Mace Security's Insiders Make Capital Investment of Approximately $1.3M
7 January 2000
Mace Security International's Insiders Make Capital Investment of Approximately $1.3 MillionMOUNT LAUREL, N.J., Jan. 7 -- Mace Security International, Inc. (MSI) today announced that Louis D. Paolino, Jr., Robert M. Kramer, Matthew Paolino, Mark Alsentzer and Jon E. Goodrich invested a total capital investment of approximately $1.3 million by exercising Mace stock options and purchasing equity through private placements. All five individuals are existing shareholders and members of MSI's Board of Directors, and have absolutely no intention of selling Mace stock. Louis D. Paolino, Jr., CEO and Chairman of MSI, said, "I am very pleased that my colleagues believe in the long-term growth of the Company. All of these individuals already hold significant positions in Mace stock, and are very excited about the potential of the car wash business." He added, "MSI currently owns and operates numerous car washes throughout the United States. We have a strong operational management team that has significantly improved operating efficiencies in all our acquired car wash facilities. The continued commitment by the major shareholders of MSI, coupled with the dedication of our operational management team and employees, strengthens our mission as a company and presence in the car wash industry." Mace Security International, Inc. is a provider of car care services which owns and operates numerous car washes nationwide. The Company is also a leading producer of less lethal defense sprays for the consumer market and a marketer 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 but not 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.