is a wholly owned subsidiary of Exton-based Defense Solutions Holding Inc., which delivers new and retrofitted armored and combat vehicles, spare parts, and ammunition, along with consulting services.
"We anticipate additional significantly larger contracts from Iraq as their government continues to focus on rebuilding the country," said Colonel Timothy Ringgold, U.S. Army (Retired), Defense Solutions Holding's chief executive. "Contracts may consist of various military and non-military projects including rebuilding of homes, businesses and infrastructures such as roads and bridges."
Shares, which have ranged in price from 12 cents to $1.15 in the last 52 weeks, were trading this afternoon at 31, down 3 cents.