Mace Scrubs Wash Depot Merger

MOUNT LAUREL, N.J.--Mace Security International Inc. has scrubbed a proposed merger with Wash Depot Holdings Inc., saying that too much Wash Depot debt put a damper on the deal.

Mace has 57 car care facilities nationwide; Wash Depot, owner/operator of the Simoniz Car Wash chain, has 73 sites.

“We believe that the termination of the Wash Depot transaction is in the best interest of the company,” said Louis D. Paolino Jr., Mace’s chairman and CEO. “While we will not be proceeding with this transaction, we continue to consider all opportunities to increase shareholder value. This includes our continued dedication to internally growing our car wash business,” he said.

“In addition, we are exploring potential acquisitions, mergers and strategic alliances with several companies, including companies not in the car wash business. We are pursuing discussions with several companies, which have the potential to provide reasonable growth opportunities. Although Mace has given several companies preliminary consideration, no agreements have been exchanged and no assurance can be given that any transaction will occur.”

Mace also produces less-than-lethal defense sprays for the consumer market along with other safety and security goods.

For more information, contact www.mace.com.