XPEL Completes Armourfend Acquisition
XPEL COMPLETES ARMOURFEND ACQUISITION
San Antonio, Texas – December 4, 2007 – XPEL Technologies Corp. (TSXV: DAP.U) announced today the completion of the acquisition of ArmourfendCAD, Inc. of El Dorado Hills, California. Armourfend is a paint protection pattern design house with an extensive library of shapes 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, and serves both retail and dealership accounts from its facilities in Northern California.
XPEL’s Chief Executive Officer, Steven J. McAuley, stated, “The completion of this transaction and inclusion of Armourfend into the XPEL family of operations brings additional strength to our industry status as the full service leader in vehicle paint protection. Armourfend’s technical proficiencies in design, installation and training add important competitive advantages to XPEL allowing us to bring even more value to our network of installers throughout the world.” Mr. McAuley further added, “Bob Jackson brings significant industry knowledge and international experience that will greatly complement our leadership team, and his contributions will undoubtedly enhance our international market penetration and create broader product awareness.”
Armourfend’s founder and CEO, Bob Jackson, declared with excitement the relationship with XPEL. “Put simply, XPEL and Armourfend make for a great pairing. We share a competitive dedication to be the best in our industry. By Armourfend joining XPEL, we will collectively enhance our global exposure as the leading manufacturer and supplier of progressive patterns, tools, and dynamic training. Together with the introduction of the eagerly anticipated and progressive range of Paint Protection Films, I am looking forward to the mutual benefits that will follow. Together we will further drive the XPEL brand in the world of automotive aftermarket products.”
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 under the stock symbol “DAP.U.” Additional information can be found on the Company’s website at www.xpel.com.
Consideration paid to Armourfend includes a cash payment totaling US$500,000, and the issuance of 491,160 restricted shares of XPEL common stock, which are subject to a 15% holdback for integration and performance.
Certain statements contained herein such as: “Bob Jackson brings significant industry knowledge and international experience that will greatly complement our leadership team, and his contributions will undoubtedly enhance our international market penetration and create broader product awareness” and “Together we will collectively enhance our global exposure as the leading manufacturer and supplier of progressive patterns, tools, and dynamic training” 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 TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this information.
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