Pacific Safety Products Inc.

Pacific Safety Products Inc.

August 25, 2010 16:45 ET

Pacific Safety Products Inc. Announces Management Resignation

KANATA, ONTARIO--(Marketwire - Aug. 25, 2010) - Pacific Safety Products Inc. (TSX VENTURE:PSP) ("PSP" or the "Company") today announced the resignation of Shawn Sutton, its Chief Financial Officer, effective 17 September 2010.

Mr. Sutton has accepted a senior management position at an Ottawa-based company. "We would like to thank Shawn for his commitment and contributions to the Company during his tenure at PSP, and wish him continued success in his new position," stated Janet Mason, President of PSP.

The Board will announce a replacement for Mr. Sutton in the near future.

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 contains 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 proposed Offering, its likelihood of completion on either the terms currently proposed or on revised terms, together with any statements about the Company's growth strategy, 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. In particular, there are no assurances that the Offering will be completed; or that the Company will come to a satisfactory arrangement with its banker with respect to the ongoing waiver of its breach of a financial covenant in its credit agreement. 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.

The TSX Venture Exchange has in no way passed upon the merits of the proposed private placement and has neither approved nor disapproved the contents of this press release.

Contact Information

  • Pacific Safety Products Inc.
    Janet Mason
    (613) 254-9488 ext. 322