Mace Security International's Board of Directors Purchase Mace Shares In the Open Market
MOUNT LAUREL, N.J., April 30 /PRNewswire/ -- Mace Security International, Inc. ("Mace") (Nasdaq: MACE) today announced that members of the Board of Directors purchased shares of Mace common stock in the open market. Chairman and Chief Executive Officer of Mace, Louis D. Paolino, Jr., said, "At the current level of our stock price and the resulting market capitalization, the Board of Directors and I consider Mace to be significantly undervalued. We believe that Mace is an excellent investment and will provide our stockholders with significant value on a long-term basis." He added, "We recently reported that we expect a 12% increase in revenues, an 80% increase in EBITDA, and a profit in after-tax income and earnings per share for the first quarter of 2001. In addition, our book value per share as of December 31, 2000 was $2.47 per share. Our decision to purchase these shares in the open market results from the belief that the market has undervalued our business." Mr. Paolino also 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 enthused with the current performance of the business. The continued commitment by the major shareholders of Mace, coupled with the dedication of our management team and employees, strengthens our mission as a company and our presence in the marketplace." Mace Security International, Inc. is a provider of car care services, which owns and operates car and truck washes nationwide. 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 affects 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 and Form 10-KSB for 2000. MAKE YOUR OPINION COUNT - Click Here http://tbutton.prnewswire.com/prn/11690X36725714
SOURCE Mace Security International
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