ARNPRIOR, ONTARIO--(Marketwire - Sept. 20, 2012) - Pacific Safety Products Inc. ("PSP" or the "Company") (TSX VENTURE:PSP), announced today that Terry Vaudry, a Director of the Company since September, 2010 and the Chair of the Audit Committee, has been appointed as the Chief Executive Officer of the Company effective October 1, 2012. Mr. Vaudry will replace Fraser Campbell who had filled the position on an interim basis since July 18th, 2012. Mr. Campbell remains the Interim Chairman of the Company.
"Terry has become increasingly involved in the operations of PSP over the past several months as the Company has completed its right-sizing, and has made an important contribution to the Company's return to near term profitability," said Fraser Campbell, Interim Chairman. "We are excited to have Terry take on an even greater leadership role as Chief Executive Officer of the Company."
Terry Vaudry commented, "PSP remains a brand that represents quality and innovation. PSP has faced challenges in the past but its terrific reputation remains solidly intact and I look forward to leading a team of dedicated professionals."
The Company also announced that Brad Field has resigned from the Board of Directors. The Company would like to thank Mr. Field for his contributions over the past months.
The Company has been taking the necessary steps to align and size its operations to current North American business opportunities and expects these efforts to improve the financial outlook of PSP. On May 22, 2012, PSP reported a profitable third quarter of its 2012 fiscal year. The Company also continues to consider and evaluate on an ongoing basis all alternatives available to it in the course of realizing its strategic direction.
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 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, tactical clothing, and protective products against chemical and biological hazards. PSP is the largest body armour manufacturer in Canada, directly supplying the Canadian Department of National Defence, Federal Government Agencies and major Canadian law enforcement organizations. The Company, through its U.S. subsidiary Sentry Armor Systems Inc., provides body armour products under the GH Armor Systems® brand to U.S. based law enforcement and private security firms. The Company also produces tactical clothing. 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 Information: This news release contains certain statements which may constitute "forward-looking information" within the meaning of applicable securities laws. These statements relate to anticipated or assumed events or results including, without limitation, with respect to the anticipated impact on the Company's financial outlook of the steps being taken to align and size its operations to current North American business opportunities and the Company's consideration and evaluation of strategic alternatives. The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. Although the Company believes that the expectations conveyed by the forward-looking information are reasonable based on information currently available to it, these statements are based on management's expectations, estimates and projections and involve a number of risks, uncertainties and assumptions, both known and unknown. As a result, the results or events depicted in these forward-looking statements may differ materially from actual results or events. Many factors could cause results to differ materially from those stated including, but not limited to the impact of price and product competition, changes in general industry and market conditions, inability to successfully plan and execute cost reduction and business improvement strategies, ability to retain key staff, restrictions and covenants contained in credit agreements, fluctuations in currency, exchange and interest rates and commodity prices, ability to retain existing customer contracts, reliance on key customers, inability to identify and execute on value-enhancing strategic alternatives, as well as various other factors which are discussed in the Company's filings with applicable securities regulatory authorities at www.sedar.com. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.