Pacific Safety Products Inc.

Pacific Safety Products Inc.

January 16, 2008 06:00 ET

Pacific Safety Products Inc. Announces Price Reservation for Employee Share Ownership Plan (ESOP)

KELOWNA, BRITISH COLUMBIA--(Marketwire - Jan. 16, 2008) - Pacific Safety Products Inc. (TSX VENTURE:PSP) -

In accordance with the Company's ESOP, the purchase price for the next offering period, being January 15, 2008 to January 31, 2008, has been set at the closing price of the shares on the TSX Venture Exchange effective January 15, 2008. The price is reserved at $0.63 per share and applies to shares purchased in full and to shares purchased through the payroll deduction plan during the offering period.

The Employee Share Ownership Plan has been in place since 2001. A total of 457,694 shares have been purchased by the employees for proceeds of $226,844 and 101,978 shares have been matched by the Company since the inception of the Plan.

A maximum of 300,000 shares can be subscribed for and issued each year as per the guidelines of the Plan. Shares are issued from Treasury with the proceeds, net of issue costs, being recorded as an increase to Shareholders' Equity and the value of the shares matched by the Company being recorded as a compensation expense. A copy of the plan is filed on SEDAR under the Company's public documents and can been accessed.

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.
    Valerie Dougans
    Chief Financial Officer
    (250) 491-0911 x. 129