Company to Add Veteran Talent to Leadership Team Along with Strengthening
its Pattern Design Database
SAN ANTONIO, October 16 /CNW/ - XPEL Technologies Corp. (TSXV:DAP.U)
announced today the signing of a letter of intent to acquire 100% of the stock
of ArmourfendCAD, Inc. of El Dorado Hills, California. Armourfend is a global
paint protection industry pattern design house with an extensive library of
patterns for both North American and European models. Founded in 1996 by Mr.
Bob Jackson in the United Kingdom, Armourfend is also a leading provider of
industry training, operates a licensee network around the world and serves
both retail and dealership accounts with installation from its world class
facility in Northern California.
XPEL's Chief Executive Officer, Steven J. McAuley, stated, "The
acquisition of Armourfend is another important step forward for our Company.
With this acquisition, we continue to strengthen our position as the industry
leader in providing automotive survival products. Armourfend's technical
proficiency in pattern design, training programs and installation capability
adds another competitive advantage for XPEL and complements our efforts to
support the XPEL network of installers around the world." Mr. McAuley further
added, "In addition to adding revenue and net income to the XPEL business, I
am truly excited about the opportunity to have Bob Jackson join our leadership
team. Mr. Jackson's experience and technical expertise will help XPEL
accelerate the growth of our distribution channels."
The contemplated transaction as described herein is subject to final due
diligence review, the execution of a definitive agreement, and regulatory
approval by the TSX Venture Exchange and any other entities maintaining
jurisdiction. Additional details of the transaction will be disclosed upon
XPEL Technologies Corp. is the worldwide leading supplier of automotive
survival products. XPEL provides automotive paint and headlamp protection
products 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
Certain statements contained herein such as: "In addition to adding
revenue and net income to the XPEL business," and "Mr. Jackson's experience
and technical expertise will help XPEL accelerate the growth of our
distribution channels," are considered "forward-looking statements." These
types of statements are based upon the belief of the Company's management, as
well as assumptions made beyond information currently available to the
Company's management. Because "forward-looking statements" are subject to
risks and uncertainties, actual results may differ materially from those
expressed or implied by such forward-looking statements. Factors that could
cause results to differ materially from those expressed or implied by such
forward-looking statements include, but are not limited to, price competition,
the inability to obtain additional capital, loss of key personnel,
unavailability of leased facilities, technological changes, service
interruptions, equipment failures, customer attrition, general economic
conditions, relationships with vendors, government supervision and regulation,
changes in industry practices, and other factors.
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, 210-678-3700 email@example.com or Agency Contact: Blue Flame 6
Shellie Pierce, 866-860-2687 firstname.lastname@example.org