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NEWS RELEASE TRANSMITTED BY Marketwire FOR: Pacific Safety Products Inc.TSX VENTURE SYMBOL: PSP Pacific Safety Products Inc. Announces Price Reservation for Employee Share Ownership Plan Offering JAN 16, 2007 - 09:00 ETKELOWNA, BRITISH COLUMBIA--(CCNMatthews - Jan. 16, 2007) - Pacific Safety Products Inc. ("PSP" or the "Company") (TSX VENTURE:PSP) announces the following update to its Employee Share Ownership Plan ("ESOP" or "the Plan"). In accordance with the Company's ESOP, the purchase price for the next offering period, being January 15, 2007 to January 31, 2007, has been set at the closing price of the shares on the TSX Venture Exchange effective January 15, 2007. The price is reserved at $0.90 per share and applies to shares purchased in full and to shares purchased through the payroll deduction plan during the offering period. The Employee Share Ownership Plan has been in place since 2001. A total of 421,694 shares have been purchased by the employees for proceeds of $244,145 and 90,893 shares have been matched by the Company since the inception of the Plan. A maximum of 300,000 shares can be subscribed for and issued each year as per the guidelines of the Plan. Shares are issued from Treasury with the proceeds, net of issue costs, being recorded as an increase to Shareholders' Equity and the value of the shares matched by the Company being recorded as a compensation expense. A copy of the plan is filed on SEDAR under the Company's public documents and can been accessed at www.sedar.com. 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 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, and protective products against chemical and biological hazards. PSP is the largest armour manufacturer in Canada and supplies its products to the Canadian Department of Defence, Federal Government Agencies and major law enforcement organizations across the country. The Company, through its U.S. subsidiary Sentry Armor Systems Inc., provides body armour products to U.S. based law enforcement and private security firms. 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. David Scott, Chief Executive Officer 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 (250) 491-0911 or Toll Free: 1-888-PSP-ARMR (1-888-777-2767) (250) 491-0930 (FAX) Email: dscott@pacsafety.com Website: www.pacsafety.com |
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