Mace Security International Announces Substantial Equity Investment, New Chairman and CEO, Change of Control and Aquisition by Merger
BENNINGTON, Vt., March 29 /PRNewswire/ -- Mace Security International, Inc. (MSI) (Nasdaq: MACE - news) announced today that it has reached an agreement with Louis D. Paolino, Jr. to become its Chairman and Chief Executive Officer, together with eight members of a new management team selected by Mr. Paolino. As a condition to his agreement to serve as CEO, the Company's current Board of Directors, other than Mr. Goodrich, will resign and be replaced by a new Board selected by Mr. Paolino. Also, Mr. Paolino, new Board Members and members of the new management team will purchase shares for a total capital investment of approximately $8.75 million. The shares will not be registered under the Securities Act of 1933, and thus, will not be freely tradable for a period of at least one year from the closing of the sale of the shares. Following the stock sales, Mr. Paolino will become the Company's largest shareholder.
Mr. Paolino, graduate of Drexel University with a B.S. in Civil Engineering, was formerly the Chairman, President and CEO of Eastern Environmental Services, Inc., a solid waste management services company. When Mr. Paolino joined Eastern in June 1996, the company's sales for that fiscal year totaled $7.6 million with a market value of less than $10 million with a stock price of $1.50. Mr. Paolino was responsible for implementing an aggressive acquisition policy that resulted in the completion of 60 acquisitions by the end of 1998, thus producing an annual sales run rate in exceeding $450 million. In a stock transaction announced in August of 1998 and closed on December 31, 1999, Eastern, then the country's fifth largest solid waste management company, was merged into industry leader Waste Management, Inc. with a valuation in excess of $1.3 billion and a Nasdaq stock value of $32 per share.
This explains the last move, now, will she move again from here??(3)
A dot com would be nice!!!
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