Mace Purchases a Large Block of Its Common Stock Representing 1.7 Percent of Its Total Shares Outstanding

    MOUNT LAUREL, N.J.--Oct. 15, 2002--Mace Security International, Inc. ("Mace"), a manufacturer and marketer of security products and provider of car care services, today announced that it has purchased a block of 429,000 shares of the Company's common stock in the open market at a price of $.51 per share.
    These shares represent 1.7% of the Company's total shares outstanding. The Company plans to immediately retire these shares, which will eliminate them from the open market float and increase the Company's book value per share from $2.56 per share to $2.59 per share (based on data as of June 30, 2002).
    As a result of the block trade on October 14, 2002, Mace's volume of shares was 1,314,000. The volume of shares was significantly high because the block trade was reported three times. It was first reported by the brokerage firm that made the sale, and then reported for a second time by the brokerage firm that purchased the shares. The shares were then transferred into the Company's corporate account, which produced a third report.
    "The purchase of these shares shows the confidence that the board and management have in the Company," says Louis D. Paolino, Jr., Chairman and Chief Executive Officer of Mace.
    He added, "At the current level of our stock price, we consider Mace to be significantly undervalued. We believe that Mace will provide our stockholders with significant value on a long-term basis. Mace continues to be in a strong financial position. We have positive cash flow and a solid balance sheet. Our decision to purchase these shares results from the belief that the market has undervalued our business. Further purchases will be considered in the future."
    Mace Security International, Inc. is a manufacturer of less-than-lethal defense sprays and electronic security products for consumers, as well as a marketer of safety and security products worldwide. Mace is also a leading provider of car care services. Additional information about Mace is available at www.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", "intends 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 economic conditions, dependence on management, dilution to shareholders, lack of capital, the effects of weather on the demand for car care services, the effects of rapid growth upon the Company and the ability of management to effectively respond to the growth, its ability to achieve operating synergies, its ability to compete, regulatory matters, the effects of competition, its ability to maintain the control of the Company's cash business, and the ability of the Company to obtain additional financing. Such factors could materially adversely affect the Company's financial performance and could cause the Company'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 in the Company's SEC filings, including its S-3 registration statements, Form 10-K for 2001, Form 10-Q for the quarter ended March 31, 2001, Form 10-Q for the quarter ended June 30, 2001, Form 10-Q for the quarter ended September 30, 2001, Form 10-Q for the quarter ended March 31, 2002 and Form 10-Q for the quarter ended June 30, 2002. This press release should be read in conjunction with the financial statements and notes contained in the Company's annual report on Form 10-K and the Company's quarterly reports on Form 10-Q.