XPEL Completes Acquisition Of Canadian Company
XPEL COMPLETES ACQUISITION OF CANADIAN COMPANY
– Double-Digit Growth with Net Income Profitability –
– Premier Paint Protection and Window Tint Provider in Western Canada –
SAN ANTONIO, TEXAS, July 3, 2007…XPEL Technologies Corp. (TSXV: DAP.U) is pleased to announce that it has completed the purchase of all of the issued and outstanding shares of Shadow Tinting Ltd. and 1290801 Alberta Ltd., of Calgary, Alberta, Canada (“Shadow”).
Founded in August of 1999 by owner operator Mr. Nuno Ferreira, Shadow is an extremely successful paint protection and window tint film training, installation, and distribution operation serving Western Canada. Shadow is an authorized 3M Distributor and has been designated a 3M Canada Training Facility of choice. Mr. Ferreira will remain as President of the wholly-owned Canadian XPEL subsidiary.
The purchase price consists of a combination of cash and common shares of XPEL along with common share purchase warrants, payable in part based on certain performance criteria. The number of issued and outstanding listed shares of the Company following completion of the transaction is 23,649,355.
XPEL’s Chief Executive Officer, Steven J. McAuley, stated, “We are pleased to have completed the closing of the Shadow acquisition as planned in a very timely and efficient manner. Our confidence was affirmed throughout the due diligence process, that ownership of the Shadow asset would give us an accelerated opportunity to highly penetrate the Canadian marketplace. We anticipate maintaining double-digit revenue growth from our Canadian operations, and Mr. Ferreira’s addition to our management team brings valuable and substantial experience that will be applied to XPEL’s company-wide growth strategies.”
The TSX Venture Exchange has conditionally accepted the Company’s expedited application filing with respect to this acquisition, which was first announced by XPEL on May 24, 2007.
XPEL Technologies Corp. is the worldwide leader in the electronic delivery of automotive aftermarket products, utilizing the Internet as an integral component for its design, manufacturing, distribution and customer relationship strategies. The Company’s DAP software utility offers Dealers the industry’s most efficient and productive tool set to better serve customers with “best-in-class” solutions in real time. XPEL has clear advantages over the competition through its expansive proprietary library of installation-friendly paint and headlight protection and window tint products, coupled with unique web-based remote manufacturing and distribution software, superior installation training curriculum and world-class facilities, with established and growing sales channels.
The TSXV has not reviewed and does not accept responsibility for the adequacy and accuracy of this information.
Chief Executive Officer
John Nesbett/Jennifer Belodeau
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