Pacific Safety Products Inc.

Pacific Safety Products Inc.

March 17, 2008 06:00 ET

PSP Announces Appointment of Chief Financial Officer

KELOWNA, BRITISH COLUMBIA--(Marketwire - March 17, 2008) - Pacific Safety Products Inc. (TSX VENTURE:PSP) -

PSP today announced the appointment of Mr. Shawn Sutton as Chief Financial Officer of the Company, effective March 24, 2008. Mr. Sutton has extensive experience in both the private and public sector including manufacturing and technology. He holds an MBA from the University of Ottawa and is a Chartered Accountant. Mr. Sutton succeeds Ms. Valerie Dougans who is not relocating from Kelowna to Ottawa.

As part of his employment compensation Mr. Sutton will receive 75,000 stock options of PSP shares as approved by the Board of Directors of the Company.

"I am very pleased that Shawn is joining our team and look forward to his contribution to our strategic and financial planning. His experience in the high technology and manufacturing sectors will be a great asset as our business diversifies and builds on its core base into more sophisticated products and systems," stated Mr. David Scott, CEO. "On behalf of the Board I want to thank Valerie for her dedication and hard work over the past number of years with the Company and we wish her well in her future endeavours," added Mr. Scott. Ms. Dougans will remain with the Company until June 2008 as Corporate Secretary and assist with the transition to Ottawa.

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 armor to protect against ballistic, stab and fragmentation threats, ballistic blankets to reduce blast effects, and protective products against chemical and biological hazards. PSP is the largest armor manufacturer in Canada, directly supplying the Canadian Department of Defence, Federal Government Agencies and major Canadian law enforcement organizations. The Company also provides specialized law enforcement and safety products through APS Distributors, a wholly-owned subsidiary that services law enforcement and public safety agencies across the country. The Company, through its U.S. subsidiary Sentry Armor Systems Inc., provides body armor products to U.S. based law enforcement and private security firms. 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.

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.

Contact Information

  • Pacific Safety Products Inc.
    David Scott
    Chief Executive Officer
    (250) 491-0911
    Pacific Safety Products Inc.
    Jacques Bonaventure
    Vice President Corporate Development
    (613) 623-6001 ext. 226