Auto Industry Executive Joins XPEL As CEO
AUTO INDUSTRY EXECUTIVE JOINS XPEL AS CEO
– Former Senior Vice President of UnitedAuto Group –
– Former Managing Director of U.K.-based General Electric Companies –
SAN ANTONIO, TEXAS, January 15, 2007…XPEL Technologies Corp. (TSXV: DAP.U) announced today the appointment of Steven J. McAuley as its new Chief Executive Officer. W. Rege Brunner will remain as President and assume the role of Chief Operating Officer, while also maintaining his status as Chairman of the Board. Craig K. Clement will take the title of Senior Vice President of Corporate Development.
Mr. McAuley brings vast auto industry experience from his background with UnitedAuto Group, where he was an Officer for two UAG corporations in the U.S. He joined Roger Penske’s staff with the objective of reviewing, developing strategy and managing UAG’s U.S. Financial Services business. During his tenure at UnitedAuto, he was active in driving the strategy for improving F&I (Finance and Insurance) income of U.S. operations, and was responsible for F&I compliance, including the development of ethics policies and compliance review programs. Additionally, Mr. McAuley was involved with new product development, including strategy, marketing, forecasting and reporting for the SIRIUS satellite radio offering within UAG dealerships. Mr. McAuley also supported Penske Corp.’s private equity due diligence efforts for key corporate acquisitions.
Prior to joining UAG, Mr. McAuley served as Managing Director and Corporate Officer for G.E. Fleet Services within the United Kingdom. During his tenure with G.E., he was responsible for assets of $900 million, annual revenues of $225 million, and a workforce of 350. Mr. McAuley has been six-sigma certified through the G.E. Corporation.
XPEL’s newly installed Chief Executive, Steven J. McAuley, stated, “I have a real confidence and strong conviction about XPEL’s direction and market opportunities. The XPEL Team has established a solid platform from which we can grow into a true industry powerhouse.” Mr. McAuley further added, “As we move into 2007, we are embarking on a path of growth to bring extensive added value for our shareholders and employees, and I am truly excited about my opportunities to enhance and further develop this Company’s core assets.”
W. Rege Brunner, XPEL’s Chief Operating Officer commented, “Steve McAuley is a tremendous addition to XPEL’s management team. He not only brings an exceptional leadership quality and strong vision, but also significant knowledge and connectivity to the automobile industry, specifically the dealership arena. His financial skills, his product deployment knowledge, and his mergers and acquisitions background, will prove to be invaluable to XPEL and its future.”
The Company also announced today that it has arranged to complete a partially brokered private placement of up to US$750,000 at a price of US$1.50 per Unit. Each Unit consists of one common share of the Company and one warrant. Each warrant entitles the holder to purchase an additional common share of the Company for two years from the closing date at a price of US$2.25 per share. The Company will pay registered dealers a 5% cash commission and 10% broker’s units. Each broker’s unit will consist of one common share of the Company and one broker’s warrant. Each broker’s warrant entitles the holder to purchase an additional common share of the Company for two years from the closing date at a price of US$2.25 per share. Alternatively, the Company may pay 10% cash commission. The proceeds from the financing are intended to be used for general and administrative expenses, working capital and capital investment. A four month hold period from the time of closing will apply to any securities issued pursuant to this offering.
The appointment of Mr. McAuley as XPEL’s Chief Executive Officer and the terms of the US$750,000 financing are both subject to TSX Venture Exchange acceptance.
XPEL Technologies Corp. (www.xpel.com) is the worldwide leader in the electronic delivery of top 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 for better serving customers with “best of breed” solutions in real-time. XPEL has clear advantages over the competition through its proprietary corporate framework consisting of an expansive library of installation-friendly window tint, paint and headlight protection products, coupled with a unique web-based remote manufacturing and distribution software, superior installation training curriculum and facilities, and established and growing sales distribution channels.
The TSXV has not reviewed and does not accept responsibility for the adequacy and accuracy of this information.
Chief Executive Officer
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