A press release did not state the reason for termination of the deal with ArmorWorks Enterprises LLC, which was first announced last month. A spokesperson from the company could not immediately be reached for comment.
The Anrprior-based company also noted some changes in executive roles:
- The board terminated the contract of executive chair Daniel Marks (with 30 days' notice), who also resigned as a director of the company. Fraser Campbell, an independent director, will become the chair.
- Doug Lucky will relinquish his position as interim chief financial officer but will continue serving as CEO. Sharon Johnston will become interim chief financial officer after serving as director of finance since June 2011.
"The company has been taking the necessary steps to align and size its operations to current North American business opportunities and expects these efforts to improve the financial outlook of PSP," read a statement from a press release.
"The company also continues to consider and evaluate on an ongoing basis all alternatives available to it in the course of realizing its strategic direction."
Prior to this now-cancelled deal, PSP terminated an asset sale to an affiliate of Sun Capital Partners. It has made several attempts in the past couple of years to get into the black, with its most notable one being a successful merger with Zuni Holdings Inc. in 2010.