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NEWS RELEASE PACIFIC SAFETY PRODUCTS INC. CORPORATE UPDATE |
KELOWNA, British Columbia, Canada – May 26, 2006 - Pacific Safety Products Inc. (TSX VENTURE: PSP) ("PSP" or "the Company") today announced that it has been awarded a contract modification from Public Works and Government Services Canada for the supply of 10,000 Fragmentation Vest carriers. This amendment is valued at $1.4 million, bringing the total value for this contract to $31.8M.
“We continue to see growth in this area of our business and look forward to future opportunities for enhancing these products.” says Gerry Bush, President.
The Company also announced that Lori Field, Corporate Secretary, will
take retirement from PSP effective June 30, 2006. “Lori has served the Company
and the Board with exemplary dedication and a professional approach to its
affairs.” stated David Scott, CEO & Chairman. “We look forward to a
continued relationship with Lori as both a shareholder and as a source of
corporate knowledge.”
Valerie Dougans, the Company’s Chief Financial Officer, will assume the
additional role of Corporate Secretary effective June 30, 2006.
The Company has also retained the services of Lecia Stewart to assist
the senior management team in its strategic planning. Ms. Stewart brings to PSP
20 years of public and private sector experience in transportation, major
infrastructure project management, negotiations, communications and labor
relations. For the past four years, she has been a Director of the Canadian Air
Transport Security Authority.
OVERVIEW OF THE BUSINESS
About PSP
The mission statement of
Pacific Safety Products Inc. is ...we bring everyday heroes home safely™. PSP is an established industry leader in the
production, distribution and sale of high performance and high quality safety
products. These products primarily
include body armor to protect against ballistic, stab and fragmentation
threats. PSP is the largest armor
manufacturer in Canada and has significant international customers. 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 more
information, please contact:
Pacific Safety
Products Inc.
2821 Fenwick Road
Kelowna, British
Columbia, CANADA V1X 5E4
David Scott
Chief Executive
Officer
E mail: dscott@pacsafety.com
Web site: www.pacsafety.com
Toll free phone: 1.888.PSP.ARMR
(1.888.777.2767)
Phone: 250.491.0911
Fax: 250.491.0930