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XPEL Announces Acquisition of PRO-TECT Film Distributing, Inc. and Integration of PROFORM Design Library
Published On 12/6/2016
XPEL ANNOUNCES ACQUISITION OFPRO-TECT FILM DISTRIBUTING, INC. AND INTEGRATION OF PROFORM DESIGN LIBRARYSan Antonio, TX - December 6, 2016- XPEL Technologies Corp. (TSXV: DAP.U) has announced its acquisition of Pro-Tect Film Distributing, Inc., a provider of installation services for automotive paint protection and window film and commercial and residential window film, in Las Vegas, Nevada. In conjunction with the Pro-Tect acquisition, XPEL is also announcing the restructuring of its licensing agreement with Proform Protective Films, Inc, which has operated as a separate library of paint protection film patterns within the Companys Design Access Program (DAP). With the restructuring, the Proform library will become fully integrated as part of XPELs DAP offering. Integrating the Proform library will add more high-end vehicle designs into the DAP and add additional pattern coverage not previously offered, such as motorcycles, while increasing efficiency by eliminating duplicate designs between the two libraries. Michael Mayall, Pro-Tects CEO and President will join XPEL and head up a variety of new initiatives. Ryan Pape, President and Chief Executive Officer of XPEL, commented, Were excited to welcome Mike Mayall and the Pro-Tect team, who enjoy a strong reputation in the Las Vegas market for providing outstanding service. We look forward to combining our existing industry leading automotive paint protection products with the customer-centric focus and service model that Mike and his team are known for, to deliver better value for both new and existing customers in the Las Vegas area. Furthermore, our integration of the Proform database will build on the work Proform founders Mike Mayall and Rob Freeman have done with Proform pattern library and enable us to build a broader and deeper pattern database for our customers globally. Terms of the acquisition were not disclosed. 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 XPELs 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 Companys website at www.xpel.com
Safe harbor statementThis 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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