ARNPRIOR, ONTARIO--(Marketwire -09/13/11)- Pacific Safety Products Inc. (TSX-V: PSP.V - News), a leading North American manufacturer of advanced armour and personal protection solutions, today announced that the Department of National Defence ("DND") has exercised its first option for amendment under a previously announced contract for the supply of protective products. The option exercise is worth an estimated $380,000 and is to be delivered by March, 2012.
The Company had announced on June 8, 2011, that it had been awarded a new contract through competitive tender from Public Works and Government Services Canada for the supply of protective products to the DND. The contract was initially worth almost $500,000 and has options for two amendments over the next 2 years. The initial contract has been delivered. The custom products will be manufactured at the Company's Arnprior, Ontario facility.
PSP was also the incumbent supplier to DND for the Fragmentation Protective Vest ("FPV"), Fragmentation Throat Protectors, and other specialized protective products.
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, 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, with respect to the anticipated delivery date of the products and expected increase in value of the contracts, and are based on management's expectations, estimates and projections. 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 not guarantees and involve a number of risks, uncertainties and assumptions. Many factors could cause results to differ materially from those stated including delays in receiving or shortages in the supplies necessary to manufacture the products, possible changes to the product orders, constraints on purchasing budgets, as well various other factors which are discussed in the Company's filings with applicable securities regulatory authorities at www.sedar.com. The Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change, except as required by applicable law.
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