Mace Security International Appoints Louis D. Paolino, Jr.
26 May 1999
Mace Security International Appoints Louis D. Paolino, Jr. As President, CEO, and DirectorAnnounces New Board Member; Appoints New CFO and Executive Vice President BENNINGTON, Vt., May 26 -- Mace Security International, Inc. ("MSI") today announced that it has appointed Louis D. Paolino, Jr. as President, CEO and Director, effective immediately. The Company also announced that Dr. Constantine N. Papadakis, the current President of Drexel University, will join its Board of Directors and the appointment of Gregory M. Krzemien as Chief Financial Officer and Treasurer, and Robert M. Kramer as Executive Vice President and General Counsel, effective immediately. Mr. Paolino, a graduate of Drexel University with a B.S. in Civil Engineering, was formerly the Chairman, President and CEO of Eastern Environmental Services, Inc. ("Eastern"), a solid waste management services company. Mr. Paolino was Chairman and CEO of Eastern from June 20, 1997 to December 31, 1998. During the period Mr. Paolino was Chairman and CEO of Eastern, Eastern's annualized revenue grew from eight million to four hundred fifty million dollars. Mr. Paolino was responsible for implementing an aggressive acquisition policy at Eastern that resulted in the completion of 60 acquisitions by the end of 1998. Eastern was acquired by Waste Management, Inc. for a value of $1.3 billion on December 31, 1998. Dr. Papadakis has been the President of Drexel University since 1995. He was also director of Eastern. Dr. Papadakis is also a director of Fidelity Federal Bank, Inc., the Philadelphia Stock Exchange, and Corcell, Inc. Jon E. Goodrich, the former President and CEO of MSI who will become President of the Mace Security Division, said, "We are very pleased that Louis Paolino has now officially taken the helm of MSI. His business acumen and outstanding record of success have generated excitement amongst all our employees as our new growth strategy is rapidly being implemented under his leadership." He added, "I look forward to working with Louis and am delighted to have an individual of Dr. Papadakis' stature join our Board of Directors." Mr. Paolino said, "I am thrilled to join MSI as its President and CEO and to be working with Jon Goodrich who will continue to expand the Mace Security Division. MSI has already begun to implement its growth strategy of consolidating the car wash industry." He added, "Upon the completion of our previously announced definitive agreements, we expect to have car wash revenues approaching $50 million annually from 50 locations." Mr. Paolino also said that the addition of Mr. Krzemien as CFO and Mr. Kramer as Executive Vice President and General Counsel is crucial to MSI's future growth strategy as the Company aggressively moves forward. They both played key roles at Eastern during the completion of 60 acquisitions and two public offerings to become the fifth largest solid waste services company in the country. Mace Security International, Inc. is a publicly traded company which owns and operates car washes and is also a leading producer of less lethal defense sprays for the consumer market and a marketer and retailer of consumer safety and security products. This press release includes statements which may constitute forward- looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. This information may involve risks and uncertainties, including without limitation, risks relating to the financial outcomes of the planned business and growth strategies, that could cause actual results to differ materially from the forward-looking statements. Although the Company believes that the expectations reflected in such forward- looking statements are based on reasonable assumptions, such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected.