Mace Signs Purchase Agreement To Acquire Beneva Car Wash
4 April 2000
Mace Security International Signs Definitive Purchase Agreement To Acquire Beneva Car Wash Located On The West Coast Of Florida
MOUNT LAUREL, N.J., April 4 Mace Security International,
Inc. (Mace) today announced that it has signed a definitive
purchase agreement to acquire Beneva Car Wash, located in Sarasota, Florida.
Pursuant to the Beneva Car Wash definitive purchase agreement, Mace will
immediately begin operating Beneva's car wash location under an Operating
Agreement. This location washes approximately 65,000 cars annually, and
generates revenues of approximately one million dollars annually.
Beneva Car Wash is a full service car wash that contains a five-bay
professional detailing center and a retail product store. In addition, this
car wash provides washing, waxing and interior and exterior cleaning services.
Beneva Car Wash will be added to Mace's Florida Region operation, which
currently consists of five full service car wash locations. The Company will
own and operate 22 full service car wash locations in Florida at the
completion of the previously announced acquisition of Wash Depot Holdings,
Inc.
Louis D. Paolino, Jr., CEO and Chairman of Mace, said, "Mace is now
operating six car washes on the West Coast of Florida. We feel that this is
an important region to continue building car wash concentration because of the
high demand for car care services." He added, "We will immediately focus on
implementing our Express Detail Program because Beneva Car Wash already
contains the detailing products, equipment and facility necessary to operate
this program."
The Beneva Car Wash 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.
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", "intends 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,
dilution to shareholders, lack of capital, the effects of weather on the
demand for car care services, the affects of rapid growth upon the Company and
the ability of management to effectively respond to the growth, its ability to
achieve operating synergies, its ability to compete, regulatory matters, the
effects of competition, its ability to maintain the control of the Company's
cash business, and the ability of the Company to obtain additional financing.
Such factors could materially adversely affect the Company's financial
performance and could cause the Company's actual results for future periods to
differ materially from any opinions or statements expressed within this press
release. Additional discussion of factors that could cause actual results to
differ materially from management's projections, forecasts, estimates and
expectations are contained in the Company's SEC filings, including its S-3
registration statements and 10-KSB for 1999.