Supports International Product Design Activities
Enhances Global Distribution for New XPEL Paint Protection Film and Tools
Adds Installation Facility and European Training Center
SAN ANTONIO, November 20 /CNW/ - XPEL Technologies Corp. (TSXV:DAP.U)
announced today the completion of the acquisition of Paintshield Limited
("Paintshield") through the purchase of 100% of Paintshield shares.
Paintshield was founded in May 2003 and has served as both an XPEL product
dealer and as the design arm for XPEL's European pattern development
activities. Paintshield also operates a successful retail and dealership
installation business from its facilities in Grantham, England. Paintshield
owns minority joint venture interests in various affiliates who currently
offer the XPEL product line in the markets of France, Italy, Greece (Balkans),
S.E. Asia, and Australia. Paintshield and its affiliates will serve as
distribution channels for the new XPEL Paint Protection Film and complete line
of installation tools recently introduced by XPEL.
XPEL Chief Executive Officer, Steven J. McAuley, stated, "The addition of
Paintshield and its affiliates into XPEL's operations is an extremely positive
step forward for our Company and will certainly accelerate our growth model.
Not only do we add immediate top-line revenues, but we add market channels
into various parts of the world, giving us the ability to distribute our
recently introduced XPEL paint protection film and associated installation
tools." Mr. McAuley further added, "The U.K.-based Paintshield Team brings us
excellent broad-based market knowledge and top-tier managerial experience to
assist us to rapidly grow our global footprint."
Consideration paid to Paintshield included approximately US$147,000, as
well as the issuance of 423,812 shares of XPEL common stock. Additional shares
of common stock purchase warrants may be issued in the future pending the
achievement of certain growth milestones during fiscal 2008, 2009, and 2010,
and achievement of certain integration timelines.
Tom Wakeford of Paintshield stated, "This is the culmination of a joint
approach that both companies envisioned some time ago, and will form a major
stepping stone in our development plans for various markets. We have an
exceptional reputation for customer service and quality of delivery, and the
bringing together of these two greatly respected companies will allow us to
extend our breadth and depth of market penetration. The untapped potential in
the European and Asian markets necessitated the creation of a truly global
operation, and this move puts us on the road to making our respective
long-standing strategic and tactical objectives a reality. We are extremely
excited by what we can now deliver as part of the global XPEL team."
About XPEL Technologies Corp.
With distribution channels in North America, Europe, Asia, the Middle
East and Australia, XPEL Technologies Corp. is the worldwide leading supplier
of automotive survival products. XPEL sells paint protection film, headlamp
protection products and installation tools and is the developer of the Design
Access Program software. XPEL sells its products directly to consumers and
installer partners, providing them everything they need to develop a thriving
paint protection business. In addition to its expansive line of products, the
Company offers installation training and marketing support, making it the
premier source for dealers and installers of paint protection products. XPEL
is publicly traded on the TSX Venture Exchange. Additional information can be
found on the Company's website at www.XPEL.com.
The TSXV has not reviewed and does not accept responsibility for the
adequacy and accuracy of this information.
For further information:
For further information: XPEL Technologies Corp., San Antonio Steven J.
McAuley, CEO, 210-678-3700 email@example.com or Agency Contact: Blue Flame 6
Shellie Pierce, 866-860-2687 firstname.lastname@example.org