March 26, 2005
Pacific Safety Products Inc. Signs Agreements with ArmorWorks Enterprises, LLC
Pacific Safety Products Inc. announces it has signed two agreements with ArmorWorks Enterprises, LLC of Tempe, Arizona.
Pacific Safety Products Inc. announced today that they have signed an agreement with ArmorWorks to manufacture and distribute ArmorWork's patented "T-Flex" ballistic material. The agreement gives PSP exclusive rights to manufacture T-Flex in Canada and rights to distribute in Canada and other negotiated international markets. This technology can employ a number of ballistic fibers and is an alternative to weaving ballistic fibers into fabrics.
"This agreement with ArmorWorks is a major milestone in our strategic initiative to diversify PSP's manufacturing capabilities and product offerings," commented Brad Field, CEO of PSP. "Manufacturing T-Flex gives PSP a competitive advantage in securing ballistic materials at a time when supply is extremely short. It also strengthens our ability to develop additional proprietary ballistic technologies for hard and soft armor applications," Field added.
T-Flex is made using a patented bonding technology in which ballistic fibers are sandwiched between thermoplastic films without weaving. Compared to woven fabrics made with the same fiber, T-Flex typically has more stopping power and better reduction of the blunt-force trauma exerted from a ballistic impact.
"This is the first time we have licensed this technology to another company," stated Bill Perciballi, President of ArmorWorks. "We are confident that PSP is the right partner for the Canadian and other international markets. They have clearly demonstrated the manufacturing expertise and in-house quality controls required to qualify for a manufacturing license."
The second agreement signed between the two companies is a non-exclusive co-distribution agreement whereby PSP and ArmorWorks will promote and sell each others' products in their respective territories. "This agreement further strengthens our ability to diversify our product offering," stated Brad Field. "We can now offer hard body armor and vehicle armor made by one of the leading manufacturers in North America."
"This distribution agreement with PSP gives ArmorWorks the same benefits as PSP," said Bill Perciballi. "Historically we have only made hard armor components, but many of our customers need soft armor and other protective products as well. We are pleased to be able to offer our customers in the U.S. PSP's full line of top quality protective solutions."
The two Companies will continue to jointly explore additional teaming opportunities in the areas of product development and manufacturing.
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. These products primarily include body armor to protect against ballistic, stab and fragmentation threats. PSP is the largest armor manufacturer in Canada and has significant international customers. The Company also produces tactical clothing and emergency medical kits. These products are marketed under the labels Pacific Emergency Products®, PROTECTED by PSP™, EXPLOSAFE®, and O2B.O.S.S.™. The Company's primary customers include military agencies, law enforcement agencies, private security companies, fire departments and emergency medical service organizations.