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Pacific Safety moves head office to Arnprior

Pacific Safety Products makes body armour similar to what this soldier, on exercise in Quebec, is wearing. (Photo courtesy DND)

Published on October 26, 2011; Published on October 26, 2011
The Canadian Press ~ OBJ

Pacific Safety Products Inc. (TSXV:PSP), a maker of armour and personal protection equipment, has shifted its head office from Ottawa to its manufacturing plant in Arnprior, Ont. in a cost savings move.

Topics :: Zuni Holdings , Arnprior

The relocation and sublease of its former headquarters will save the company about $930,000 in rent and other costs.

"Exiting redundant lease obligations allow us to put the cash savings to work elsewhere in the business to create value," chief executive Doug Lucky said in a release late Tuesday.

The company announced last year it would merge with Zuni Holdings Inc. in a share swap deal.

Tuesday's head office move comes a day after the company reported it lost $0.4 million in the quarter ended June 30.

That was slightly down from an adjusted loss of $0.5 million last year. Sales dropped 24 per cent or more than $7 million to $22.7 million from $29.9 million.

"We've stabilized the balance sheet and focused the business to move forward," Lucky said in the earnings release.

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