Pacific Safety Products Inc. Announces Amendment and Restatement of Debentures and Issuance of Bonus Shares

Pacific Safety Products Inc. (the "Company") (TSX VENTURE:PSP) announced today
that it amended and restated certain unsecured convertible debentures (the
"Original Debentures") that were issued on August 17, 2010 in the aggregate
principal amount of $1,000,000. As part of the amendment and restatement, the
Company repaid $200,000 principal amount of the Original Debentures plus accrued
but unpaid interest. The remaining $800,000 aggregate principal amount of the
Original Debentures (hereinafter referred to as the "Amended and Restated
Debentures"), plus $40,000 of accrued and unpaid interest thereon, were amended
and restated as follows: (i) the interest rate payable increased from 10% to
12%; (ii) the term was extended by 18 months and the new maturity date is
February 17, 2015; (iii) the Amended and Restated Debentures will not be
convertible into common shares of the Company (the "Common Shares"); and (iv)
the Amended and Restated Debentures are secured by way of a general security
agreement over all of the assets and property of the Company. Additionally, the
Company issued a new secured debenture (together with the Amended and Restated
Debentures, the "Debentures") in the principal amount of $50,000 on identical
terms to the Amended and Restated Debentures. 


In connection with the issuance of the Debentures, the Company issued to the
lenders as a bonus an aggregate of 3,560,000 Common Shares (the "Bonus Shares")
in accordance with Policy 5-1 of the TSX Venture Exchange (the "TSX-V"). The
Bonus Shares will be subject to a four month and one day hold period from the
date of issuance. The issuance of the Debentures and the Bonus Shares is subject
to final approval of the TSX-V.


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. 


Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Pacific Safety Products Inc.
Terry Vaudry
CEO
[phone]
www.pacsafety.com