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NEWS RELEASE TRANSMITTED BY Marketwire FOR: Pacific Safety Products Inc.TSX VENTURE SYMBOL: PSP Pacific Safety Products Inc. Completes Acquisition of APS Distributors Ltd. OCT 2, 2007 - 06:00 ETKELOWNA, BRITISH COLUMBIA--(Marketwire - Oct. 2, 2007) - Pacific Safety Products Inc. (TSX VENTURE:PSP) ("PSP" or "the Company") - announced today it has signed a Purchase Agreement to acquire the shares of APS Distributors Ltd. ("APS") of Bedford, Nova Scotia. The purchase price is CAD$5.0 million, comprised of $4 million cash and $1 million of PSP shares value at $1.00. The anticipated closing date of the Acquisition is October 31, 2007. APS Distributors is engaged in the sale and distribution of hard and soft goods to the Law Enforcement and First Responder markets across Canada. APS revenue for the last twelve months was in excess of $11 million. "In making this acquisition PSP adds a growing business with 15 years of profitability in one of PSP's core markets, offering complementary products. Strategically this acquisition provides PSP with superior national coverage in Canada," said David Scott, CEO of PSP. The APS purchase price consideration of CAD$5.0 million was funded by a combination of the Company's own cash, a draw on its operating line and CAD$1.0 million in Common Shares of PSP valued at CAD$1.00 per share. 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 armor 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 armor 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 armor 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 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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