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Mace sets date for sale of car washes

Mace Security International Inc. of Mount Laurel said today it signed a definitive agreement to sell its 12 Arizona car washes on May 16 for $19.3 million.

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Mace Security International Inc. of Mount Laurel said today it signed a definitive agreement to sell its 12 Arizona car washes on May 16 for $19.3 million.

A $500,000 escrow payment has been given to Mace. The buyer, who was not identified, has placed an additional $250,000 in escrow; Mace will keep the whole $750,000 if the buyer fails to complete the deal by May 16, Mace said.

The sale agreement was initially announced in December but the date of the closing was postponed.

Mace, which once planned to grow into the nation's largest car-wash chain, also is seeking buyers for its 28 car washes in Texas, Florida and the Northeast.

The company now focuses on its surveillance and security businesses, which include the Mace pepper spray.

Mace shares were down 7 cents at $2.57 in afternoon Nasdaq trading.

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