ARNPRIOR, ONTARIO--(Marketwired - Oct. 3, 2016) - Pacific Safety Products Inc. ("PSP" or the "Company") (TSX VENTURE:PSP), a leading North American manufacturer of advanced armour and personal protection solutions, is pleased to announce the appointment of Derek McDorman as Chief Financial Officer of the Company effective immediately. Mr. McDorman replaces current Chief Financial Officer, Rudy Witlox, who will continue to provide guidance and knowledge to the Company as he transitions out of his role for a period ending no later than November 30, 2016.
Terry Vaudry, the Company's Chief Executive Officer, stated: "On behalf of the board of PSP and his colleagues in the business we would like to thank Rudy for his dedication and wish him well in his future opportunities. Rudy has achieved his goals of successfully managing many milestone events over the years as PSP successfully re-built its business."
Mr. Vaudry went on to say: "We are pleased to welcome Mr. McDorman to our re-built organization. He will be an excellent addition to the outstanding management team that has made the success at PSP possible."
Mr. McDorman has 30 years of experience in finance focusing primarily on North American public company reporting. Since October 2013, Mr. McDorman has been consulting with start-ups firms as part of their growth phase and established multi-national firms as they implement changes to their systems and tax structures. Prior to this, from November 2010 to October 2013, Mr. McDorman served as the Chief Financial Officer for Portage Minerals Inc. (now a subsidiary of Tri-Star Resources plc), formerly a Canadian publicly-traded junior exploration company. Mr. McDorman also served as the Chief Financial Officer for Rockport Mining Corp. (which amalgamated with Portage) from July 2008 to May 2009. Before joining Rockport, through his consulting group, he assisted Canadian public companies in transition. In particular, Mr. McDorman was engaged to be the Interim Corporate Controller of Thompson Creek Metals Company, Inc. and the Interim Director of Financial Reporting for Retirement Residence REIT (now Revera Inc.). Prior to starting his consulting group, Mr. McDorman was with Trizec Properties Inc. and TrizecHahn Corporation (then one of North America's largest commercial property companies) for seven years in a variety of positions including Vice President Financial Reporting for Trizec Properties Inc. as Trizec Properties completed an initial public offering on the New York Stock Exchange and Corporate Controller for TrizecHahn's European division. Mr. McDorman has a Masters of Science in Business Administration and is a member of the Chartered Professional Accountants Association of Ontario (CMA).
The mission statement of Pacific Safety Products Inc. is ... "we bring everyday heroes home safely"®. PSP is an established industry leader in the production 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.
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