If the Company chooses to exercise the put prior to its January 15, 2017 expiration, the notes issued will bear an annual interest cost of 4%, mature on December 31, 2019 and have a right to convert into Mace shares prior to the maturity date. The Company has no obligation to exercise the put and borrow the $2 Million, but has the option to do so if its Board of Directors deems it advantageous to the Company.
Mace’s President and CEO, John J. McCann, commented, “We are pleased to establish this stand-by financing, with interest rate, maturity date and conversion price terms all more favorable than the convertible debt and potential issuance of 7.3 million shares we recently retired with our excess cash. Enabling Mace to quickly move on potential new product or acquisition opportunities is one more step that positions the Company for growth.”
About Mace Security International, Inc.
(OTCPINK: MACE) Mace® Brand Means Security
Mace Security International, Inc., located in Cleveland, Ohio, is a diversified manufacturer and provider of personal defense and security products to consumer and business market segments under the world renowned Mace® Brand.
Mace® Brand directly distributes and supports its branded products and services through strategically targeted customer channels that include mass market retailers, wholesale distributors, independent dealers, e-commerce marketers, and installation service providers.
- Personal Defense Products: Mace® Brand is the original trusted brand of pepper spray products for self-defense against attacks by people and animals. Mace® Brand has over 40 years experience developing aerosol defense spray dispensing technologies for both the consumer and law enforcement markets around the world.
- Personal & Home Protection Products: Mace® Brand produces portable safety solutions for every personal and home protection need. We design and manufacture products, which provide peace of mind for our consumers.
- Electronic Security & Surveillance Products: Mace® Brand has an entire line of high quality security cameras, digital video recorders, observation monitors and installation accessories for CCTV and IP network-based video surveillance, as well as wireless alarm security systems for local and remote monitoring. We design and manufacture surveillance equipment for every need, with both analog to high definition solutions.
- Personal Security & Safety Wearables: Mace Wear™ is a family of products that features innovative wearable devices related to safety, security and overall personal well-being and is supported by strategic partnerships between Mace Security International, Inc., and innovative technology companies.
- Security Monitoring Services: Mace® Brand partners with Security Partners which owns three UL/ETL/CSAA Five Star listed central monitoring stations throughout the USA providing full-service security & life-safety alarm monitoring to the wholesale security trade.