Pacific Safety Products Inc.

Pacific Safety Products Inc.

October 05, 2005 16:00 ET

Pacific Safety Products Inc. Organizational Announcement

KELOWNA, BRITISH COLUMBIA--(CCNMatthews - Oct. 5, 2005) - Pacific Safety Products Inc. (TSX VENTURE:PSP) ("PSP" or "the Company") announces an organizational update.

Ross Langford, Chair of the Corporate Governance Committee announced that the Board of Directors of PSP has retained David Scott in the role of Chief Executive Officer (CEO) and President for the Company's organizational transformation period, expected to take approximately six months. "We are pleased that Mr. Scott has agreed to assume the role at this critical time for the Company," stated Mr. Langford. "Prior to his retirement in 2002 Mr. Scott was CEO and President of General Dynamics Canada and a Principal Officer of General Dynamics Corporation. He has been Chairman of the Board of PSP since November 2003."

"My mandate from the Board is very clear," comments Mr. Scott. "It is to achieve profitability this fiscal year while continuing to grow the business. Reducing our cost structure, aligning organizational objectives and anticipating customer requirements are the three initiatives that are underway to satisfy this mandate."

PSP also announced the appointment of Chris Dodd to the position of Director of Sales, effective immediately. Chris has extensive experience with Government and Military sales in Canada and in the International market. The company also advised that Dan Ripchensky, Executive Vice President of Sales and Marketing for Canada and International markets has left PSP to pursue other interests.


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 armour to protect against ballistic, stab and fragmentation threats. PSP is the largest armor manufacturer in Canada and also has significant international customers. The Company also produces tactical clothing and emergency medical kits. These products are marketed under the labels Pacific Emergency Products®, PROTECTED by PSP™, EXPLOSAFE®, and O2B.O.S.S.™. The Company's primary customers include military agencies, law enforcement agencies, private security companies and emergency medical service organizations.

The Company strives to provide quality protection solutions by effectively integrating the latest technologies to serve these customers' needs. Founded in 1984, PSP has grown to include more than 235 employees at three Canadian facilities in Kelowna, British Columbia; Brampton, Ontario; and Arnprior, Ontario. These facilities are equipped with complete design, production and research capabilities. The Kelowna facility has one of the most advanced non-government operated ballistic research labs in North America.

In light of the sensitive nature of its products and customers, PSP may not disclose all information regarding end-users, government agencies or countries purchasing its products. It continues to be PSP's corporate policy to conduct business only with recognized domestic law enforcement, military and government agencies and foreign agencies that are approved by the Canadian Department of Foreign Affairs and International Trade.

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 release may contain 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 strategy for growth, 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. These factors include, but are not limited to changes in the laws, regulations, policies and economic conditions, including inflation, interest and foreign currency exchange rates, of countries in which the Company does business; competitive pressures; successful integration of structural changes, including restructuring plans, acquisitions, divestitures and alliances; cost of raw material, research and development of new products, including regulatory approval and market acceptance; and seasonality of sales in some products.

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

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