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NEWS RELEASE TRANSMITTED BY Marketwire FOR: Pacific Safety Products Inc.TSX VENTURE SYMBOL: PSP Pacific Safety Products Inc. Announces $2 Million Contract Win AUG 22, 2006 - 06:00 ETKELOWNA, BRITISH COLUMBIA--(CCNMatthews - Aug. 22, 2006) - Pacific Safety Products Inc. (TSX VENTURE:PSP) ("PSP" or "the Company") has been awarded a contract worth an estimated $2.067 million to supply protective armour for Correctional Services of Canada. The contract has the potential for additional supply of products over a five year period. Correctional Services of Canada (CSC) is a new customer for PSP and is part of a growing sector in the security and defense business. "We are seeing strong interest from both public and private sector agencies looking to increase the security and safety of its workforce," said David Scott, chairman and CEO of PSP. "This is a definite growth area for the company." The order announced today from CSC will supply more than 2,300 correctional staff in medium and maximum security federal institutions. The total CSC staff complement is approximately 6,000. PSP is already the Canadian market leader for the supply of protective armor for the Canadian military and for law enforcement agencies. In recent months PSP has been selected to supply protective armor for a number of new customer segments. Examples include the Canadian Border Services Agency, Parks Canada, Alberta Corrections, B.C. Corrections, Department of Foreign Affairs, Brinks Canada, Garda Canada, G4S Canada and the Saskatoon Health Region. The latest order for protective vests features DuPont's Kevlar Correction Protective Material. OVERVIEW OF THE BUSINESS About PSP The mission statement of Pacific Safety Products Inc. is ...we bring everyday heroes home safelyTM. PSP is an established industry leader in the production, distribution and sale of high performance and high quality safety products. These products primarily include body armor to protect against ballistic, stab and fragmentation threats. PSP is the largest armor manufacturer in Canada and has significant international customers. The Company also produces tactical clothing and emergency medical kits. 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 Statements: This release may contain forward-Looking statements based on management's expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the Company's strategy for growth, product development, market position, expected expenditures and financial results are forward-Looking statements. Some of the forward-Looking statements may be identified by words like "expects", "anticipates", "plans", "intends", "projects", "indicates", and similar expressions. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, including those discussed more fully elsewhere in this release and in documents which may be filed with the British Columbia Securities Commission, the Alberta Securities Commission, the Ontario Securities Commission, the TSX Venture Exchange, as well as others, could cause results to differ materially from those stated. These factors include, but are not limited to changes in the laws, regulations, policies and economic conditions, including inflation, interest and foreign currency exchange rates, of countries in which the Company does business; competitive pressures; successful integration of structural changes, including restructuring plans, acquisitions, divestitures and alliances; cost of raw material, research and development of new products, including regulatory approval and market acceptance; and seasonality of sales in some products. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. FOR FURTHER INFORMATION PLEASE CONTACT: Pacific Safety Products Inc. David Scott Chief Executive Officer Toll Free: 1-888-PSP-ARMR (1-888-777-2767) or (250) 491-0911 (250) 491-0930 (FAX) dscott@pacsafety.com www.pacsafety.com |
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