Pacific Safety Products Inc. Reports Second Quarter of Fiscal 2012
(firmenpresse) - ARNPRIOR, ONTARIO -- (Marketwire) -- 02/28/12 -- Pacific Safety Products Inc. (TSX VENTURE: PSP) ("PSP" or the "Company"), today reported financial results for the three month period ended December 31, 2011.
Highlights:
"The Contract award is evidence that our strategy is working", said Chief Executive Officer, Doug Lucky, "while in view of the proposed Sale Transaction, we continue to execute against our strategic goals to add value to our customer offering, achieve revenue growth, restore profitable operations and pursue value enhancing opportunities."
Transaction update
On January 23, 2012, the Company announced that it has entered into a letter of intent ("LOI") to sell substantially all of its assets on a cash-free, debt-free basis (the "Sale Transaction"). During an exclusivity period, the potential purchaser is completing a due diligence review, and the parties are endeavoring to negotiate a mutually satisfactory definitive purchase agreement.
The completion of the proposed Sale Transaction is subject to a number of conditions, including completion of satisfactory due diligence, execution of the definitive purchase agreement, and TSX Venture Exchange and shareholder approval. There can be no assurance that the Sale Transaction will be completed as proposed or at all or, if completed, that the net proceeds of the Sale Transaction would represent a premium to the current trading price of the Company's securities.
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 or results including, without limitation, with respect to the anticipated value of the Contract, 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 termination of the Contract, failure by the Ministry to exercise the option under the Contract, 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 . 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.
For complete consolidated financial statements with notes and management discussion and analysis, refer to SEDAR ().
Neither the 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:
Pacific Safety Products Inc.
Douglas Lucky
Chief Executive Officer
(613) 623-6001
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Unternehmensinformation / Kurzprofil:
Datum: 28.02.2012 - 17:30 Uhr
Sprache: Deutsch
News-ID 1087926
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contact information:
Contact person:
Town:
ARNPRIOR, ONTARIO
Phone:
Kategorie:
Medical Devices
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