This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Mace Completes Financing/Develops Strong Cleveland Ties

CLEVELAND, Aug. 10, 2011 /PRNewswire/ -- Mace Security International, known primarily for its pepper spray and other personal defense products, has announced that it has completed a multimillion dollar financing led by The Ancora Group in Cleveland, Ohio.  After the financing, Ancora and its investment partnership, Merlin Partners LLC will have achieved an approximate 35% ownership in Mace.

At the same time Cleveland businessman, Richard Barone, Chairman of The Ancora Group, has been elected Chairman of Mace.  Other Clevelanders elected to the board include Denis Amato, Chief Investment Officer at Ancora and Larry Pollock, Managing Partner of Lucky Star Partners and former President of Cole National.

In 2009, Mr. Barone was elected to the Mace board to help resolve a variety of problems that the company was facing.  Mace's problems arose when it leveraged its balance sheet through the purchase of unrelated businesses such as car washes and an internet marketing company.  At the same time, Mace became embroiled in an EPA matter at its pepper spray division in Vermont.  The company was also accused of employing illegal aliens at its car washes.  In addition, Mace lost a substantial sum in a Ponzi scheme in Florida.

According to Mr. Barone, "During the past two years we have resolved all of these issues.  We are no longer in the car wash or internet business.  We have settled all matters which could affect our balance sheet.  Our two remaining divisions, wholesale remote monitoring of homes and warehouses and pepper spray security products, are doing well.  The recently completed financing provides Mace with the financial strength to grow its personal defense product lines."

Mace intends to build its reputation and brand as a personal security company with the introduction of new products and services.  The recent bear attack on a group of teens in Alaska might have been averted if the victims had been able to use Mace® bear spray at the time of the attack.  After the attack, the injured waited nine hours for help to arrive.  Mace is also expecting to introduce a GPS product which, when activated, will send a signal to its monitoring division in Anaheim, California.  Local authorities would then be immediately notified of a victim's location.

Mace is publicly traded under the symbol MACE.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,116.14 +29.51 0.17%
S&P 500 1,989.53 +2.52 0.13%
NASDAQ 4,485.46 +11.7630 0.26%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs