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Mace Security International, Inc. (NASDAQ: MACE) is a globally recognized leader in personal safety and security. With over 40 years of experience, Mace® is known for its original pepper sprays. Manufactured in the USA, Mace® offers a wide range of security products, including pepper sprays, surveillance cameras, security DVRs, and CCTV equipment. The company recently announced partnerships to provide training and non-lethal safety products. With a focus on innovation and quality, Mace® continues to empower individuals and communities to prioritize personal safety.
Mace Security International (MACE) announced its Q2 2022 financial results, revealing a 42% decline in net sales to $1.981 million, primarily due to reduced retail impulse purchases amid inflation. However, international sales surged by 170%, and B2B sales grew by 80%. The gross profit margin improved to 40% from 39% last year, supported by increased pricing and lower operating costs. Adjusted EBITDA showed a loss of $116,000, a notable shift from a profit of $234,000 in Q2 2021. The company is optimistic about new orders from major retailers and the launch of new products.
Mace Security International, Inc. (OTCQX:MACE) announced the extension of its Revolving Line of Credit with Fifth Third Bank, effective July 29, 2022. This Credit Agreement, secured by the company's assets, matures on May 30, 2023. It entails monthly interest payments based on SOFR plus 2.00% until November 30, 2022, increasing to 2.50% thereafter. CEO Sanjay Singh emphasized that this extension supports Mace's revenue-generating strategies for the latter half of 2022 and into early 2023.
Mace Security International, Inc. (OTCQX:MACE) announces its second quarter earnings conference call scheduled for August 2, 2022, at 11:00 AM EDT. A news release detailing financial results will be issued post-market on August 1, 2022. The call will be accessible via this link or by phone at (800) 207-0148, using conference ID 798676. Additionally, a slide presentation will be available after market hours on August 1, 2022. A recording of the call will be ready for replay two hours post-event and available until August 16, 2022.
Mace Security International (OTCQX:MACE) has announced key personnel changes as part of its restructuring efforts. Effective July 1, 2022, Edmund Gai joins as Omnichannel Sales Manager to enhance B2B and retail sales, bringing over 25 years of experience. Mark O'Conner is appointed Corporate Controller to support operations and business growth. Meanwhile, Michael A. Weisbarth resigns as CFO effective July 15, 2022, with no immediate plans to fill the position, aimed at reducing overhead costs. Mace emphasizes cost-effective management to strengthen its market position.
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.
Mace Security International, Inc. has announced the launch of its new personal pepper spray, The Pocket Hero, designed for personal safety. This innovative product features a compact design, improved aiming accuracy, and a refillable pepper cartridge, making it both user-friendly and cost-effective. Set to launch in July, it targets primarily females aged 21-34 and includes a safety mechanism to prevent misfires. The Pocket Hero will be available through major retailers and on Mace's website starting June 30, 2022.
Mace Security International, Inc. has partnered with Mid-States Distributing Company to offer its entire product line to 36 members employing over 30,000 associates across approximately 700 locations in 33 states and five Canadian provinces. The partnership aims to expand Mace's market reach, with anticipated revenue starting in Q3 2022. Mace will participate in the Mid-States trade show on August 19-20, showcasing its commitment to individual empowerment and safety.
Mace Security International, Inc. (OTCQX:MACE) announced the adoption of Amended and Restated Bylaws on June 7, 2022, enhancing corporate governance. Key changes include advance notice provisions for stockholder nominations and business proposals, enabling clearer participation in meetings. It also permits action without a meeting with consent from 80% of stockholders. Furthermore, the Exclusive Forum Provision establishes specific venues for legal disputes. An extension of the 2012 Stock Incentive Plan was approved, now set to be considered for stockholder approval.
Mace Security International, Inc. (OTCQX:MACE) has modified its 2022 Investor Relations Events schedule. In response to inquiries, the Board is exploring strategic alternatives, leading to the decision to skip investor conferences during this evaluation. Key upcoming events include the Q2 2022 Earnings Call on August 2 and the Annual Shareholders' Meeting on August 4. MACE, a leader in personal safety, has over 40 years of experience in designing defense products. For further details, stakeholders can reach out to Mike Weisbarth.
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