Pacific Safety Products Inc.

Pacific Safety Products Inc.

July 18, 2012 09:47 ET

Pacific Safety Products Inc. Announces Appointment of Chief Executive Officer and Other Mangement Changes

ARNPRIOR, ONTARIO--(Marketwire - July 18, 2012) - Pacific Safety Products Inc. ("PSP" or the "Company") (TSX VENTURE:PSP), announced today that Mr. Fraser Campbell, the Interim Chairman of the Company, has been appointed as the Chief Executive Officer of the Company on an interim basis, following the resignation of Mr. Douglas Lucky.

The Company also announced that Mr. Brad Field has been appointed to the Board of Directors of the Company, and it is expected that Mr. Field will also assume the Chief Executive Officer position commencing October 1, 2012. The appointment marks the return of Mr. Field to the Company. Mr. Field founded PSP in 1984 and held the position of Chief Executive Officer for 22 years. Under his tenure, PSP was named one of Canada's fastest growing companies for three years running from 1999 to 2001 and received an Okanagan Science and Technology Innovation award in 2005. Mr. Field was also a member of the Board of Directors of PSP until 2008. He is the former Director of Corporate Development for ArmorWorks Enterprises LLC with responsibilities in the US, Canada and UK assisting in defining the strategic direction of the business. Mr. Field is the recipient of three Entrepreneur of the Year awards, a Science and Technology Innovator of the Year award, the Queen's Golden Jubilee Community Achievement award and a St. John Ambulance Lifesaving award. He also holds numerous patents pertaining to safety related products.

"We are thrilled to bring Brad Field back into the PSP family", said Interim Chairman, Fraser Campbell. "Mr. Field's depth of knowledge and relationships within the personal safety industry, as well as his familiarity and past experience leading the Company, are strong assets that will benefit the Company. The appointment of Mr. Field will catalyze the Company's growth strategy and is an important milestone in the Board's effort to position the Company for future profitability."

"I look forward to becoming re-acquainted with the Company and its business and assisting in the development of a strong top line growth strategy based on solid industry knowledge and key industry relationships," said Brad Field.

The Company has been taking the necessary steps to align and size its operations to current North American business opportunities and expects these efforts to improve the financial outlook of PSP. On May 22, 2012, PSP reported a profitable third quarter of its 2012 fiscal year. The Company also continues to consider and evaluate on an ongoing basis all alternatives available to it in the course of realizing its strategic direction.

Mr. Campbell added, "On behalf of the Board, I would like thank Douglas Lucky for his service and contribution to the Company as Chief Executive Officer and a member of the Board over the past two years."

The Company also announced that Ms. Sharon Johnston, the Interim Chief Financial Officer of the Company, will be leaving her position in August, 2012. The Company will commence a search for a Chief Financial Officer to replace Ms. Johnston.

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, tactical clothing, and protective products against chemical and biological hazards. PSP is the largest body armour manufacturer in Canada, directly supplying the Canadian Department of National Defence, Federal Government Agencies and major Canadian law enforcement organizations. The Company, through its U.S. subsidiary Sentry Armor Systems Inc., provides body armour products under the GH Armor Systems® brand to U.S. based law enforcement and private security firms. The Company also produces tactical clothing. 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 Information: This news release contains certain statements which may constitute "forward-looking information" within the meaning of applicable securities laws. These statements relate to anticipated or assumed events or results including, without limitation, with respect to the anticipated impact on the Company's financial outlook of the steps being taken to align and size its operations to current North American business opportunities and the Company's consideration and evaluation of strategic alternatives. The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. Although the Company believes that the expectations conveyed by the forward-looking information are reasonable based on information currently available to it, these statements are based on management's expectations, estimates and projections and involve a number of risks, uncertainties and assumptions, both known and unknown. As a result, the results or events depicted in these forward-looking statements may differ materially from actual results or events. Many factors could cause results to differ materially from those stated including, but not limited to the impact of price and product competition, changes in general industry and market conditions, inability to successfully plan and execute cost reduction and business improvement strategies, ability to retain key staff, restrictions and covenants contained in credit agreements, fluctuations in currency, exchange and interest rates and commodity prices, ability to retain existing customer contracts, reliance on key customers, inability to identify and execute on value-enhancing strategic alternatives, as well as various other factors which are discussed in the Company's filings with applicable securities regulatory authorities at Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Pacific Safety Products Inc.
    Fraser Campbell
    Interim Chairman
    (613) 623-6001