Defense Solutions Holding Incorporated is a company that is on the rise. Founded in 2001 in Exton, Pennsylvania, Defense Solutions is known as being one of the few American companies that does business in the U.S. and Iraq. Today, the company announced that one American refinery and two Asian refinery groups have asked them to secure oil contracts in Iraq.
One of the most unique aspects of Defense Solutions is how far their business has branched out. In 2005, when the company was merely four years in their history, Defense Solutions supplied 77 T-72 tanks to the Iraqi Army whom were under contracts with NATO at the time and the U.S. Army. Since then, Defense Solutions has entered into joint development agreements to produce the NATO-compatible armored personnel carrier, the BTR-4.
Leading the way at Defense Solutions is Colonel Timothy D. Ringgold, PhD who formed Defense Solutions upon his retirement after thirty years of service in the US Army and now serves as the company’s CEO. A prolific writer and a poised public speaker, Colonel Ringgold gained fame after the tragic events of September 11, 2001. It was during this time of crisis that the Bush Administration called on COL Ringgold’s widely recognized interagency skills, political acumen, and national security expertise to write the 2002 White House study on Critical Infrastructure Protection (Classified). In this capacity, COL Ringgold helped influence national priorities in the aftermath of the 911 terrorist attacks.
When asked about the new business endeavors of Defense Solutions, Col. Ringgold proudly stated, “Iraq needs qualified customers for its oil. Our American and Iraqi staff in Baghdad and our American and Iraqi staff in the United States are now in a position to meet the needs of Iraq’s Ministry of Oil.” Col. Ringgold went on to state, “As one of very few American firms licensed to conduct business in Iraq, Defense Solutions is positioned to facilitate crude oil contracts for the seven refineries we are now representing. Iraq produces approximately 2 million barrels of oil a day and holds proven reserves of approximately 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 what is considered the world’s second largest oil reserves.”
Currently, Defense Solutions Holding Inc. is trading in the $0.31 range and closed yesterday’s trading with a $0.07 gain. Being one of the few American companies doing business in Iraq, and with a historic leader such as Col. Timothy Ringgold at the helm, Defense Solutions Holding Inc. may be a stock to keep an eye on.