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NEWS RELEASE TRANSMITTED BY Marketwire FOR: Pacific Safety Products Inc.TSX VENTURE SYMBOL: PSP Pacific Safety Products Inc. Announces Grant of Stock Options AUG 31, 2006 - 06:00 ETKELOWNA, BRITISH COLUMBIA--(CCNMatthews - Aug. 31, 2006) - Pacific Safety Products Inc. (TSX VENTURE:PSP) ("PSP" or "the Company") announces the grant of stock options to the Chief Operating Officer and Chief Financial Officer. On August 22, 2006, the Board of Directors approved the grant of 50,000 stock options each to be part of an incentive program for Gerry Bush, COO and Valerie Dougans, CFO. The price of the options was set at $0.89 per share. These options will vest on August 30, 2007 and are dependent on the organization achieving its operation plan for 2007, plus the achievement of personal incentive objectives. Partial achievement of targets will result in a prorating of options granted. OVERVIEW OF THE BUSINESS 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. 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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