Lawndale Capital Mgmt Files Amended 13D In Mace Security International (OTCQB-MACE) Approx 3.7 Million Share Purchase Puts Its Position To 9.1%

The Item 4 language of Lawndale’s filing is set forth, below, and the actual Mace Security Int’l. 13D filing can be found in SEC EDGAR filings for MACE at:sec.gov/Archives/edgar/data/912607/000093583611000098/mace13da9.htm

Mace Security International, Inc., is a manufacturer of personal defense and electronic surveillance products marketed under the famous brand name Mace®, and the owner and operator of a wholesale central monitoring station. Further information on Mace can be found at its websitemace.com

Lawndale Capital Management, LLC is Mill Valley, CA-based investment advisor that manages activist hedge funds focusing on creating and unlocking shareholder value in small- and micro-cap companies for more than 18 years.  

For Further Information Contact:

Andrew Shapiro
President
Lawndale Capital Management, LLC
591 Redwood Highway #2345
Mill Valley, CA 94941
phone- 415-389-VALU (8258)
fax- 415-389-0180
e-mail- [email protected]

BLOG: seekingalpha.com/author/andrew-shapiro

Item 4.            Purpose of Transaction

As disclosed in its prior filings of Schedule 13D, the Filers (“Lawndale”) launched a proxy contest in
2007, the settlement of which resulted in a substantial recomposition of the Board of Mace Security
International (“Mace” or the “Company”) and several corporate governance enhancements. While
Lawndale is disappointed at the pace of Mace’s operational turnaround and return to profitability, it is
pleased with direction the Company is pursuing.

Lawndale has been and may continue to be in contact with Mace management, members of Mace’s Board
of Directors, other significant shareholders and others regarding alternatives that MACE could employ to
maximize shareholder value. In addition, Lawndale has provided Mace’s Board of Directors with the
names and background information of highly qualified candidates to fill vacancies on Mace’s Board.

Lawndale believes the public market value of Mace, currently trading well below Mace’s tangible book
value, is undervalued by not adequately reflecting the value of Mace’s brand, other assets and business
divisions. Lawndale acquired the Stock solely for investment purposes, and Lawndale may from time to
time buy or sell the Stock at its discretion.