Mace(R) Security International, Inc. Closes New Revolving Loan Facility

Rhea-AI Summary

Mace Security International obtains a new $2.0 million revolving loan with GemCap Solutions, replacing the previous $1.5 million bank credit agreement.

Positive

• The new credit facility provides liquidity to support any upturn in revenues and future product launches.

Negative

• None.

CLEVELAND, OH / ACCESSWIRE / October 23, 2023 / Mace^® Security International, Inc. (OTCQB:MACE), a globally recognized leader in personal safety products, announces that it has obtained a new $2.0 million revolving loan with GemCap Solutions, LLC. The new credit facility replaces the previous $1.5 million bank credit agreement. The new credit facility matures in three years, and bears interest at Wall Street Prime plus 6%, with a floor of 14.25%. The facility is secured by substantially all assets of the Company. The amount drawn under the new credit facility at closing was $1.5 million.

Sanjay Singh, Chairman and Chief Executive Officer commented, "This new credit facility combined with the recently issued convertible notes is expected to provide the liquidity needed to support any upturn in revenues as well as the Company's anticipated future new product launches."

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 devices. 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

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 to update 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 source version on accesswire.com:
https://www.accesswire.com/795148/macer-security-international-inc-closes-new-revolving-loan-facility

FAQ

What is the new credit facility obtained by Mace Security International?

Mace Security International has obtained a new $2.0 million revolving loan with GemCap Solutions, replacing the previous $1.5 million bank credit agreement.

What are the terms of the new credit facility?

The new credit facility matures in three years, bears interest at Wall Street Prime plus 6% with a floor of 14.25%, and is secured by substantially all assets of the Company.

What is the purpose of the new credit facility?

The new credit facility is expected to provide the liquidity needed to support any upturn in revenues and the Company's anticipated future new product launches.