Pacific Safety Products Inc. Reports Third Quarter Results of Fiscal 2014

Pacific Safety Products Inc. (TSX VENTURE:PSP) ("PSP" or the "Company"), a
leading North American manufacturer of advanced armour and personal protection
solutions, today reported financial results for the three month period ended
March 31, 2014.


Highlights:



--  Revenues for the third quarter were $3.7 million, an increase of 9.1%
    compared to revenues of $3.4 million during the second quarter of the
    prior year.  
    
--  Gross margin as a percentage of revenues for the second quarter was
    28.0% compared to 26.4% for the second quarter of the prior year.  
    
--  Expenses for the second quarter were $0.9 million compared to $0.9
    million for the second quarter of the prior year. 
    
--  Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization
    ("Adjusted EBITDA")(1) was $0.21 million compared to an Adjusted EBITDA
    of $0.03 million in the second quarter of the prior year. 



"I am pleased with the revenue growth and Adjusted EBITDA results we have
delivered in our third quarter. Our focus on cost control, while strategically
investing in product development, is allowing PSP to remain leveraged for growth
while limiting downside risk," remarked Chief Executive Officer, Terry Vaudry.
"Recent contract wins reaffirm our belief that calendar year 2014 will present
healthy opportunities and that we have created a business model capable of
serving the needs of our shareholders, clients and staff."


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
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. 


Forward-Looking Information: This news release contains certain statements which
may constitute "forward-looking information" within the meaning of applicable
securities laws. These statements relate to anticipated or assumed events or
results and, in some cases, can be identified by words or phrases such as "may",
"will", "expect", "plan", "anticipate", "intend", "potential", "estimate",
"believe" or the negative of these terms. The forward-looking events and
circumstances discussed in this news release, including the future opportunities
and performance of the Company, may not occur and could differ materially as a
result of known and unknown risk factors and uncertainties affecting the
Company. No forward-looking statement can be guaranteed. Forward-looking
statements and information by their nature are based on assumptions and involve
known and unknown risks, uncertainties and other factors which may cause our
actual results, performance or achievements, or industry results, to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking statement or information.
Accordingly, readers should not place undue reliance on any forward-looking
statements or information. The forward-looking information contained herein is
expressly qualified in its entirety by this cautionary statement. Any
forward-looking statement speaks only as of the date of this news release and,
except as may be required by applicable securities laws, the Company disclaims
any intent or obligation to update any forward-looking statement, whether as a
result of new information, future events or results or otherwise. 


(1) Adjusted EBITDA consists of earnings before interest expense, income taxes,
share-based compensation, depreciation and amortization, foreign exchange, and
other one-time charges and gains. PSP believes Adjusted 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 as prescribed by IFRS. Therefore,
Adjusted EBITDA may not be comparable to similar measures presented by other
entities.


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


Neither the 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
Chief Executive Officer
[phone]
www.pacsafety.com