Mace Completes Acquisition of Car Wash In Its Northeast Region
6 January 2000
Mace Security International Announces Completion of Acquisition of Car Wash In Its Northeast RegionMOUNT LAUREL, N.J., Jan. 6 -- Mace Security International, Inc. (MSI) today announced that it completed the previously announced acquisition of Cherry Hill Car Wash of Cherry Hill, New Jersey. Cherry Hill Car Wash is a full service car wash that provides washing, waxing, vacuuming and detailing services. Cherry Hill Car Wash washes approximately 120,000 cars annually, which is approximately double the industry average according to published car wash industry studies. Cherry Hill Car Wash is an excellent addition to MSI's current 18 locations in the Tri-State Region (Delaware, New Jersey and Pennsylvania) because of its location and potential to provide additional profit centers to the facility. The Company intends to implement its express detailing service and construct a lubrication center at this location. Louis D. Paolino, Jr., CEO and Chairman of MSI said, "We are very pleased to have added such a solid and well managed full service car wash to our Tri- State Region operation. This car wash generates approximately $1.2 million annually, and has tremendous potential to add ancillary services including a lubrication center and express detail service bays. We are very pleased with Cherry Hill Car Wash's operational managers, and feel that they will transition well into our business concept of building a national car wash chain." 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.