Wisereports.com - July 30,2004 - Stocks to watch today
Wisereports.com - 8:15am - July 30, 2004 - HOT STOCK ALERT
NASDAQ: MACE
PRICE: $2.93
Originally featured by Wisereports.com at $2.10, MACE today announced some major developments.
Mace Announces Authorization of Stock Buy Back Plan of up to $3.0 Million Dollars of Its Common Stock and Announces Sale of NJ-Based Car Wash
2004-07-30 08:00 ET - News Release
MOUNT LAUREL, N. J. -- (Business Wire) -- July 30, 2004
Mace Security International, Inc. ("Mace")
(Nasdaq:MACE), a manufacturer of electronic surveillance and personal
defense products and an owner and operator of car and truck wash
facilities, today announced that its Board of Directors authorized a
Stock Buy Back Plan to purchase shares of the Company's common stock
up to a maximum value of $3.0 million. Purchases will be made in the
open market, if and when management determines to effect purchases.
Management may elect not to make purchases or make purchases less than
$3.0 million in amount.
At the current level of Mace's stock price and the resulting
market capitalization, the Board of Directors consider Mace to be
undervalued. Mace's stock price is currently trading under its book
value per share as of March 31, 2004 of $4.36.
The Company also announced that it signed a definitive agreement
to sell an exterior-only car wash in southern New Jersey for
approximately $650,000. The selling price of the car wash is
approximately $20,000 above its recorded book value. The decision to
sell this car wash was made as a result of receiving an offer that
management thought was attractive given the marginal profit generated
by the site.
Mace Security International, Inc. is a manufacturer of electronic
surveillance and personal defense products, and an owner and operator
of car and truck wash facilities. Information about Mace is available
at www.mace.com.
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