The company in question is known as ECA Program. They are a private company that works in military training and support for governments around the world, and have most recently worked with India. Their interest in Iceland is apparently strong enough to warrant the use of images from Keflavík - where the NATO base used to be located until it closed in 2006 - on their website
. They have already asked the Icelandic government if they can utilize the base for their private air force, and are willing to pay 200 billion ISK to do so.
However, the Campaign Against Militarism - in Icelandic group originally founded in opposition to the NATO base - is strongly against the idea. They point out that the comany's background is shrouded in mystery, and that they amount to a mercenary group. Furthermore, the company was denied operation permission in Canada.
Iceland, although a NATO country, does not have a military of its own. In fact, the vast majority of Icelanders polled have expressed opposition to supporting military efforts in Iraq,
A private company offering military support has expressed interest in working with the Icelandic government. Many Icelanders are strongly opposed to the idea.