Pacific Safety Products Inc.

Pacific Safety Products Inc.

April 29, 2008 06:00 ET

PSP Announces Executive Changes

KELOWNA, BRITISH COLUMBIA--(Marketwire - April 29, 2008) - Pacific Safety Products Inc. (TSX VENTURE:PSP) -

The Company today announced a reorganization of its executive team. John Allen, a principal partner in the APS Distributors business recently acquired by PSP will become Executive Vice President of Operations. In his new role Allen will be responsible for product design and support, manufacturing operations, warehouse and distribution of all product.

"John's experience in managing a successful business supplying product for Law Enforcement and First Responders and his commitment to customer satisfaction will enhance our strategic business plan," said CEO David E Scott.

The Company also announced the resignation of Gerald Bush, COO and President of PSP, effective immediately. Mr. Bush's executive responsibilities will be assumed by David E Scott, CEO of PSP.

The Company wishes to remind investors that its third quarter financial results are expected to be issued on May 23rd and to confirm its previously issued guidance with respect to improved operating results for the second half of fiscal 2008.

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 armor 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 armor 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 wholly-owned subsidiary that services law enforcement and public safety agencies across the country. The Company, through its U.S. subsidiary Sentry Armor Systems Inc., provides body armor 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 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 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 which may be 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 stated. These factors include, but are not limited to changes in the laws, regulations, policies and economic conditions, including inflation, interest and foreign currency exchange rates, of countries in which the Company does business; competitive pressures; successful integration of structural changes, including restructuring plans, acquisitions, divestitures and alliances; cost of raw material, 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
    (250) 491-0911
    Pacific Safety Products Inc.
    Mr. Jacques Bonaventure
    Vice President Corporate Development
    (613) 623-6001 ext. 226