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 acquisition.
“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.
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.
