Pacific Safety Products Inc.
TSX VENTURE : PSP

Pacific Safety Products Inc.

November 05, 2007 16:21 ET

Pacific Safety Products Announces $1M Contract Extension

KELOWNA, BRITISH COLUMBIA--(Marketwire - Nov. 5, 2007) - Pacific Safety Products Inc. (TSX VENTURE:PSP) a leading Canadian manufacturer of armored products, today announced that APS Distributors Ltd., a wholly owned subsidiary of PSP has been awarded a Contract extension by one of its premier Canadian customers, located in the Province of Alberta, for the supply of Officer Duty Uniforms and Equipment. This contract uplift is valued at $1M and brings the total contract value to an estimated $3M. The additional $1M of revenue is expected to be fulfilled within the next 12 months. The contract has an additional 2 more option years available on it.

Customers of PSP include Defence, Security and Law Enforcement agencies. For reasons associated with the unique role they play in protecting citizens the Company is not always at liberty to disclose their identity.

OVERVIEW OF THE BUSINESS

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 and the distribution of a full complement of law enforcement supplies through APS Distributors Ltd. PSP is the largest armor manufacturer in Canada and supplies its products to the Canadian Department of Defence, Federal Government Agencies and major law enforcement organizations 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
    or
    APS Distributors Ltd.
    John Allen
    President
    (902) 835-1819
    or
    Pacific Safety Products Inc.
    Jacques Bonaventure
    Vice president Corporate Development
    (514) 944-7942
    Website: www.pacsafety.com