Health & Fitness
Health and Fitness
Health and Fitness
Fri, January 27, 2012
Thu, January 26, 2012
January 26, 2012 12:28 ET
Pacific Safety Products Wins Major New Law Enforcement Contract: Sales Valued at up to $15 Million
ARNPRIOR, ONTARIO--(Marketwire - Jan. 26, 2012) - Pacific Safety Products Inc. (TSX VENTURE:PSP), a leading North American manufacturer of advanced armour solutions, is pleased to announce that a new contract was recently awarded by the Ontario Ministry of Community Safety and Correctional Services for the delivery and disposal of ballistic personal soft body armour systems. This omnibus contract allows Municipal and Provincial agencies to acquire PSP's products through pre-negotiated arrangements. This Contract has an initial period of performance of three years with an option for an additional two years. Based on historical data the Company estimates the potential sales value of this Contract to be between $12.5 million to $15 million, including the option years.
The contract will allow the Municipal and Provincial agencies, including all advisory, adjudicative, regulatory and operational service agencies and other entities falling within the Public Service, to purchase the Company's NIJ 0101.06 certified HeliX male and female armour and carriers. The products will be manufactured at the Company's Arnprior, Ontario facility. The contract has commenced effective January 16, 2012 with new orders and deliveries.
According to Doug Lucky, CEO, "PSP has won this Contract in a fair, open and transparent competitive process, and the selection of the Company by this customer reflects well on the quality of our products, services we provide, and customer value we deliver."
Customers of PSP include Defence, Security and Law Enforcement agencies. For reasons associated with the unique role our customers play in protecting citizens, the Company is not always at liberty to disclose their identity. Pacific Safety Products has been a trusted supplier of protective armour solutions to law enforcement in Canada for over 20 years.
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, 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 delivery date of the products and expected increase in value of the contracts, and are based on management's expectations, estimates and projections. 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 not guarantees and involve a number of risks, uncertainties and assumptions. Many factors could cause results to differ materially from those stated including delays in receiving or shortages in the supplies necessary to manufacture the products, possible changes to the product orders or order patterns, constraints on purchasing budgets, as well various other factors which are discussed in the Company's filings with applicable securities regulatory authorities at [ www.sedar.com ]. The Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change, except as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
