Stonehouse Capital Management Inc.

May 18, 2010 15:02 ET

Stonehouse Requisitions Shareholders Meeting of Pacific Safety Products to Replace Directors

TORONTO, ONTARIO--(Marketwire - May 18, 2010) - Stonehouse Capital Management Inc. ("Stonehouse") today announced that it has requisitioned a special meeting of shareholders of Pacific Safety Products Inc. ("PSP") pursuant to Section 167 of the Business Corporations Act (British Columbia). The purpose of the meeting is to replace the existing board of directors with nominees to be proposed by Stonehouse.

Stonehouse believes that PSP should pursue the enhancement of shareholder value through a strategy focused on debt reduction, primarily through the divestiture of its Soldier Modernization assets and its underperforming U.S. operations. Stonehouse also believes that the proposed Plan of Arrangement with Revision Eyewear Inc. does not provide adequate value to shareholders.

Stonehouse, on behalf of certain of its managed client accounts, holds a total of 2,547,500 common shares of PSP representing approximately 9.9% of the total issued common shares of PSP.

Contact Information

  • Stonehouse Capital Management Inc.
    Daniel Marks, CFA
    President
    416.907.6908