Mace Reports Financial Results For The Second Quarter And Six Months Ended June 30, 2011
Mace Security International, Inc. ("Mace" or the “Company”) (OTCQB: MACE) today announced financial results for the second quarter and six months ended June 30, 2011.
- Mace completed its Rights Offering on August 1, 2011, raising net proceeds of approximately $4.3 million from the sale of 22,372,616 shares of the Company’s common stock to its existing stockholders.
- Mace concluded the sale of 20 million shares of the Company’s common stock on August 2, 2011 to Merlin Partners, LP (“Merlin”) and two other investors under the previously disclosed Securities Purchase Agreement with Merlin, raising additional net proceeds of $3.75 million.
- Mace announced the appointment of Richard A. Barone as the Company’s Chairman of the Board and the election of two new directors, Denis J. Amato and Larry Pollock, who replaced outgoing directors John C. Mallon and Gerald T. LaFlamme. Dennis R. Raefield and Michael E. Smith were also re-elected to the Board of Directors, along with Mr. Barone.
- Mace resolved the environmental charges regarding EPA violations brought against its Vermont subsidiary under the previously disclosed plea agreement which was accepted by the court on May 26, 2011.
- Mace entered into an initiative with B&H Photo and Electronics Corp., which provides New York City residents and business owners with discounts on Mace security camera surveillance systems. The purpose of this initiative is to raise awareness about the positive impact of security surveillance on personal safety and to increase awareness of the Mace brand.
Dennis Raefield, CEO and President of Mace, stated, “The second quarter of 2011 and the period that followed was very positive for our Company. We successfully completed the Rights Offering to our existing stockholders and the Securities Purchase Agreement with Merlin, which provided critical funding to enable us to reduce our debt, fund marketing initiatives, and implement growth strategies in our current operations through possible acquisitions. We are also excited about the appointment of Richard A. Barone as our Chairman of the Board and the addition of Messrs. Amato and Pollock to our Board. Mr. Amato has an extensive finance background and Mr. Pollock brings extensive business, marketing, and consumer retail experience. We also completed the integration of The Command Center, Inc. (“TCCI”), our new wholesale security monitoring station. Now that this recent acquisition is fully integrated, we can expect increased profitability in our wholesale monitoring operation.”
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