XPEL Technologies Corp. Vows to Vigorously Defend Patent Suit
XPEL Technologies Corp. Vows to Vigorously Defend Patent Infringement Suit
San Antonio, TX – January 7, 2016 — XPEL Technologies Corp. (TSXV: DAP.U) (“XPEL”), a leading supplier of automotive paint and headlamp protection films, strongly denies any alleged infringement of patents held by 3M Company or 3M Innovative Properties Company.
3M Company and 3M Innovative Properties Company filed a complaint in the United States District Court for the District of Minnesota alleging that the Company’s ”XPF Paint Protection Film” has been and is directly infringing United States Patent No. 8,765,263 (“the ‘263 Patent”), entitled “Multilayer Polyurethane Protective Films.”
XPEL denies the claims and intends to vigorously defend itself against any such claims. XPEL also questions the validity of the ‘263 Patent.
“We are a market leader in Paint Protection Film, and it appears our rapid growth has made us a target. We will defend the suit and continue to bring our customers the best support, training and marketing in the industry. We plan to continue business as usual and there should not be any impact to our customers while this matter progresses,” said Ryan Pape, Chief Executive Officer.
XPEL’s Paint Protection Film is now protecting thousands of vehicles annually in over 30 countries. XPEL sponsors dozens of activities and events for auto enthusiasts each year.
XPEL has set up a contact hotline for customers and installers of XPEL Paint Protection Film with questions about the litigation. Customers may contact (855) 637-1801, (210) 446-5301 or [email protected]
About XPEL Technologies Corp.
XPEL is the leading supplier of automotive paint and headlamp protection films with over 70,000 vehicle-specific applications and a worldwide network of trained installers. XPEL is the developer of the Design Access Program software, and manufacturer of XPELTM 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
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.
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