Pacific Safety Products Inc., announced that it intends to issue to Mr. Fraser Campbell and Mr. Ken Hight an aggregate of 111,110 common shares in satisfaction of an aggregate of $20,000 of accrued director's fees for the period from October 1, 2013 to June 30, 2014 at a price of $0.18 per share.
Messrs. Campbell and Hight are each directors of PSP. The Company determined to satisfy the indebtedness through the issuance of shares in order to preserve a total of $20,000 in cash to be used for operations and working capital purposes.
The share issuance is conditional upon acceptance by the TSX Venture Exchange, and the common shares will be subject to a four month hold period from the date of issuance.
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.