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

Rhea-AI Summary

Mace Security International (OTCQB:MACE) announced on June 27, 2024, that it has secured a $100,000 additional unsecured subordinated loan from a Board member as of June 25, 2024. This loan, which bears an interest rate of 10% per annum, is to be drawn down if necessary and matures on the sooner of July 27, 2025, or when the company's senior line of credit is repaid. The loan does not include a conversion feature. Mace Security International is a leader in personal safety and security products, including aerosol defense sprays and tactical products for law enforcement and consumers, distributed through various retail and online channels.

Positive

• Secured a $100,000 additional unsecured subordinated loan, providing flexible financial support.
• Interest rate of 10% per annum on the loan is relatively standard for unsecured subordinated debt.

Negative

• The company's reliance on additional unsecured subordinated loans may indicate underlying financial difficulties.
• The loan matures in just over a year, creating a potential short-term financial obligation.

CLEVELAND, OH / ACCESSWIRE / June 27, 2024 / Mace Security International (OTCQB:MACE) today announced that it obtained a $100,000 additional unsecured subordinated loan from a Board member on June 25, 2024 with the funds to be drawn down if and as necessary. 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. The note does not have a conversion feature.

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 funding did Mace Security International (MACE) announce on June 27, 2024?

Mace Security International announced a $100,000 additional unsecured subordinated loan secured from a Board member on June 25, 2024.

What is the interest rate on the new loan Mace Security International (MACE) obtained?

The loan bears an interest rate of 10% per annum.

When does the new loan secured by Mace Security International (MACE) mature?

The loan matures on July 27, 2025, or when the company's senior line of credit is repaid, whichever comes first.

Does the new loan obtained by Mace Security International (MACE) have a conversion feature?

No, the loan does not have a conversion feature.

What types of products does Mace Security International (MACE) offer?

Mace Security International offers personal safety and security products including aerosol defense sprays, tactical products for law enforcement, and personal alarms under various brand names.