The reverse takeover transaction between ArmorWorks and Pacific Safety Products (PSP) is no more.
In a May 14 press release Pacific Safety stated: “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.”
Martin Cronin, with ArmorWorks, said that during the due diligence process it was decided the deal wasn’t feasible.
ArmorWorks continues to grow its customer base for its products and add staff. The company is currently waiting for an announcement from the federal government about a major procurement contract for the Tactical Armoured Patrol Vehicle Program.
It is believed the announcement on the $1.3-billion contract will be made in June.