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NEWS RELEASE TRANSMITTED BY Marketwire FOR: Pacific Safety Products Inc.TSX VENTURE SYMBOL: PSP Pacific Safety Products Inc. Announces Creation of Centres of Excellence FEB 22, 2007 - 09:00 ETKELOWNA, BRITISH COLUMBIA--(CCNMatthews - Feb. 22, 2007) - Pacific Safety Products Inc. (TSX VENTURE:PSP) ("PSP" or "the Company") today announced several major changes designed to strengthen key corporate capabilities and consolidate manufacturing facilities. The Company said its strategy is to establish Centres of Excellence in each of the three company locations, building on the unique assets of each facility to improve delivery time, streamline operational performance and increase customer service and support. In addition, the Company plans to consolidate its volume manufacturing operations in two of its operation centres -- Arnprior, Ontario and Dover, Tennessee. To accommodate the volumes, PSP intends to sign a lease of a new 38,000 sq foot Arnprior facility, which is able to accommodate up to 200 employees, more than double the capacity of the current facility. PSP's Kelowna, B.C. location will remain the Company's corporate head office, although up to 90 manufacturing jobs will be transitioned to Arnprior in the summer of 2007. PSP Chairman and CEO David Scott said the consolidation will allow the Company to respond more quickly and efficiently to regional market requirements. "The Kelowna head office will focus on delivering organizational strength through product innovation and outstanding customer service and support," Scott said. Beginning in April 2007, changes will be implemented to establish the Kelowna, BC location as the Product Design, Testing and Custom Manufacturing Centre of Excellence, in addition to the Corporate Head Office. The new Arnprior, Ontario manufacturing facility will focus on volume manufacturing of Canadian body armor orders and will also serve as home to our Canadian Government Business Development office. The Dover, Tennessee facility will focus on volume manufacturing of US orders, and will take advantage of the extensive production capabilities to build US-market body armor, Pacific Emergency Product (PEP) medical services bags and kits, tactical clothing, and other large-volume production as required. Scott also said the Company is encouraged by the business activity in the Canadian and U.S. markets. "This approximate 25% net increase in our overall Canadian production capacity is being added to meet the increased demands of both our core Law Enforcement as well as Defence customers. The rationalization of the two Canadian facilities will ensure that each is focused as a Centre of Excellence. Management also expects improved operational performance as a result of this initiative." Scott also reaffirmed the Company's guidance that PSP will achieve between $35M and $37M of revenue for this year with net income before taxes of between $2.0 million and $2.2 million. 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. 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 Chairman and Chief Executive Officer (250) 491-0911 or Toll Free: 1-888-PSP-ARMR (1-888-777-2767) Email: dscott@pacsafety.com or Pacific Safety Products Inc. Peter Rowand Marketing Manager (250) 491-0911 or Toll Free: 1-888-PSP-ARMR (1-888-777-2767) (250) 491-0930 (FAX) Email: prowand@pacsafety.com Website: www.pacsafety.com |
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