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NEWS RELEASE TRANSMITTED BY Marketwire FOR: Pacific Safety Products Inc.TSX VENTURE SYMBOL: PSP Pacific Safety Products Inc. Announces Results of Share Purchase Through the Employee Share Ownership Plan FEB 1, 2008 - 06:00 ETKELOWNA, BRITISH COLUMBIA--(Marketwire - Feb. 1, 2008) - Pacific Safety Products Inc. (TSX VENTURE:PSP) PSP announced today the results of its Employee Share Ownership Plan (the "Plan") offering for 2008. A total of 34,600 shares were purchased by 40 employees at a price of $0.63 per share for total proceeds of $21,798. A further 9,965 shares were issued at no value as the shares were matched by the Company as incentive compensation as per the guidelines of the Plan. The shares will be issued from Treasury with the proceeds, net of issue costs, being recorded as an increase to Shareholders' Equity and the value of the matched shares being recorded as a compensation expense. Of the 34,600 shares purchased, 8,100 shares were paid for on January 31, 2008 and the remaining 26,500 are being purchased through payroll deduction. Final payment for the payroll deduction purchases will be made in December 2008. The issue price for the shares was set on January 16, 2008 as approved by the shareholders and the TSX Venture Exchange. 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 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, directly supplying the Canadian Department of Defence, Federal Government Agencies and major Canadian law enforcement organizations. The Company also provides specialized law enforcement and safety products through APS Distributors, a wholly-owned subsidiary that services law enforcement and public safety agencies 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. 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. 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 Pacific Safety Products Inc. Valerie Dougans Chief Financial Officer (250) 491-0911 x. 129 Website: www.pacsafety.com |
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