Mace(R) Security International, Inc. Expects To Close Replacement Credit Facility in Early October

Rhea-AI Summary

Mace Security International provides an update on its efforts to close a replacement for its bank credit agreement. Due diligence took longer than expected. The existing lender will not take action based on the scheduled expiration of the credit agreement without further notice to Mace.

CLEVELAND, OH / ACCESSWIRE / September 29, 2023 / Mace® Security International, Inc. (OTCQB:MACE), a globally recognized leader in personal safety products, provides an update with respect to its efforts to close a replacement for its current bank credit agreement scheduled to expire on September 30, 2023. The Company is engaged with a new lender to replace the current bank line of credit. That new lender is completing its due diligence and repayment of the current bank line of credit is being coordinated with the existing lender and is anticipated to occur in early October. Due diligence took more time than anticipated due to backlog of work at the firms conducting the due diligence on behalf of the new lender and performing the inventory appraisal. The Company's existing lender has provided a fully executed payoff letter that remains in effect through October 4, 2023 and has confirmed it will not be taking action based on the scheduled expiration of the Company's credit agreement without further notice to Mace.

The Company continues to diligently pursue closing a replacement credit facility.

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

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