Pacific Safety Products Inc.

Pacific Safety Products Inc.

July 13, 2015 08:17 ET

Pacific Safety Products Inc. Announces Resolution of Lease Arbitration Proceedings

ARNPRIOR, ONTARIO--(Marketwired - July 13, 2015) - Pacific Safety Products Inc. (TSX VENTURE:PSP) ("PSP" or the "Company"), announced today that it has resolved the ongoing lease arbitration proceedings with its landlord, Arnprior Bay Property Ltd., initially announced by PSP on June 3, 2013.

PSP will see a total recovery of $825,000, inclusive of the interim award PSP has already received and significant legal fees paid during the arbitration process. PSP will also enter into a new 5 year lease with the landlord under similar terms to our existing lease, expiring in 2021.

"We are pleased that we were able to resolve our outstanding differences," said Terry Vaudry, CEO of PSP. "We look forward to a productive relationship with our landlord for years to come."

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 the Company's ability enforce its rights under the settlement agreement with its landlord, including the ability to collect amounts owing to the Company provided for in the settlement agreement, and entering into the new lease. 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.

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