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

Rhea-AI Summary

Mace Security International (OTCQB:MACE), a global leader in personal self-defense sprays, has announced additional unsecured subordinated funding. The company's Board of Directors approved a $40,000 unsecured subordinated loan from a Board member on September 20, 2024. The note matures on the earlier of July 27, 2025 or when the Company's senior line of credit is repaid, bearing interest at 10% per annum. The note does not have a conversion feature.

Mace Security International, based in Cleveland, Ohio, has been designing and manufacturing consumer and tactical products for personal defense and security for over 40 years. The company's portfolio includes the Mace Brand defense sprays, Take Down brand for law enforcement, KUROS! personal safety products, Vigilant alarms, and Tornado pepper spray and stun guns.

Positive

• Secured additional $40,000 in funding through an unsecured subordinated loan
• Loan provided by a Board member, indicating internal confidence in the company

Negative

• High interest rate of 10% per annum on the new loan
• Short-term maturity date of July 27, 2025 or earlier
• Need for additional funding may indicate financial constraints

CLEVELAND, OH / ACCESSWIRE / September 26, 2024 / Mace Security International (OTCQB:MACE) today announced that the Company's Board of Directors approved on September 20, 2024 a $40,000 unsecured subordinated loan from a Board member. 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 is the amount and terms of the new loan announced by Mace Security International (MACE)?

Mace Security International (MACE) announced a $40,000 unsecured subordinated loan from a Board member. The loan matures on July 27, 2025 or when the Company's senior line of credit is repaid, whichever comes first. It bears interest at 10% per annum and does not have a conversion feature.

When did Mace Security International's (MACE) Board of Directors approve the new loan?

The Board of Directors of Mace Security International (MACE) approved the $40,000 unsecured subordinated loan on September 20, 2024.

What are the main product brands offered by Mace Security International (MACE)?

Mace Security International (MACE) offers several brands including Mace Brand defense sprays, Take Down brand for law enforcement, KUROS! personal safety products, Vigilant alarms, and Tornado pepper spray and stun guns.