We’ve mentioned various takeovers concerning Canadian armor producer Pacific Safety Products in the past including their recent announcement of a reverse takeover bid for Armor Works Canada. Unfortunately, it looks like that one fell through as well according to a press release on PSP’s website. It states, “that the letter of intent with ArmorWorks Enterprises LLC to acquire all of the issued and outstanding shares of ArmorWorks Enterprises Canada, ULC in a reverse take-over transaction (the “Transaction”) has been terminated.” Additionally, the release says, “The board of directors of the Company has exercised its option to terminate the Company’s contract with its Executive Chairman, Daniel Marks, upon 30 day’s notice.” They are also working to “create a separation between the Chief Executive Officer and Chief Financial Officer roles…”
Looks like PSP is getting their house in order.