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NEWS RELEASE TRANSMITTED BY Marketwire FOR: Pacific Safety Products Inc.TSX VENTURE SYMBOL: PSP Pacific Safety Products Inc. Announces Appointment of David Scott as CEO AUG 30, 2006 - 06:00 ETKELOWNA, BRITISH COLUMBIA--(CCNMatthews - Aug. 30, 2006) - The Board of Directors of Pacific Safety Products Inc. (TSX VENTURE: PSP) ("PSP" or "the Company") today announced the appointment of David E. Scott as Chief Executive Officer of the Company. Mr. Scott brings to PSP more than 35 years of experienced leadership in the security and defence sectors. He led one of Canada's most prominent defence companies, General Dynamics, from 1994 to 2002, where his responsibility included operations in the U.S., U.K. and Canada. During his tenure, General Dynamic's annual revenues grew from $90 million to more than $400 million. He has served on the Boards of the Aerospace Industries Association of Canada, the Canadian Defence Industries Association and the NATO Industrial Advisory Group. "David has a proven track record in the defence sector, a growing market segment for PSP, has been a CEO of a major Canadian defence business and has first hand experience in the U.S. market," said Ross Langford, Chairman of PSP's Corporate Governance and Compensation Committee. Mr. Scott has been interim CEO of PSP since September 2005 and has overseen the restructuring of the company and a return to profitability. "Our fiscal year 2006 results are a direct result of his leadership and management team. On behalf of the Board of Directors, we are pleased that Mr. Scott has accepted this permanent appointment," Mr. Langford said. Mr. Scott will continue as Chairman of the Board of PSP, a position he has held since 2003. 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. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. 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. FOR FURTHER INFORMATION PLEASE CONTACT: Pacific Safety Products Inc. David Scott Chief Executive Officer (250) 491-0911 or 1.888.PSP.ARMR (1.888.777.2767) (250) 491-0930 (FAX) dscott@pacsafety.com www.pacsafety.com |
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