Pacific Safety Products Inc. (PSP) of Kelowna has won a $21.6-million military contract.
PSP initially will provide 35,000 anti-fragmentation vests to the Canadian Department of National Defence over a two-year period.
Ottawa then has the option to purchase up to 15,000 additional protective vests.
PSP will employ about 22 additional personnel to meet the final delivery date in winter 2006.
“The award of this project is a major milestone for PSP,” said Brad Field, PSP’s president and CEO.
“With this contract comes two or more years of steady revenues . . . this is also an opportunity for PSP to grow its existing revenues in key strategic areas through organic growth and acquisitions.”
The fragmentation protective vest is the Canadian army’s next generation of soft body armour, manufactured for protection against grenades, mortar bombs and artillery.
The vest has been designed to accommodate upgraded ceramic bullet-resistant plates for additional protection against small-arms fire.
The garment is being introduced to replace a variety of in-service vests used by the Land Force.
PSP produces, distributes and sells high-performance, safety-related product lines.
Founded in 1984, PSP (PSP-TSXV) has more than 130 employees at three facilities in Kelowna; Brampton, Ont.; and Arnprior, Ont.
The Kelowna facility contains an advanced ballistic research lab. PSP says its corporate policy is to conduct business only with recognized domestic law-enforcement, military and government agencies and foreign agencies that are approved by the Canadian Department of Foreign Affairs and International Trade.
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