Pacific Safety Products Inc. Reports Release of Restricted Cash of $2.5 Million From Escrow

KANATA, ONTARIO–(Marketwire – June 14, 2011) - Pacific Safety Products Inc. (“PSP” or the “Company”)(TSX VENTURE:PSP) today reported that restricted cash of $2.5 million being held in escrow related to the sale of a Zuni subsidiary and other assets has been released without any claims against the escrowed amount. The cash will be used for debt management and other corporate purposes.

“The release of the escrowed cash in its entirety marks yet another important milestone in the transformation of the Company”, says Chief Executive Officer, Doug Lucky, “This is essentially equity capital we will use to finance and grow the business.”