CLEVELAND–(BUSINESS WIRE)–Please replace the release with the following corrected version due to
revisions in the third paragraph.
The corrected release reads:
MACE TO ACQUIRE WASHINGTON LABS, ACCELERATING GROWTH IN PERSONAL DEFENSE
Mace Security International and Washington Labs LLC announced today that
they have entered into an agreement in principal under which Mace
will acquire substantially all of Washington Labs assets, rights and
properties for an undisclosed sum of cash and stock. Upon closing, the
transaction will make Mace one of the largest manufacturers and
producers of less lethal defense sprays in the world. Mace and
Washington Labs anticipate the closing date will be on or about the 1st
of February, 2017.
Washington Lab’s reputation in producing high quality defense spray
products will benefit from Mace’s innovation and industry expertise. The
companies complement each other and each company’s customers and
partners will also benefit in the short and long term due to this
“In reviewing options to sell Washington Labs, Mace was the best fit in
terms of stability, process and also the ability to service Washington
Lab’s customers. I feel both my employees and customers will benefit
from this transaction,” stated Larry Harris, current owner of Washington
Labs Inc. Larry Harris bought Washington Labs from George Diamond and
Ralph Helmrich in the early 2000s.
As an industry leader with deep customer relationships, EPA approved
formulations and a recognized portfolio of best-in-class products,
Washington Labs immediately establishes a strong foundation to augment
Mace’s future growth.
“Washington Labs perfectly complements Mace in terms of customer
service, products and defense spray formulas, and joining forces is a
natural extension of the growth strategy which we have been pursuing as
an organization,” said John McCann, President and Chief Executive
Officer of Mace Security International.
Barring any unforeseen circumstances not uncovered during the thorough
diligence process, we expect this transaction to be immediately
accretive to earnings.
About Mace Security International, Inc.
Mace Security International Inc. is a globally recognized leader in
personal safety and security. Based in Cleveland, Ohio, the Company has
spent more than 40 years designing, manufacturing, and distributing
consumer and tactical products for personal defense, security and
surveillance under its world-renowned Mace® Brand – the
original trusted brand of pepper spray products. The Company also offers
aerosol defense sprays and tactical products for law enforcement and
security professionals worldwide through its Mace® and
Take Down® brands.
Mace Security International distributes and supports Mace®
Brand products and services through mass-market retailers, wholesale
distributors, independent dealers, e-commerce marketers and installation
service providers. For more information, please visit 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,” “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
Mace Security International Inc.
John J. McCann, 440-424-5322
and Chief Executive Officer