XPEL and 3M Announce Settlement of Patent Infringement Lawsuit
XPEL AND 3M ANNOUNCE SETTLEMENT OF PATENT INFRINGEMENT LAWSUIT
San Antonio, TX – March 22, 2017– XPEL Technologies Corp. (TSXV: DAP.U) a global supplier of automotive paint protection and window protection films, and 3M Company, today announced they have reached a settlement agreement in a patent infringement lawsuit.
On December 30, 2015, 3M Company and 3M Innovative Properties Company filed a complaint in the United States District Court for the District of Minnesota alleging that XPEL has been and is infringing United States Patent No. 8,765,263, entitled Multilayer Polyurethane Protective Films.
Under terms of the settlement, XPEL will acquire a license to the ‘263 patent. 3M and XPEL have agreed to dismiss the lawsuit without prejudice.
“I am pleased we have been able to resolve this matter and look forward to continuing to deliver high-quality products and services to our customers,” Ryan Pape, XPEL’s Chief Executive Officer said.
About XPEL Technologies Corp.
XPEL is the leading supplier of automotive paint, headlamp and window protection films with over 70,000 vehicle-specific applications and a worldwide network of trained installers. Using XPEL’s propriety software and patented materials, our professional design team develops products that deliver the ultimate in vehicle protection, meeting the demands of a broad range of makes and models. XPEL is the developer of the Design Access Program software, and manufacturer of XPEL™ Automotive Paint and Headlamp Protection Products. XPEL has forged the cutting-edge of automotive protection technology, and leads the industry in quality, technical support and customer service.
Additional information can be found on the Company’s website at www.xpel.com
At 3M, we apply science in collaborative ways to improve lives daily. With $30 billion in sales, our 90,000 employees connect with customers all around the world. Learn more about 3M’s creative solutions to the world’s problems at www.3M.com or on Twitter @3M or @3MNewsroom.
Safe harbor statement
This release includes forward-looking statements regarding XPEL Technologies Corp. and its business, which may include, but is not limited to, anticipated use of proceeds from capital transactions, expansion into new markets, and execution of the company’s growth strategy. Often, but not always, forward-looking statements can be identified by the use of words such as “plans,” “is expected,” “expects,” “scheduled,” “intends,” “contemplates,” “anticipates,” “believes,” “proposes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may,” “could,” “would,” “might” or “will” be taken, occur or be achieved. Such statements are based on the current expectations of the management of XPEL. The forward-looking events and circumstances discussed in this release may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the company, performance and acceptance of the company’s products, economic factors, competition, the equity markets generally and many other factors beyond the control of XPEL. Although XPEL has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and XPEL undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.b
|For more information contact:|
CommCore Consulting Group
Phone: (202) 659-4177
Donna Fleming Runyon, 3M
John Nesbett/Jennifer Belodeau
Institutional Marketing Services (IMS)
Phone: (203) 972-9200