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NEWS RELEASE TRANSMITTED BY Marketwire FOR: Pacific Safety Products Inc.TSX VENTURE SYMBOL: PSP PSP Reports on New Orders With Potential Value of Up to $10 Million SEP 4, 2008 - 10:38 ETKANATA, ONTARIO--(Marketwire - Sept. 4, 2008) - Pacific Safety Products Inc. (TSX VENTURE:PSP) ("PSP"), a leader in the field of protective body armour and soldier systems equipment, today announced that they have received orders in the last 60 days for personnel and infrastructure protective products from Canadian and American customers that have the potential to generate $10 Million of revenue for the Company. PSP is scheduled to deliver approximately $7 Million of revenue against these new orders during the current fiscal year. One Contract from Public Works Government Services Canada includes options which if exercised would produce an additional $3 Million in subsequent fiscal years. David Scott, CEO, commented, "Order intake for the beginning of our fiscal year 2009 is strong and actually running ahead of our expectations for this time frame. Usually July and August are the quietest months for sales activity as a result of a general summer slowdown. Orders received within the last 60 days and opportunities currently being bid suggest a robust beginning for the year. Continued support from some of Canada's most prestigious agencies reinforces our leadership position in ballistic protective products." 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 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, 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 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. 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 (613) 254-9488 ext. 322 or Pacific Safety Products Inc. Mr. Jacques Bonaventure Vice President Sales and Marketing (613) 254-9488 ext. 323 Website: www.pacsafety.com |
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