ARNPRIOR, ONTARIO--(Marketwired - May 7, 2014) - Pacific Safety Products Inc. ("PSP" or the "Company") (TSX VENTURE:PSP) announced today that it has received a contract for the production of armour vests for delivery to facilities across Ontario. The contract is valued at approximately $1,000,000. The Company expects deliveries to commence shortly and continue until the contract expires in December, 2015.
PSP has also received a contract for the delivery of tactical armour vests and related products for delivery in Ontario. The contract value is approximately $1,373,000. The term of the contract is three years, with options to extend the term for two successive one year periods, running until April 2019, if both such options are exercised.
The tactical vest contract had a requirement that armour vests do not exceed a maximum weight of 1 pound per square foot. PSP won this contract using its recently certified, industry leading, HeliX IIIa. This contract will allow all other provincial agencies falling within the public service to purchase PSP's tactical armour and related products.
PSP won both of these contracts in open competition. The Company continues to lead the Canadian market for the supply of protective armour products to the Canadian military and law enforcement agencies.
These contracts represent new business for the Company.
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 when the Company expects to commence delivery under the above noted contracts, 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.
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