Pacific Safety Products Inc.

Pacific Safety Products Inc.

February 28, 2005 16:00 ET

Pacific Safety Products Inc. Signs Agreements with ArmorWorks Enterprises, LLC


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: PACIFIC SAFETY PRODUCTS INC.

TSX VENTURE SYMBOL: PSP

FEBRUARY 28, 2005 - 16:00 ET

Pacific Safety Products Inc. Signs Agreements with
ArmorWorks Enterprises, LLC

KELOWNA, BRITISH COLUMBIA--(CCNMatthews - Feb. 28, 2005) - Pacific
Safety Products Inc. (TSX VENTURE:PSP) ("PSP" or "the Company")
announces it has signed two agreements with ArmorWorks Enterprises, LLC
("ArmorWorks") of Tempe, Arizona.

Pacific Safety Products Inc. announced today that they have signed an
agreement with ArmorWorks to manufacture and distribute ArmorWork's
patented "T-Flex" ballistic material. The agreement gives PSP exclusive
rights to manufacture T-Flex in Canada and rights to distribute in
Canada and other negotiated international markets. This technology can
employ a number of ballistic fibers and is an alternative to weaving
ballistic fibers into fabrics.

"This agreement with ArmorWorks is a major milestone in our strategic
initiative to diversify PSP's manufacturing capabilities and product
offerings," commented Brad Field, CEO of PSP. "Manufacturing T-Flex
gives PSP a competitive advantage in securing ballistic materials at a
time when supply is extremely short. It also strengthens our ability to
develop additional proprietary ballistic technologies for hard and soft
armor applications," Field added.

T-Flex is made using a patented bonding technology in which ballistic
fibers are sandwiched between thermoplastic films without weaving.
Compared to woven fabrics made with the same fiber, T-Flex typically has
more stopping power and better reduction of the blunt-force trauma
exerted from a ballistic impact.

"This is the first time we have licensed this technology to another
company," stated Bill Perciballi, President of ArmorWorks. "We are
confident that PSP is the right partner for the Canadian and other
international markets. They have clearly demonstrated the manufacturing
expertise and in-house quality controls required to qualify for a
manufacturing license."

The second agreement signed between the two companies is a non-exclusive
co-distribution agreement whereby PSP and ArmorWorks will promote and
sell each others' products in their respective territories. "This
agreement further strengthens our ability to diversify our product
offering," stated Brad Field. "We can now offer hard body armor and
vehicle armor made by one of the leading manufacturers in North America."

"This distribution agreement with PSP gives ArmorWorks the same benefits
as PSP," said Bill Perciballi. "Historically we have only made hard
armor components, but many of our customers need soft armor and other
protective products as well. We are pleased to be able to offer our
customers in the U.S. PSP's full line of top quality protective
solutions."

The two Companies will continue to jointly explore additional teaming
opportunities in the areas of product development and manufacturing.

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. 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. 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, fire departments 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
130 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 Inc. 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, Alberta Securities Commission, the Ontario
Securities Commission and / or 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.

PSP™, PROTECTED BY PSP™, O2BOSS™ and ...we bring everyday
heroes home safely.™ are trademarks of Pacific Safety Products Inc.

Pacific Emergency Products® and EXPLOSAFE® are registered trademarks
of Pacific Safety Products Inc.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Pacific Safety Products Inc.
    Brad Field
    Chief Executive Officer
    1-800-667-5487 or (250) 491-0911
    bfield@pacsafety.com
    or
    Pacific Safety Products Inc.
    Investor Relations
    1-800-667-5487 or (250) 491-0911
    ir@pacsafety.com
    www.pacsafety.com
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.