Pacific Safety Products Inc.
TSX VENTURE : PSP

Pacific Safety Products Inc.

September 13, 2010 19:38 ET

Pacific Safety Products Inc. Announces Exercise of Option and Completion of Sale of Remaining Headborne System Assets

KANATA, ONTARIO--(Marketwire - Sept. 13, 2010) - Pacific Safety Products Inc. (TSX VENTURE:PSP) ("PSP" or the "Company") announced today that Revision Eyewear Inc. ("Revision") has exercised the exclusive option granted by PSP for the sale of the remainder of the headborne systems assets not previously sold to Revision (the "Sale") for $100,000 and a 2.5% royalty on gross sales over a 5 year period. The Sale closed today. Proceeds from the Sale will be used to pay down existing bank debt.

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, including statements about the Company's growth strategy, 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.

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
    President
    (613) 254-9488 ext. 322
    www.pacsafety.com