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ArmorWorks to team with
Pacific Safety Products Inc.
Tempe,
Arizona - November 3, 2004 –
ArmorWorks of Tempe, Arizona
announces it has signed a Letter of Intent with Pacific Safety
Products Inc. (PSP: TSX Venture Exchange) (“PSP” or “the
Company”) of British Columbia, Canada to jointly explore
business opportunities in the rapidly growing safety and
defense markets.
ArmorWorks is one of the largest
manufacturers of advanced armor systems for military and law
enforcement applications in the U.S. and a major supplier to
the Department of Defense of ceramic and composite individual
protective and vehicle armor. They supply the Small Armor
Protective Inserts (SAPI) body armor plate which is being
purchased in large quantities by the U.S. Army and Marine
Corps. ArmorWorks has grown dramatically over the past five
years and plans to negotiate the use of PSP’s soft armor
technologies and manufacturing expertise for U.S. Military
applications under this agreement. This would include
fragmentation protective armor, chemical warfare clothing and
load carriage products.
“It is a natural fit for the two
companies to team together,” states Bill Perciballi CEO of
ArmorWorks. “To date each company has only been able to offer
part of the full protective body armor solution to its
customers and by working together, we will now be able to
offer them a complete individual armor system.
Under the terms of the Letter of
Intent the two Companies will work to establish definitive
agreements to manufacture, market and distribute each others
products in their respective territories as well as jointly
pursue international opportunities. It is the objective of
the two Companies to have specific agreements negotiated and
implemented by December 31st, 2004.
“We have
worked informally for a number of years with ArmorWorks and
felt that it was an appropriate time to explore a more formal
relationship with them,” comments Brad Field, CEO of PSP. “By
doing so we plan to increase our access to the massive U.S.
market for our products while also being able to market
ArmorWorks products in Canada.”
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