newsLots of cash building up...ready for another aquisition.
Pacific Safety Products Inc. Announces Debt Reduction and Working Capital Strength
KELOWNA, BRITISH COLUMBIA, Aug 20, 2007 (CCNMatthews via COMTEX News Network) --
Pacific Safety Products Inc. (TSX VENTURE:PSP) ("PSP" or "the Company") is pleased to announce it has made its penultimate debt repayment. As of July 2007, the Company has current debt of $400,000 and no remaining long term debt.
"In the current market environment with concern over debt and liquidity causing investment volatility, PSP has a healthy balance sheet with essentially no outstanding debt. Our working capital at July 2007 is over $5.6 million including $3 million in cash," said Valerie Dougans, PSP's CFO. "Action taken by Management over the last year has ensured that PSP has generated sufficient capital and resources to manage its affairs from its own finances."
The Company also announced it has recently received three orders from Canadian customers for Tactical Armour with an aggregate value of in excess of $1 million and options that could double the value over the next 24 months.
OVERVIEW OF THE BUSINESS
The mission statement of Pacific Safety Products Inc. is ...we bring everyday heroes home safely(TM). 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 armor 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 armor manufacturer in Canada and supplies its products to the Canadian Department of Defence, Federal Government Agencies and major law enforcement organizations across the country. The Company, through its U.S. subsidiary Sentry Armor Systems Inc., provides body armor products to U.S. based law enforcement and private security firms. The Company also produces tactical clothing and emergency medical kits.
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. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release