Mace(R) Security International, a Global Leader in Personal Self-Defense Sprays, Announces Additional Unsecured Subordinated Funding

Rhea-AI Summary

Mace Security International secures a $150,000 unsecured loan from a Board member to fund legal fees and new initiatives, including the Mace-Salt pepper ball launcher.

CLEVELAND, OH / ACCESSWIRE / March 27, 2024 / Mace Security International (OTCQB:MACE) today announced that it obtained a $150,000 additional unsecured subordinated loan from a Board member on March 21, 2024. The Board authorized up to $300,000 of notes to be issued and this is the second tranche of $150,000. The note matures on the sooner of July 27, 2025 or when the Company's senior line of credit is repaid. The note bears interest at 10% per annum. Unlike the first tranche, these notes have no conversion feature. These funds will aid the Company in paying legal and professional fees which were incurred in the first quarter, which is traditionally the Company's weakest revenue quarter. In addition, the funds will be helpful in funding expenses needed to kickstart the Company's new Amazon initiative. Also, some funds will be required as the Company begins to promote the Mace-Salt pepper ball launcher, which has received considerable interest since its debut at the January Shot Show.

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, 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 Federal Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to several known and unknown risks and uncertainties that may cause our actual results, trends, performance or achievements, or industry trends and results, to differ materially from the future results, trends, performance, or achievements expressed or implied by such forward-looking statements. Those risks and uncertainties may include, but are not limited to, (a) general economic and business conditions, including the impact of the COVID-19 pandemic and other possible pandemics and similar outbreaks; (b) competition; (c) potential changes in customer spending; (d) acceptance of our product offerings and designs; (e) the variability of consumer spending resulting from changes in domestic economic activity; (f) a highly promotional retail environment; (g) any significant variations between actual amounts and the amounts estimated for those matters identified as our critical accounting estimates, as well as other significant accounting estimates made in the preparation of our financial statements; (h) the impact of current and potential hostilities in various parts of the world, including but not limited to the war which resulted from Russia's invasion of Ukraine, as well as other geopolitical or public health concerns; (i) the impact of international supply chain disruptions and delays; (j) the impact on the Company of changes in U.S. Federal and State income tax regulations; and (k) the impact of inflation and the ability of the Company to pass on rising prices to its customers. You are urged to consider all such factors. Because of the uncertainty inherent in such forward-looking statements, you should not consider their inclusion to be a representation that such forward-looking matters will be achieved. Mace Security International, Inc. assumes no obligation for updating any such forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking statements.

Contact:

Investor Relations
InvestorRelations@mace.com

SOURCE: Mace Security International, Inc.

View the original press release on accesswire.com

FAQ

What is the purpose of the $150,000 unsecured loan obtained by Mace Security International?

The loan will aid in paying legal and professional fees incurred in the first quarter and funding new initiatives like the Mace-Salt pepper ball launcher.

What is the interest rate on the $150,000 loan obtained by Mace Security International?

The loan bears interest at 10% per annum.

When does the $150,000 loan obtained by Mace Security International mature?

The note matures on the sooner of July 27, 2025, or when the Company's senior line of credit is repaid.

What is the purpose of the funds obtained from the loan for Mace Security International's new Amazon initiative?

The funds will be used to kickstart the Company's new Amazon initiative.

What product is Mace Security International planning to promote with the funds obtained from the loan?

The Company plans to promote the Mace-Salt pepper ball launcher, which has garnered significant interest since its debut at the January Shot Show.