Pacific Safety Products Inc. Completes Share Issuance and Files Amended MD&A

Marketwired

ARNPRIOR, ONTARIO--(Marketwire - Oct 24, 2012) - Pacific Safety Products Inc. ("PSP" or the "Company") (TSX VENTURE:PSP) announced today that it has completed the issuance of a total of 2,050,000 common shares at a price of $0.05 per share in satisfaction of an aggregate of $102,500 of indebtedness, previously announced on October 12, 2012.

PSP also today announces it has filed an amended MD&A for the financial year ended June 30, 2012, to include Net Loss for the Year and foreign currency translation differences from foreign operations in its Summary of Operations. Adjusted EBITDA has been amended accordingly. Q4 net profit and net loss for the year results remain the same.

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 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.

For complete consolidated financial statements with notes and management discussion and analysis, refer to SEDAR (www.sedar.com).

Contact:
Pacific Safety Products Inc.
Terry Vaudry
Chief Executive Officer
(613) 623-6001
www.pacsafety.com

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