Mace Signs Agreement To Acquire Mustang Car Wash
7 February 2000
Mace Security International Signs Definitive Purchase Agreement To Acquire Mustang Car Wash Generating $1.6 Million in Annual SalesMOUNT LAUREL, N.J., Feb. 7 -- Mace Security International, Inc. (MSI) today announced that it has signed a definitive purchase agreement to acquire Mustang Car Wash of Grapevine, Texas, which is located in the surrounding area of Dallas and Ft. Worth, Texas. Mustang is a full service car wash containing professional detail bays, a retail product store and a three-bay oil and lubrication center. This car wash provides washing, waxing and interior and exterior detail services. Mustang washes approximately 85,000 cars per year, and generates annual revenues of approximately $1.6 million. "Mustang and the recently announced acquisition of Blue Planet Car Wash are both located in the Dallas and Ft. Worth, Texas area. Mustang is a well-established business, which generates annual revenues that are significantly above the industry average. We are very pleased to be adding another solid car wash operation to our Texas Region. This region will consist of 24 locations. Our Texas Region also contains 21 professional detailing centers, 15 oil and lubrication centers, 13 gasoline dispensing service centers, eight retail product stores and three convenient stores," says Louis D. Paolino, Jr., CEO and Chairman of MSI. Mr. Paolino added, "I am very pleased that the Company has established itself as a leading operator of car washes with a strong focus on maximizing internal growth. MSI's car washes, which includes our Arizona, Delaware, Florida, New Jersey, Pennsylvania and Texas Region facilities, continue to show improved operating efficiencies, reduced labor and increased car wash volume." This agreement is subject to customary closing conditions. There can be no assurance that this acquisition will ultimately be closed. However, the Company is confident that the conditions will be satisfied. Mace Security International, Inc. is a provider of car care services, which owns and operates numerous car washes nationwide. The Company, through its wholly owned subsidiary, Innovative Control Systems, Inc., is also a leading manufacturer and supplier of a Windows(R)-based computerized car wash tunnel control system. Additionally, MSI is a leading producer of less lethal defense sprays for the consumer market. 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. Contact: Eduardo Nieves, Jr., Investor Relations (856) 778-2300 http://www.mace.com