Pacific Safety Products Inc.

Pacific Safety Products Inc.

November 24, 2008 13:19 ET

PSP Announces Contract Extension and NTOA Testing Results

KANATA, ONTARIO--(Marketwire - Nov. 24, 2008) - Pacific Safety Products Inc. (TSX VENTURE:PSP) -

In the Company's press release of November 7, 2008 it was noted that the Company's US subsidiary, Sentry Armor Systems Inc. had received two orders from international customers at a value of CAD $1.6 million with a potential option to increase to CAD $2.0 million. These options have materialized bringing the total of these two orders to CAD $2.3 million. The full value of these two orders will be delivered by the end of January 2009.

PSP also today announced that their Tactical Impact Protection System ("TIPS") has been tested and recommended by the members of the National Tactical Officers Association ("NTOA"). The NTOA provides the most comprehensive product review database in law enforcement and has awarded the TIPS liner a rating of 4.42/5. The TIPS liner is fully compatible with the Tactical Ballistic Helmet ("TBH-II") and US Advanced Combat Helmet ("ACH"), can be installed in the field in less than 5 minutes, and weighs the same as available pad inserts.

Danny Crossman, Vice President, Defence Division, commented, "We are extremely pleased with the results of the NTOA field test. Our Tactical Impact Protection System will offer better helmet comfort, stability and impact protection for SWAT and tactical teams, with emphasis on one handed adjustment. The test results reinforce our leadership position in head impact protective systems."

PSP, under its US brand, GH Armor Systems, will be displaying its body armour and helmet systems at the 2009 SHOT Show Exhibition, January 15-19 at the Orange County Convention Center in Orlando.

Investors are advised that the Company's first quarter results will be released on Wednesday November 26, 2008 after markets close.

About PSP

The mission statement of Pacific Safety Products Inc. is ...we bring everyday heroes home safely™. PSP is an established industry leader in the production, distribution and sale of high-performance and high-quality safety products for the defence and security market. These products include body armour to protect against ballistic, stab and fragmentation threats, ballistic blankets to reduce blast effects, and protective products against chemical and biological hazards. PSP is the largest armour manufacturer in Canada, directly supplying the Canadian Department of Defence, Federal Government Agencies and major Canadian law enforcement organizations. The Company also provides specialized law enforcement and safety products through APS Distributors, a division of PSP that services law enforcement and public safety agencies across the country. The Company, through its U.S. subsidiary Sentry Armor Systems Inc., provides body armour products to U.S. based law enforcement and private security firms. The Company also produces tactical clothing and emergency medical kits. Pacific Safety Products is a reporting issuer in British Columbia, Alberta and Ontario, Canada and publicly trades under the symbol PSP on the TSX Venture Exchange.

Forward Looking Statements: This news release may contain forward looking statements based on management's expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the Company's strategy for growth, product development, market position, expected expenditures, results of cost reduction initiatives and financial results are forward looking statements. Some of the forward looking statements may be identified by words like "expects", "anticipates", "plans", "intends", "projects", "indicates", and similar expressions. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, including those discussed more fully elsewhere in this release and in documents filed with the British Columbia Securities Commission, the Alberta Securities Commission, the Ontario Securities Commission, the TSX Venture Exchange, as well as others, could cause results to differ materially from those anticipated. These factors include, but are not limited to the potential impact of the current economic downturn on the Company's business, the unpredictability of purchasing patterns by governmental agencies, the possibility of a deterioration in the Company's working capital position, the impact on the Company's liquidity if it were to go offside of the covenants in its debt facilities, the impact that changes in supplier payment terms or slow payment of accounts receivable could have on the Company's liquidity, the unavailability of or increase in price of external capital to finance the Company's research, development and growth initiatives, changes in the laws, regulations, policies and economic conditions, including inflation, interest and foreign currency exchange rates fluctuations of countries in which the Company does business; competitive pressures; successful integration of structural changes or downsizing initiatives, including restructuring plans, acquisitions, divestitures and alliances; cost of raw material, the uncertainty associated with the outcome of research and development of new products, including regulatory approval and market acceptance; and seasonality of sales in some products.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Pacific Safety Products Inc.
    David Scott
    Chief Executive Officer
    (613) 254-9488 ext. 322
    Pacific Safety Products Inc.
    Mr. Jacques Bonaventure
    Vice President Sales and Marketing
    (613) 254-9488 ext. 323