Mace Security International, Inc. ("Mace" or the “Company”) (OTCQB: MACE) today announced financial results for the third quarter and nine months ended September 30, 2011.
- 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.
Michael Smith, CEO of Mace, stated, “The third quarter of 2011 was very important for our Company. We have re-capitalized the Company, made significant reductions in operating costs that will benefit future periods, and have renewed our focus on the fundamentals of our security operations.”
Mr. Smith added, “I am excited to be part of the Mace team. The Company has a great name and reputation for outstanding quality in the personal defense and security marketplace. I look forward to working with our dedicated employees in growing the Company through execution of a focused marketing and sales plan to expand the distribution and visibility of our products and services.”