Mace Security International Statement

Business Wire, Oct 3, 2002

Business Editors

MOUNT LAUREL, N.J.--(BUSINESS WIRE)--Oct. 3, 2002

Mace Security International, Inc. (Nasdaq:Mace) ("Mace"), a leading manufacturer and marketer of security products and provider of car care services, today announced that on October 2, 2002, the Company was advised by Nasdaq that its stock price was below $1.00 for 30 consecutive days.

If the bid price of the Company's stock is not $1.00 or more for ten consecutive days (or longer, at the discretion of Nasdaq) on or before December 31, 2002, Nasdaq has advised the Company that it may be delisted. The Company may appeal any decision to delist its stock or it may apply to transfer its securities to the Nasdaq SmallCap Market.

If the Company submits a transfer application to Nasdaq by December 31, 2002 and if the application is approved, the Company will be afforded the 180 calendar day SmallCap Market grace period or until March 31, 2002. The Company may also be eligible for an additional 180 calendar day grace period provided that it meets the initial listing criteria for the SmallCap Market under Nasdaq Marketplace Rules.

Furthermore, the Company may be eligible to transfer back to the Nasdaq National Market if, by September 29, 2003, its bid price maintains the $1.00 per share requirement for 30 consecutive trading days and it has maintained compliance with all other continued listing requirements on that market.

The Company's net book value was $64.8 million or $2.55 per share as of June 30, 2002. In addition, Mace has $104 million in total assets including approximately $65 million of real estate in high traffic retail areas and $7.6 million in cash and cash equivalents. In light of Mace's strong financial position, the Company believes that its shares are significantly undervalued.

Mace Security International, Inc. is a leading a manufacturer of less-than-lethal defense sprays and electronic security products for consumers, as well as a marketer of safety and security products worldwide. Mace is also a leading provider of car care services. Additional information about Mace is available at www.mace.com.

Certain statements and information included in this press release constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. When used in this press release, the words or phrases "will likely result", "are expected to", "will continue", "is anticipated", "estimate", "projected", "intends to" or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks, known and unknown, and uncertainties, including but not limited to economic conditions, dependence on management, dilution to shareholders, lack of capital, the effects of weather on the demand for car care services, the effects of rapid growth upon the Company and the ability of management to effectively respond to the growth, its ability to achieve operating synergies, its ability to compete, regulatory matters, the effects of competition, its ability to maintain the control of the Company's cash business, and the ability of the Company to obtain additional financing. Such factors could materially adversely affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed within this press release. Additional discussion of factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations are contained in the Company's SEC filings, including its S-3 registration statements, Form 10-K for 2001, Form 10-Q for the quarter ended March 31, 2001, Form 10-Q for the quarter ended June 30, 2001, Form 10-Q for the quarter ended September 30, 2001, Form 10-Q for the quarter ended March 31, 2002 and Form 10-Q for the quarter ended June 30, 2002. This press release should be read in conjunction with the financial statements and notes contained in the Company's annual report on Form 10-K and the Company's quarterly reports on Form 10-Q.

www.mace.com