CLEVELAND--(BUSINESS WIRE)--Mace Security International, Inc. (MSI) (OTCQX:MACE) announced that RKI, Inc., d/b/a Roll-Kraft, has acquired shares of the Company’s common stock from accounts managed by Ancora Advisers, LLC As a result of this transaction, Roll-Kraft now owns 20% of the Company’s outstanding shares. Contemporaneous with the transaction, Chuck Gehrisch, CEO of Roll-Kraft, and Sanjay Singh, President of Roll-Kraft, were appointed to the Company’s Board of Directors, effective March 9, 2018.
Carl Grassi and Daniel Perella have respectfully resigned from the board effective March 9th, Both Dan and Carl had previously expressed their desire to resign due to personal and professional reasons.
“We want to thank Dan Perella and Carl Grassi for their exceptional leadership and hard work, as we welcome our new board members who will bring new talent, expertise and energy to the company,” said Richard Barone. “We are very fortunate to have a very talented board of directors.”
The board has created the roles of Executive Chairman and Executive Vice Chairman to work with the CEO and the current management team on operational efficiency with the goal of creating an even more robust company. The Executive Chairman and Executive Vice Chairman will be eligible to receive compensation for their services based on certain improvements in the Company’s financial performance.
Mr. Gehrisch has been elected as Executive Chairman, replacing Richard Barone, who resigned as Chairman but remains on the board. Mr. Singh has been elected to the newly created position of Executive Vice-Chairman. A letter written by Mr. Barone is available for review on www.mace.com and has been mailed to shareholders.
As part of the transaction, Roll-Kraft and Ancora have entered into a mutual voting agreement with the goal of continued stability and oversight for the company.
About George C. “Chuck” Gehrisch, Jr.
Mr. Gehrisch is the Chairman and CEO of Roll-Kraft in Mentor, OH. His entire career has been devoted to building local business, creating hundreds of jobs and providing custom tooling to roll forming, tube and pipe manufacturers around the world. Roll-Kraft tooling is used to produce thousands of items used by the public every day.
Prior to holding his position as Chairman and CEO of Roll-Kraft, Mr. Gehrisch led the company as President for more than 20 years. He expanded Roll-Kraft’s outreach to include a worldwide presence and the company outgrew its facilities and moved into a state-of-the-art 110,000 sq. ft. building in Mentor, OH. In addition, Mr. Gehrisch opened other privately held Roll-Kraft facilities in Chicago, Illinois; Houston, Texas; and Woodbridge, Ontario, Canada.
Mr. Gehrisch’s innovative direction has led Roll-Kraft to actively focus on the exceptional goal of providing customers with 100% on-time deliveries and first-time performance. Through his consistent leadership, the company has become known around the world as an industry leader for its superior service and reliable quality tooling.
About Sanjay Singh
Mr. Singh is the President of Roll-Kraft, where he directs and leads the company’s efforts to excel in operational efficiencies and market penetration. He has most recently sharpened the company’s continuous improvement focus to meet the company’s goals of 100% on-time delivery and first-time performance.
He also leads the company’s private investment initiatives in lower middle market companies located in northeast Ohio. Mr. Singh has held various financial executive leadership roles in Fortune 1000, privately held and private equity backed portfolio companies across various industries, including consumer products, manufacturing and service. Mr. Singh was actively involved in acquisitions and operational improvements in those businesses.
Mr. Singh has a Bachelor’s degree in Accounting and an MBA. He currently serves as an advisor to the Board of two non-profits and a technology startup.
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 and manufacturing consumer and tactical products for personal defense, security and surveillance under its world-renowned Mace® Brand – the original trusted brand of defense spray products. The company also offers aerosol defense sprays and tactical products for law enforcement and security professionals worldwide through its Mace® Take Down® brand. MIS 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, visit www.mace.com.