ARNPRIOR, ONTARIO--(Marketwire - Oct. 29, 2012) - Pacific Safety Products Inc. ("PSP" or the "Company"), (TSX VENTURE:PSP) a leading North American manufacturer of advanced armour and personal protection solutions, today announced the approval and adoption by its board of directors (the "Board of Directors") of a by-law (the "By-Law") which includes provisions that require advance notice to the Company in circumstances where nominations of persons for election to the Board of Directors are made by shareholders of the Company other than pursuant to: (i) a requisition of a meeting of shareholders made pursuant to the provisions of the Canada Business Corporations Act (the "Act"); or (ii) a shareholder proposal made pursuant to the provisions of the Act.
The purpose of the By-Law is to provide shareholders, directors and management of the Company with a clear framework for nominating directors. Among other things, the By-Law fixes a deadline by which holders of common shares of the Company must submit director nominations to the Company prior to any annual or special meeting of shareholders and sets forth the minimum information that a shareholder must include in the notice to the Company for the notice to be in proper written form.
In the case of an annual meeting of shareholders, notice to the Company must be made not less than 30 nor more than 60 days prior to the date of the annual meeting; provided, however, that in the event that the annual meeting is to be held on a date that is less than 50 days after the date on which the first public announcement of the date of the annual meeting was made, notice may be made not later than the close of business on the 10th day following such public announcement.
In the case of a special meeting of shareholders (which is not also an annual meeting), notice to the Company must be made not later than the close of business on the 15th day following the day on which the first public announcement of the date of the special meeting was made.
The By-Law is effective as of the date it was approved by the Board of Directors and will be placed before shareholders for ratification at the annual and special meeting of shareholders (the "Meeting") to be held on December 6, 2012. With respect to the Meeting, any notice delivered to the Company prior to the close of business on November 6, 2012 shall be deemed to have been timely delivered.
The full text of the By-Law will be available under the Company's profile at www.sedar.com.
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).