- Published: 24 November 2014
- Written by Editor
Pacific Safety Products Inc. Announces Two Contract Wins Totaling $7.6 Million in Firm Orders and Options for $600,000.00
ARNPRIOR, ONTARIO--(Marketwired - Nov 24, 2014) - Pacific Safety Products Inc. (TSX VENTURE:PSP) ("PSP" or the "Company"), announced today that it has received a contract with a large federal agency for the production of ballistic vests and related products with a firm value of C$6.78 million dollars. The contract term is for 4 years commencing in early 2015. This contract replaces a contract PSP held that expired 2 years ago. Deliveries are expected to begin in January 2015.
PSP has also received a contract with a large national police force for production of ballistic panels with a firm value C$800,000.00. Delivery is scheduled to take place in the next 60 days. This contract also has an option which allows for an additional purchase ballistic panels worth approximately $600,000.00 dollars within 2 years.
PSP won both of these contracts in open competition against the best of our North American competitors. All of these wins represent new business for the Company.
Terry Vaudry, CEO states: "PSP has taken a major step forward in building a backlog of business that will assist us in normalizing our production levels and supporting our goal of growing our gross margin in 2015. PSP continues in its position as the Canadian market leader for the supply of protective armour products to the Canadian military and law enforcement agencies."
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 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 with respect to the Company's business. 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, 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Pacific Safety Products Inc.
Terry Vaudry, CEO
+1 (613) 623-6001
CHF Investor Relations
Jeanny So, Senior Account Manager
+1 (416) 868 1079 ext. 225