PSP

Pacific Safety Products Inc. ("PSP" or the "Company") (TSX VENTURE:PSP), a
leading North American manufacturer of advanced armour and personal protection
solutions, today reported financial results for the three months and year ended
June 30, 2012.


Highlights:



--  The Company reported net income for the fourth quarter of $0.3 million
    compared to a net loss of $3.1 million during the fourth quarter of
    fiscal 2011. Net loss for the fiscal year was $1.0 million compared to a
    net loss of $4.4 million during the previous fiscal year. 

--  Gross margin as a percentage of revenues for the year was 28.8%, which
    was a significant improvement over a gross margin of 22.0% in the prior
    year. The increase in gross margin is primarily related to cost
    reductions, operating efficiencies and the sale of the distribution
    business in May 2011.

--  Operating expenses of $4.9 million decreased by 1.5 million or 22.9% as
    compared to the previous year. 

--  Generated $0.4 million of Adjusted Earnings before Interest, Taxes,
    Depreciation and Amortization(1) ("Adjusted EBITDA") for the year ended
    June 30, 2012 compared to an Adjusted EBITDA loss of $0.8 million during
    the prior year.

--  Working capital improved from $2.9 million at June 30, 2011 to $3.1
    million at June 30, 2012. The working capital ratio at June 30, 2012 is
    1.89 compared to 1.73 at June 30, 2011 and the debt to tangible net
    worth ratio at June 30, 2012 was 1.46 compared to 1.87 at June 30, 2011

--  The Company recorded an impairment charge with respect to intangible
    assets in the second quarter of fiscal 2012 in the amount of $1.2
    million. 

--  Revenues for the year were $16.7 million, a decrease of 26.2% compared
    to the prior year's revenues of $22.7 million. 

--  On January 16, 2012, the Company was awarded a new contract by the
    Ontario Ministry of Community Safety and Correctional Services for the
    delivery and disposal of ballistic personal soft body armour systems
    ("Contract"). PSP was the incumbent bidder.



"PSP is beginning to take advantage of cost savings initiatives while continuing
to invest in its products," says Chief Executive Officer, Terry Vaudry. The
Company has successfully realized a number achievements including setting a
clear strategic direction of right sizing the company, building out our
NIJ.06-certified body armour product portfolio, and re-engaging our clients.


About PSP:

The mission statement of Pacific Safety Products Inc. is ...we bring everyday
heroes home safely(R). 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(R) 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. 


For complete consolidated financial statements with notes and management
discussion and analysis, refer to SEDAR (www.sedar.com).




(1)  Adjusted EBITDA consists of net loss and excludes interest expense,    
     income tax expense (recovery), depreciation and amortization. Adjusted 
     EBITDA excludes stock based compensation, foreign exchange, and one-   
     time charges and gains. PSP believes EBITDA is a useful measure in the 
     evaluation of performance. Adjusted EBITDA is not a recognized         
     performance measure under International Financial Reporting Standards  
     ("IFRS") and does not have a standardized meaning prescribed by IFRS.  
     Therefore, Adjusted EBITDA may not be comparable to similar measures   
     presented by other entities. Investors are cautioned that Adjusted     
     EBITDA should not be construed as an alternative to net loss determined
     in accordance with IFRS.

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