Pacific Safety Products Inc.

Pacific Safety Products Inc.

May 20, 2015 08:30 ET

Pacific Safety Products Inc. Announces Issuance of Shares in Satisfaction of Board Fees and Amendment to Stock Options

ARNPRIOR, ONTARIO--(Marketwired - May 20, 2015) - Pacific Safety Products Inc. (TSX VENTURE:PSP) ("PSP" or the "Company"), announced today that it intends to issue to Mr. Fraser Campbell and Mr. Ken Hight an aggregate of 76,922 common shares in satisfaction of an aggregate of $10,000 of accrued director's fees for the period from January 1, 2015 to March 31, 2015 at a price of $0.13 per share.

Messrs. Campbell and Hight are each directors of PSP. The Company determined to satisfy the indebtedness through the issuance of shares in order to preserve a total of $10,000 in cash to be used for operations and working capital purposes.

In addition, the Company intends to amend the terms of 500,000 stock options previously granted to a director of the Company to extend the expiry date of such options by two years. The options are each exercisable to acquire one common share at an exercise price of $0.10 per share and will expire on August 15, 2017.

The issuance of shares for accrued director fees and the amendment to the stock options is conditional upon acceptance by the TSX Venture Exchange. The common shares and amended stock options will be subject to a four month hold period from the date of issuance.

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 and, in some cases, can be identified by words or phrases such as "may", "will", "expect", "plan", "anticipate", "intend", "potential", "estimate", "believe" or the negative of these terms. The forward-looking events and circumstances discussed in this news release, including the terms and completion of the shares for debt transaction and the amendment to the stock options, may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the Company. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. 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.
    Terry Vaudry
    Chief Executive Officer
    (613) 623-6001