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Mace Security International, Inc. ("Mace” or the “Company”) (OTCQB: MACE) announced that John J. McCann has been appointed as the Company’s Chief Executive Officer, effective when he reports to work between January 3, 2012 and January 10, 2012. Mr. Michael Smith, the Company's current interim Chief Executive Officer, has notified the Company that he will resign as interim Chief Executive Officer and a director of the Company effective January 2, 2012.
Mr. McCann has over 20 years experience and demonstrated success in the consumer products industry. From 2009 to the present, Mr. McCann has been the President and Chief Executive Officer of Fitness Quest, Inc., a privately owned company that distributes and markets home exercise and fitness products, where he managed all aspects of its operations while introducing new and innovative products. During 2002 to 2009, Mr. McCann was President and Chief Executive Officer of Saeco USA, Inc., a privately owned company that distributes and markets coffee brewing appliances.
Richard A. Barone, Mace’s Chairman of the Board, stated, “we are excited to have Mr. McCann join our effort to position Mace as the premier company of choice in personal defense. He brings to us both experience and superior marketing skills as well as an understanding of how the Mace brand can be a powerful engine in the Company’s future growth.” Mr. Barone went on to comment on interim CEO, Michael Smith. “In four short months, Mike has done an extraordinary job to prepare Mace for 2012 and beyond. He has managed costs, aligned priorities and built consensus among the Company’s management team. Because of Mike, Mace is now prepared to aggressively move forward.” Additionally, the Board is announcing that Mr. Smith has agreed to remain on at Mace as a consultant for a period of six months.
In August, Mace received funding through a rights offering to shareholders and an investment by Merlin Partners, LP. With the funding from the rights offering and the right sizing of the Company under the leadership of Mr. Smith, Mace enters 2012 with a strong working capital position, virtually no debt, and a management team focused on achieving profitability and shareholder value.