ATLANTA, Dec. 3, 2009 - Mace Security International, a manufacturer of electronic surveillance and personal protection solutions, announced Thursday that the company has reduced its debt by selling three of its “Genie” car wash facilities in Austin, Texas.
Following the sell of the three car washes, the company’s debt will be just under $3 million, according to a statement. Mace currently owns seven car wash facilities in Texas and leases one other.
“Mace is almost debt-free and in a much stronger financial position,” said Mace CEO and President Dennis Raefield. “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.”