Defense Solutions (OTCBB: DFSH) $0.24. Today announced that it has issued a Performance Bond to the Government of Iraq following successful negotiations of a major foodstuff contract valued at more than $60 million.
Defense Solutions, Inc., a wholly owned subsidiary of DFSH that is licensed to operate in Iraq, responded to a request from the Iraq Ministry of Trade to submit a proposal to the State Company for Foodstuff Trading. In accordance with Iraq's contracting procedures, Defense Solutions issued a bid bond to the Ministry of Trade in December, 2009. Since then, Colonel (Ret) Timothy Ringgold, CEO of Defense Solutions, returned to Baghdad to negotiate final contract terms. Following successful negotiations, Defense Solutions issued the performance bond to the Ministry of Trade as a final condition to make the contract operative. Delivery will be completed in four shipments over the next six months. First product shipment is expected within sixty days.
What They Do: Defense Solutions Holding, Inc. is headquartered in Exton, PA. Established in 2001, the firms' founding philosophy was to deliver the world's best solutions to military members so they can perform their jobs with minimal risk.
SteelCloud (OTCB: SCLD) $0.13. Announced Thursday after market close financial results for its 2009 fiscal year which ended October 31, 2009.
Annual revenues from continuing operations decreased 67% to approximately $1.5 million during fiscal 2009 as compared with approximately $4.6 million during fiscal 2008. The net loss from continuing operations was approximately ($3,217,000) for fiscal 2009 compared to a net loss from continuing operations of approximately ($3,442,000) for fiscal 2008. Net loss from discontinued operations was approximately ($520,000) in fiscal 2009 compared to income from discontinued operations of approximately $682,000 in fiscal 2008.
What They Do: SteelCloud is a developer of mobility computing appliance solutions. SteelCloud designs and architects specialized appliance solutions for mobile computing technologies including BlackBerry Enterprise Server.
Balqon Corporation (OTCBB: BLQN) $0.85. Today announced successful completion of cold weather testing on its lithium-ion battery powered electric tractor, the Nautilus XE20.
The successful cold weather testing of Balqon’s newest product, the Nautilus XE20, is a continuation of the engineering developments at Balqon. “Our demonstration of the performance of the Nautilus XE20 in actual warehouse applications at temperatures below 10°F under loads exceeding 25 tons validates our belief that the durability, range and performance of our heavy-duty electric vehicles would not be diminished due to the effects of cold weather,” said Mr. Balwinder Samra, Balqon Corporation’s President and Chief Executive Officer. “We believe that the four weeks of successful testing validates the Nautilus XE20 as a viable alternative to diesel fuel powered vehicles in cold weather conditions. Based upon the fuel cost data we recorded, we also believe that Balqon’s heavy-duty electric vehicles will provide significant fuel cost savings as compared to diesel fuel powered heavy-duty vehicles that must remain idle all day in cold weather conditions to prevent fuel line freeze-up,” added Mr. Samra.
What They Do: Balqon Corporation is a leading developer of heavy duty electric trucks, tractors and electric drive systems. The Company uses its proprietary flux vector control technology to design propulsion systems for 10 to 50 ton capacity vehicles and material handling equipment.
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