ARNPRIOR, ONTARIO--(Marketwire - Sept. 4, 2012) - Pacific Safety Products Inc. ("PSP" or the "Company") (TSX VENTURE:PSP), is pleased to announce the appointment of Barb Peacock as Chief Financial Officer of the Company. For the past seven months, Ms. Peacock has been Acting Chief Financial Officer for the National Aboriginal Health Organization. Ms. Peacock has four years of previous experience with PSP, when she was Corporate Controller from 2007 to 2011.
"We are pleased to welcome Ms. Peacock back to PSP; she has a strong understanding of our business and finance department" stated Fraser Campbell, Interim Chairman of the Board and Interim Chief Executive Officer of PSP. "PSP would also like to thank Ms. Sharon Johnston for the fantastic job she did during her tenure and wish her all the best in her future endeavors."
PSP is also pleased to announce that it has received a new contract for supply and disposal of Soft Body Armour from the Department of Fisheries and Oceans. The product is the certified NIJ0101.06 Helix II for male and female armour and carriers. The term of the contract is for up to five years in total (three years plus two one-year options) for a total estimated value of $910,000 over the 5 years.
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 including, without limitation, estimation of revenue from new contracts of supply. Although the Company believes that the expectations conveyed by the forward-looking information are reasonable based on information currently available to it, these statements are based on management's expectations, estimates and projections and involve a number of risks, uncertainties and assumptions, both known and unknown. As a result, the results or events depicted in these forward-looking statements may differ materially from actual results or events. Many factors could cause results to differ materially from those stated including, but not limited to the impact of price and product competition, changes in general industry and market conditions, inability to successfully plan and execute cost reduction and business improvement strategies, ability to retain key staff, restrictions and covenants contained in credit agreements, fluctuations in currency, exchange and interest rates and commodity prices, ability to retain existing customer contracts, reliance on key customers, inability to identify and execute on value-enhancing strategic alternatives, as well as various other factors which are discussed in the Company's filings with applicable securities regulatory authorities at www.sedar.com. 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.