Mace Reports Financial Results For The Second Quarter And Six Months Ended June 30, 2012
Mace Security International, Inc. ("Mace" or the “Company”) (OTC PINK: MACE) today announced financial results for the second quarter and six months ended June 30, 2012. Please visit http://www.otcmarkets.com/stock/MACE/filings to review Mace’s financial reports.
2012 Second Quarter and Current Highlights
- Mace filed a Form 15 with the Securities and Exchange Commission on July 26, 2012 to voluntarily suspend its reporting obligations under the Securities and Exchange Act of 1934. With the Form 15 filing, the Company’s common stock, which was traded on the OTCQB™ Marketplace, was transferred to the OTC Pink Marketplace. The Company’s decision to deregister its securities was part of the Company's planned reduction of its operating expenses. The Company will also be making additional headcount reductions and operating location consolidations. The cost reductions will provide the Company with additional resources to accelerate its marketing and sales plan.
- Mace, through its wholly owned subsidiary, Colonial Full Service Car Wash, Inc. (“Colonial”), entered into a Lease Assignment and Release Agreement (the “Agreement”) effective August 10, 2012 under which Colonial assigned and transferred all of Colonial’s rights, obligations and liabilities under a lease for a Fort Worth, Texas car wash location to the assignee. Colonial paid the landlord a cash payment of $275,000 and transferred certain inventories and equipment having an approximate book value of $70,000, as consideration for the landlord's early release of Colonial to eliminate continued negative cash flow from this operation.
- Mace, through its wholly owned subsidiary, Colonial, entered into a Lease Agreement on August 29, 2012 to lease the Company’s final owned and operated full service car wash located in Arlington, Texas. The lease is for a one year period at a monthly lease payment to Colonial of $4,000 plus reimbursement for real estate taxes. Simultaneously with the execution of the Lease Agreement, Colonial entered into a Contract of Sale which provides the car wash operator up to one year to purchase the car wash property.
- Mace announced the hiring of Michael J. Joseph as its Vice President and General Manager of Mace Central Station (“Mace CS”), the Company’s wholesale monitoring station located in Anaheim, California. Mr. Joseph has over 30 years of experience in the security monitoring industry and has previously held the title of Vice President of Operations at a nationally recognized Central Monitoring Station.
John J. McCann, President and CEO of Mace, stated, “Despite slight declines in revenue from the first quarter, the second quarter of 2012 was productive for the Company. We furthered the process of identifying key markets and product offering improvements while continuing with our cost saving initiatives.”
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