Mace Security (MACE) Announces Non-Payment of Investment From Hedge Fund
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Mace Security International, Inc. (Nasdaq: MACE) announced the status of its investment with The Victory Fund, Ltd., a short term hedge fund investment made by the company.
The Victory Fund did not pay the $2,206,748 amount that was due to be paid on January 15, 2009. On November 5, 2008, Mace received $1,000,000 of its original investment from the Victory Fund. The original amount invested in the Victory Fund was $2,000,000. The Company to date has received $1,000,000 or half of its original investment.
"We have already filed a report with the authorities, and we intend to take all possible legal action against the Victory Fund," said Dennis Raefield, Mace's CEO and President. "Mace continues to have a solid balance sheet, cash in the bank and strong business fundamentals."
Mace Security International, Inc. is a manufacturer of personal defense and electronic surveillance products marketed under the Mace brand name.[SM]
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