Mace Security International Announces Completion of Two Acquisitions
4 November 1999
Mace Security International, Inc. Announces Completion of Two Acquisitions in Arizona and TexasMOUNT LAUREL, N.J., Nov. 3 -- Mace Security International, Inc. (MSI) today announced the completion of the previously announced acquisition of Crystal Falls Car Wash of Lubbock, Texas. Additionally, the Company announced that it completed the acquisition of White Glove Car Wash of Tempe, Arizona. The White Glove Car Wash transaction was not previously announced. The Company now owns and operates 14 car washes in Arizona and 22 car washes in Texas. "The consummation of these transactions are important to MSI because they add mass in two of our established geographic markets. As we implement marketing initiatives to brand our car washes under one name, adding market share is important. We believe that strong market share combined with our branding program will result in increased car counts and new customers," said Louis D. Paolino, Jr., CEO and Chairman of MSI. He added, "Increasing our customer base and retaining existing customers by providing a quality car wash or car care service in a timely fashion, coupled with aggressive regional advertising, will effectively increase our internal growth percentages. We feel that the future of MSI's growth is based around a disciplined acquisition strategy in established regions and more importantly creating solid internal growth opportunities." As previously announced, the completion of the Crystal Falls acquisition makes MSI the largest car wash operator in Lubbock, Texas. Crystal Falls is a full service center that contains a high volume gasoline station with a convenience store and a full service car wash providing washing, waxing, vacuuming and detailing services. This wash is strategically positioned for MSI to immediately construct a lubrication center. White Glove Car Wash of Tempe, Arizona is a "tuck-in" acquisition adding critical mass to the Company's Phoenix, Arizona market. White Glove is a full service car wash that provides washing, waxing and detailing, and contains a convenience store. Mace Security International, Inc. is a provider of car care services which owns and operates numerous car washes nationwide. The Company is also a leading producer of less lethal defense sprays for the consumer market and a marketer of consumer safety and security products. This press release includes statements which may constitute forward- looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. This information may involve risks and uncertainties, including but not limitation, risks relating to the financial outcomes of the planned business and growth strategies, that could cause actual results to differ materially from the forward-looking statements. Although the Company believes that the expectations reflected in such forward- looking statements are based on reasonable assumptions, such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected.