Mace Announces Richard A. Barone Appointment to Board of Directors

Rhea-AI Summary

Mace Security International, Inc. announced the appointment of Richard A. Barone to its Board of Directors, effective June 27, 2022, to fill a vacancy. Barone, who previously served as Chairman from 2009 to 2018, is nominated for re-election at the upcoming Annual Shareholders Meeting in August 2022. He will participate in all Board Committees. With extensive experience in investment and corporate governance, Barone aims to significantly contribute to the company's strategic review process as noted by Chairman and CEO Sanjay Singh.

Positive

• Richard A. Barone brings extensive experience, potentially enhancing strategic decision-making.
• His prior leadership as Chairman may ensure continuity in governance.

Negative

• Concerns about continuity with changing management dynamics.
• Barone's age (80) may raise questions about long-term leadership sustainability.

CLEVELAND, OH / ACCESSWIRE / July 1, 2022 / Mace Security International, Inc. (OTCQX:MACE) announced that its Board of Directors appointed Richard A. Barone to the Board of Directors effective June 27, 2022 to fill a recent vacancy and is nominated for re-election at the Company's 2022 Annual Shareholders Meeting in August. Mr. Barone will serve on all Board Committees. The Board of Directors previously determined that all Board members would serve on all Board Committees after two Board vacancies occurred in early 2022.

"We are pleased to welcome back Richard to our Board of Directors. He brings much experience in key areas and will provide significant contributions to the Company's strategic alternatives review process," said Sanjay Singh, Chairman and CEO of Mace.

Richard A. Barone, age 80, was previously Chairman of Mace Security International, Inc. from 2009 through 2018. Currently, he chairs the Archeagle Family Office, which includes both the Archeagle Foundation, as well as the Richard A. Barone Foundation. He is emeritus Director for the Cleveland State University Foundation, where he previously served as its Chairman, as well as a member of the University's Board of Trustees. In addition, he currently serves as a director of the Brentwood Foundation, a division of the Cleveland Clinic. In the past, Mr. Barone has held directorships in numerous charitable organizations, as well as public and private corporations. Professionally, Mr. Barone was the founder and Chairman of the Maxus Investment Group, which became part of Fifth Third Bank in 2001. In 2002, Mr. Barone founded Ancora Advisors, where he served as its Chairman until 2014. Most recently, Mr. Barone is the founder and Chairman of the International Museum of American Porcelain Art (MAPA). As of June 27, 2022, Mr. Barone held 1,037,500 shares of MACE and 100,000 vested options to purchase common stock of the Company. He will be eligible to receive the same compensation as other members of the Company's Board of Directors.

About Mace Security International, Inc.

Mace® Security International, Inc. (MACE) is a globally recognized leader in personal safety and security. Based in Cleveland, Ohio, the company has spent more than 40 years designing and manufacturing consumer and tactical products for personal defense and security under its world-renowned Mace® Brand - the original trusted brand of defense spray products. The company also offers aerosol defense sprays and tactical products for law enforcement and security professionals worldwide through its Mace® Take Down® brand, KUROS!® Brand personal safety products, Vigilant® Brand alarms, and Tornado® Brand pepper spray and stun guns. MACE® distributes and supports Mace® Brand products through mass market retailers, wholesale distributors, independent dealers, Amazon.com, Mace.com, and other channels. For more information, visit www.mace.com

Forward-Looking Statements

Certain statements and information included in this press release constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. When used in this press release, the words or phrases "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "projected," "intend to" or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks, known and unknown, and uncertainties, including but not limited to economic conditions, dependence on management, our ability to compete with competitors, dilution to shareholders, and limited capital resources.

Contact:

Mike Weisbarth
Chief Financial Officer
mweisbarth@mace.com
4400 Carnegie Avenue
Cleveland, OH 44103

SOURCE: Mace Security International, Inc.

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FAQ

What is the significance of Richard A. Barone's appointment to MACE's Board?

Barone's appointment is significant as he brings previous experience as Chairman and valuable insights for strategic decision-making.

When was Richard A. Barone appointed to MACE's Board of Directors?

Richard A. Barone was appointed to MACE's Board of Directors effective June 27, 2022.

What is Richard A. Barone's role at MACE after his reappointment?

Barone will serve on all Board Committees and contribute to the company's strategic alternatives review process.

What experience does Richard A. Barone bring to MACE?

Barone has extensive experience in corporate governance and investment, having previously served as Chairman of MACE and other organizations.