ARNPRIOR, ONTARIO–(Marketwire – Oct. 25, 2011) - Pacific Safety Products Inc. (“PSP” or the “Company”)(TSX VENTURE:PSP), a leading North American manufacturer of advanced armour and personal protection solutions, today announced that its head office has been co-located at its Arnprior, Ontario manufacturing facility.
In conjunction with the head office relocation, the Company also announced that it has successfully subleased its former head office space in Kanata, Ontario, and has settled a lease obligation for a redundant plant location inherited pursuant to its merger with Zuni Holdings Inc. The Company estimates that it will save approximately $930,000 in rent and common costs over the remaining terms of the two subject leases.
“Having our people physically working together in our Arnprior, Ontario and Dover, Tennessee locations strengthens our culture and makes us more effective. Exiting redundant lease obligations allow us to put the cash savings to work elsewhere in the business to create value”, says Chief Executive Officer, Doug Lucky.
