Pacific Safety Products Inc.

Pacific Safety Products Inc.

October 26, 2007 06:00 ET

Pacific Safety Products Announces Relocation of Its Canadian Head Office

KELOWNA, BRITISH COLUMBIA--(Marketwire - Oct. 26, 2007) - Pacific Safety Products Inc. (TSX VENTURE:PSP) a leading Canadian manufacturer of body armour products, today announced that it will relocate its Corporate Head Office from Kelowna to the Ottawa area.

The decision to move the corporate office to the Ottawa area has been made to address the fact that the Company's main customers are in Central Canada, and its primary manufacturing facility is currently located in Arnprior. Furthermore, with the pending acquisition of APS Inc located in Halifax, the establishment last year of a manufacturing facility in Dover, Tennessee and the opening of a sales office in Jacksonville Florida, the proximity of the corporate office to the other locations was considered important to support the growth strategy. It is anticipated that this transition will take place over the next six months and includes the transfer of two dozen positions. All Kelowna-based employees impacted by this decision will be offered a transfer and relocation to Ontario.

The Company will continue to maintain its current Kelowna manufacturing operation which supports specialized and complex low volume production. This operation has a full time staff of 20 employees.

The Company anticipates that this relocation will cost up to approximately $750,000 which will be absorbed in the current financial year. Enhanced operational efficiencies as a result of this transfer are expected to offset this cost in future fiscal periods.

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 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) 491-0930
    Pacific Safety Products Inc.
    Peter Rowand
    Marketing Manager
    (250) 491-0911 x 108