Mace Security International, Inc. ("Mace" or the “Company”) (OTCQB: MACE) today announced that it has sold a car wash facility located in Arlington, Texas. With the sale, Mace operates only two remaining car wash facilities. The sales price for the transaction was $2.1 million with the Company netting $1.57 million in cash proceeds after closing costs and after paying off related mortgage debt of $512,000. The book value of this car wash was approximately $2.0 million at December 31, 2011. The sale resulted in a net gain of approximately $20,000.
“Mace is almost debt-free with the sale of this car wash and in a stronger financial position,” said John McCann, Mace’s Chief Executive Officer and President. “We are committed to executing our strategy of focusing on our core security business, exiting the car wash business, and building a company for future growth.”
Mace currently owns one remaining car wash facility and leases one location in Texas. Management is actively working on several strategies to divest of these remaining two car wash facilities.
About MaceMace Security International, Inc. (OTCQB:MACE) is a manufacturer of personal defense and electronic surveillance products marketed under the famous brand name Mace®, and the owner and operator of a wholesale central monitoring station. Mace’s web site is www.mace.com. 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”, “intend 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, our ability to compete with competitors, dilution to shareholders, and limited capital resources. A discussion of factors that could materially adversely affect the Company’s financial performance and cause actual results for future periods to differ materially from the statements expressed within this press release, and management's opinions, projections, forecasts, estimates and expectations are contained under the heading “Risk Factors” in Mace’s SEC filings, including its registration statements and its periodic reports on Form 10-K and Form 10-Q. This press release should also be read in conjunction with the financial statements and notes contained in Mace’s annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.