- Mace raised $8.2 million through a Rights Offering to its existing shareholders completed on August 1, 2011 generating net proceeds of approximately $4.3 million; a Securities Purchase Agreement completed on August 2, 2011 with Merlin Partners, LP and two other investors generating $3.75 million; and through the sales of registered shares not subscribed for in the Rights Offering for an additional $167,000.
- Mace appointed Michael E. Smith as the Company’s interim Chief Executive Officer, effective on August 18, 2011. Mr. Raefield, the Company's former Chief Executive Officer and President, resigned as Chief Executive Officer and a director of the Company after the completion of his employment contract.
- Mace completed the sale of certain assets and liabilities related to its Industrial Vision Source (“IVS”) high-end digital and machine vision camera and professional imaging components operation. The sale, which was completed on October 21, 2011, provided cash proceeds of $517,000 at closing and a possible further payment of $100,000 if certain post closing revenue levels are achieved by the buyer.
Mace Reports Financial Results For The Third Quarter And Nine Months Ended September 30, 2011
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