Mace Security International, Inc. ("Mace" or the “Company”) (OTCQB: MACE) today announced financial results for the fourth quarter and year ended December 31, 2011.
2011 Fourth Quarter and Current Highlights
- Mace appointed John J. McCann as the Company’s President and Chief Executive Officer. Michael E. Smith, the Company’s interim Chief Executive Officer since August 18, 2011, resigned as interim Chief Executive Officer and as a director of the Company upon Mr. McCann starting his positions on January 10, 2012.
- Mace announced the appointment of Daniel V. Perella as a director of the Company. Mr. Perella has over 20 years experience in developing and marketing consumer products.
- 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.
- Mace completed the sale of its Farmers Branch, Texas warehouse on December 16, 2011 for a sale price of $1.83 million, with the Company netting $1.17 million in cash proceeds after closing costs and related mortgage debt. With the sale, the Company is leasing warehouse space in Texas at a significant reduction in operating costs.
- Mace completed the sale of a car wash facility located in Arlington, Texas on February 29, 2012 for a sale price of $2.1 million. The Company netted $1.57 million in cash proceeds from the sale after closing costs and related mortgage debt. With the sale, the Company nears the completion of its exit from the car wash business. Mace currently operates only two car wash facilities and is working on several strategies to divest of the remaining facilities.
John J. McCann, President and CEO of Mace, stated, “The fourth quarter of 2011 was very important for our Company, as we completed the planned divestiture of several non-core assets generating additional working capital, which enhances our ability to focus on consumer oriented products and services. Additionally, the operating management changes, overhead reductions, and operating efficiencies made in the third and fourth quarter of 2011 have positioned the Company for the future and have had a positive impact on the fourth quarter results most notably in improved gross profit margins and reduced operating losses.”