KANATA, ONTARIO -- (Marketwire) -- 06/14/11 -- Pacific Safety Products Inc. ("PSP" or the "Company")(TSX VENTURE: PSP) today reported that restricted cash of $2.5 million being held in escrow related to the sale of a Zuni subsidiary and other assets has been released without any claims against the escrowed amount. The cash will be used for debt management and other corporate purposes.
"The release of the escrowed cash in its entirety marks yet another important milestone in the transformation of the Company", says Chief Executive Officer, Doug Lucky, "This is essentially equity capital we will use to finance and grow the business."
About PSP:
Pacific Safety Products Inc.'s mission statement 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. 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.
For complete consolidated financial statements with notes and management discussion and analysis, refer to SEDAR (www.sedar.com).
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.
Contacts:
Douglas Lucky
Chief Executive Officer
Pacific Safety Products Inc.
(613) 254-9488
www.pacsafety.com