ARNPRIOR, ONTARIO--(Marketwired - April 18, 2013) - Pacific Safety Products Inc. ("PSP" or the "Company") (TSX VENTURE:PSP), a leading North American manufacturer of advanced armour and personal protection solutions, announced today that the Board of Directors has adopted a new fixed stock option plan (the "2013 Plan") in compliance with the rules of the TSX Venture Exchange, which will replace and supersede the existing stock option plan of the Company, adopted on December 22, 2010. The number of common shares reserved for issuance under the 2013 Plan is fixed at 5,950,489 shares. A copy of the 2013 Plan will be filed on SEDAR (www.sedar.com).
The Company also announced that it has granted 50,000 stock options to Mr. Rudy Witlox, the Company's newly appointed Chief Financial Officer. The stock options are exercisable at a price of $0.10 per share and expire five years from the date of grant.
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).