Pacific Safety Products Inc.
TSX VENTURE : PSP

Pacific Safety Products Inc.

February 01, 2007 09:00 ET

Pacific Safety Products Inc. Announces Results of Share Purchase Through the Employee Share Ownership Plan

KELOWNA, BRITISH COLUMBIA--(CCNMatthews - Feb. 1, 2007) - Pacific Safety Products Inc. ("PSP" or "the Company") (TSX VENTURE:PSP) announces the results of is Employee Share Ownership Plan (the "Plan") offering for 2007. A total of 68,115 shares were subscribed for, comprising 52,400 shares purchased by 57 employees and 15,715 shares matched by the Company. The total gross proceeds from the issuance was $47,160. The shares will be issued from Treasury with the proceeds, net of issue costs, being recorded as an increase to Shareholders' Equity and the value of the matched shares being recorded as a compensation expense.

Of the total shares purchased, 16,500 shares were paid for on January 31, 2007 and the remaining 35,900 are being purchased through payroll deduction. Final payment for the payroll deduction purchases will be made in December 2007. The issue price for the shares was set on January 15, 2007 as approved by the shareholders and the TSX Venture Exchange.

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 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 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 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.

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 Toll Free: 1-888-PSP-ARMR (1-888-777-2767)
    (250) 491-0930 (FAX)
    Email: dscott@pacsafety.com
    Website: www.pacsafety.com