CLEVELAND, OH / ACCESSWIRE / December 17, 2020 / Mace Security International (OTCQX:MACE) today announces that it has entered into a one-year $2.0 million Revolving Credit Agreement with Fifth Third Bank, National Association ("the Credit Agreement") effective December 11, 2020. The Credit Agreement is secured by substantially all Company assets. The Credit Agreement provides for monthly interest payments at a rate equal to LIBOR plus 2%. Principal is due at maturity.
Gary Medved, president and CEO commented "though we entertained multiple term sheets, in the end we wanted to partner with Fifth Third Bank, a substantial provider of loans to companies in NE Ohio, and one of the largest national lenders". Throughout the process, Fifth Third understood the level of experience the new management team has brought to Mace, and that understanding played a large role in our final decision. With our focus on future growth of the company, it is good to know we have a financial partner such as Fifth Third in our corner".
About Mace Security International, Inc.
Mace Security International Inc. is a globally recognized leader in personal safety products. Based in Cleveland, Ohio, the Company has spent more than 30 years designing and manufacturing consumer and tactical products for personal defense and security under its world-renowned Mace® Brand - the original trusted brand of pepper spray products. The Company's other leading brands include Tornado® Brand stun guns and pepper spray, and Vigilant® Brand personal alarms. The Company also offers aerosol defense sprays for law enforcement and security professionals worldwide through its Take Down® Brand.
Mace Security International distributes and supports its products and services through mass-market retailers, wholesale distributors, independent dealers, e-commerce channels and through its website, www.Mace.com. For more information, please visit www.mace.com.
Forward-Looking Statements
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 economic conditions, dependence on management, our ability to compete with competitors, dilution to shareholders, and limited capital resources.
CONTACTS:
Gary Medved
President and Chief Executive Officer
[email protected]
SOURCE: MACE SECURITY INTERNATIONAL INC