Pacific Safety Products Inc.
TSX VENTURE : PSP

Pacific Safety Products Inc.

February 02, 2006 16:00 ET

Pacific Safety Products Inc. Announces Results of Share Purchase Through the Employee Share Ownership Plan

KELOWNA, BRITISH COLUMBIA--(CCNMatthews - Feb. 2, 2006) - Pacific Safety Products Inc. ("PSP" or "the Company") (TSX VENTURE:PSP) announces the results of is Employee Share Ownership Plan (the "Plan") offering for 2006. A total of 80,066 shares were purchased by 73 employees at a price of $0.43 per share for total proceeds of $34,428. A further 22,366 shares were issued at no value as the shares were matched by the Company as incentive compensation as per the guidelines of the Plan. The shares will be issued from Treasury with the proceeds, net of issue costs, being recorded as an increase to Shareholders' Equity and the value of the matched shares being recorded as a compensation expense.

Of the 80,066 shares purchased, 28,710 shares were paid for on January 31, 2006 and the remaining 51,356 are being purchased through payroll deduction. Final payment for the payroll deduction purchases will be made in December 2006. The issue price for the shares was set on January 16, 2006 as approved by the shareholders and the TSX Venture Exchange.

OVERVIEW OF THE BUSINESS

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. These products primarily include body armor to protect against ballistic, stab and fragmentation threats. PSP is the largest armor manufacturer in Canada and has significant international customers. 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.


The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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