Pacific Safety Products Inc.

Pacific Safety Products Inc.

September 01, 2010 09:15 ET

Pacific Safety Products Inc. Announces Corporate Restructuring

KANATA, ONTARIO--(Marketwire - Sept. 1, 2010) - Pacific Safety Products Inc. (TSX VENTURE:PSP) ("PSP" or the "Company") today announced a restructuring of its management team and Board of Directors. 

Daniel Marks has been appointed as Executive Chairman of the Board and Doug Lucky, Terry Vaudry and Fraser Campbell have been appointed to join Mr. Marks as Directors of the Company. Mr. Lucky has also been appointed Chief Executive Officer and interim Chief Financial Officer. Janet Mason continues as President of the Company and will be working closely with Mr. Lucky and the Board as the Company moves forward with its mandate to maximize shareholder value.

David Scott, John Brodie, Martin Carsky, James Juntilla and Robert Fischer have all resigned from the Board of PSP.

Mr. Lucky is an executive with extensive restructuring and corporate finance experience, who, most recently, advised on and executed the restructuring of MTI Global Inc. (now Zuni Holdings Inc.). His prior experience includes being a partner and Senior Vice President at Ernst & Young LLP (Corporate Finance and Restructuring), partner at RBC Capital Partners, VP Finance at Silicon Optix Inc., and consulting financial executive to other public and private companies. Mr. Lucky is a Chartered Accountant and holds a BBA from Wilfrid Laurier University.

Mr. Vaudry is the founder and Chief Executive Officer of North American Logistics Services Inc. ("NALSI"), a Canadian asset based specialty transportation and customs brokerage firm that designs and delivers sophisticated logistics solutions across North America and Internationally.

Mr. Campbell is a partner and director of First Growth Management ("FGM"), a private equity company which invests both capital and varied management resources in small to mid-sized businesses with attractive growth potential. Mr. Campbell has held a number of executive positions in FGM investee companies including as President of Modu-Loc Fence Rentals Ltd., IFCO Systems Canada and PalEx Canada.

"We would like to welcome Messrs. Vaudry, Lucky and Campbell to the PSP Board. We look forward to their contributions to our strategic planning and growth, particularly in the North American markets as we deploy PSP's new soft body armor product lines that are certified to the high performance NIJ 0101.06 standard," stated Mr. Marks.

Both the resignations and appointments of the directors are subject to TSX Venture Exchange approval.

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, together with any statements about the Company's strategy, 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 with respect to the success of future strategic initiatives, that the Company will be able to remain onside the revised financial covenants in its bank credit facility or that the Company will be able to raise additional funds to fund ongoing operations in the event that future losses are greater than projected. 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.

On behalf of the Board of Directors

Janet Mason, President

Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Contact Information

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