ARNPRIOR, ONTARIO--(Marketwire - March 5, 2012) - Pacific Safety Products Inc. (TSX VENTURE:PSP) ("PSP" or the "Company"), a North American manufacturer of advanced armour and personal protection solutions, today announced that the letter of intent with Sun Capital Partners to sell substantially all of its assets, and the associated exclusivity period, has been terminated. The letter of intent was initially announced by PSP on January 23, 2012.

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.

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