Mace Security International, Inc. Sells Lubbock, Texas Car Wash
HORSHAM, Pa. — Mace Security International, Inc. (“Mace”, “Corporation” or the “Company”) (OTCQB: MACE) today announced the sale of another non-security asset, a full-service car wash facility and convenience store located in Lubbock, Texas. With the sale, the Corporation currently has two remaining owned car washes, one of which is under an agreement of sale and an additional car wash under lease.
The sales price for the Lubbock, Texas facility was $1.7 million with the company netting $300,000 in cash after paying off a related mortgage for $670,000, a 50% payment of $675,000 towards the $1.35 million promissory note with Merlin Partners LP and closing costs.
Dennis R. Raefield, CEO and President of Mace Security International, Inc. stated, “We are pleased to announce this sale in our continued progress in exiting the car wash business. We anticipate a complete exit in Q2-2011. This sale reduces our already low debt levels even more and continues our strategic focus towards the security industry.”
About Mace
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. Mace’s web site is 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”, “intend 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, our ability to compete with competitors, dilution to shareholders, and limited capital resources. A discussion of factors that could materially adversely affect the Company’s financial performance and cause actual results for future periods to differ materially from the statements expressed within this press release, and management’s opinions, projections, forecasts, estimates and expectations are contained under the heading “Risk Factors” in Mace’s SEC filings, including its registration statements and its periodic reports on Form 10-K and Form 10-Q. This press release should also be read in conjunction with the financial statements and notes contained in Mace’s annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.