Mace Security International, Inc. Is Notified Of Regaining Compliance With Nasdaq $1.00 Minimum Bid Rule
Horsham, PA, January 15, 2010 — Mace Security International, Inc. (“Mace” or the “Company”) (NASDAQ Global: MACE) announced that it received a letter on January 14, 2010 from the NASDAQ Listing Qualifications Department stating the Company has regained compliance with NASDAQ Listing Rule 5450(a)(1) in that the Company’s closing bid price has been at $1.00 per share or greater for at least 10 consecutive business days. The January 14, 2010 notification also stated that the matter of the deficiency, as set forth in the October 9, 2009 notice, is now closed.
The October 9, 2009 non-compliance notice with NASDAQ Listing Rule 5450(a) (1) had made the Company’s common stock subject to being delisted from The NASDAQ Stock Market. In accordance with NASDAQ Listing Rule 5810(c) (3) (A), the Company had a grace period of 180 calendar days expiring on April 7, 2010 to regain compliance.
Dennis Raefield, CEO and President of Mace, stated, “We appreciate our shareholders’ continued confidence in our share price, intrinsic value, and strategic direction and Mace is pleased to put this non-compliance matter behind us.”
About Mace
Mace Security International, Inc. is a manufacturer of personal defense and electronic surveillance products marketed under the famous brand name, Mace®. The Company also operates a Digital Media Marketing and e-commerce business. In addition, Mace owns and operates car washes, and has previously announced that it is exiting this segment of its business. The Company’s remaining car washes are located in Texas. Mace’s web site is http://mace.com.
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 in this press release, 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 Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks, known and unknown, and uncertainties, including but not limited to the final results of the independent investigation, the determination of the Panel with respect to the Company’s request for an exception to Marketplace Rule 4310(c)(14), the impact on trading in the Company’s common stock if the exception is not granted and the Company’s common stock is delisted, economic conditions, dependence on management, dilution to shareholders, limited capital resources, the effects of weather on the demand for car care services, the effects of rapid growth on Mace and the ability of management to effectively respond to that growth, our ability to achieve operating synergies, our ability to compete against established competitors, regulatory matters, the effects of competition, and our ability to obtain additional financing. Such factors could materially adversely affect Mace’s financial performance and could cause Mace’s actual results for future periods to differ materially from any opinions or statements expressed within this press release. Additional discussion of factors that could cause actual results to differ materially from management’s projections, forecasts, estimates and expectations are contained under the heading “Risk Factors” in Mace’s SEC filings, including its registration statements and its periodic reports on Form 10-K and Form 10-Q. This press release should be read in conjunction with the financial statements and notes contained in Mace’s annual reports on Form 10-K and quarterly reports on Form 10-Q.