XPEL Announces Management Team Changes
XPEL ANNOUNCES MANAGEMENT TEAM CHANGES
San Antonio, Texas – The Board of Directors of XPEL Technologies Corp. (TSXV: DAP.U) announced a management reorganization today that included naming Ryan Pape, formerly XPEL’s Senior Vice President of Operations, Interim Chief Executive Officer. Current Chief Executive Officer, Nuno Ferreira, will remain Senior Vice President of XPEL and President of XPEL Canada. Mr. Ferreira will maintain an office and residence in San Antonio, Texas and Calgary, Canada. Additionally, Tim Hartt, Senior Vice President of Sales, and one of the company’s founders, has been named Chief Operating Officer.
Mr. Pape has held various roles within the company over the a five year period, including overseeing operations, marketing, technology and other company initiatives. “Mr. Pape will continue the progress made the second half of 2008 in restoring profitability and growing the business in new areas,” Maxwell Polinsky, Director, stated.
Mr. Ferreira commented, “As an original shareholder, it was important to step in as CEO when the company needed it most, but with a strong management team in place, I feel it is more important for me to spend time hands-on with our customers and partners. I believe this is where I can make the greatest contribution to the company.”
“Nuno’s long history in the business and tremendous rapport with our customers is something we cannot easily duplicate. We have been working for some time to determine the best way to leverage those skills and this will give him the platform to do it, ” Ryan Pape said.
Mr. Hartt was instrumental in developing the company’s original technology and Design Access Program concept and will run all day-to-day operations along with Mr. Ferreira.
“We have been functioning as an effective management team together for some time and have made progress in streamlining the organization. These changes just tweak responsibilities in a way to make us more effective,” Ryan Pape said.
With distribution channels in Europe, Asia, Middle East and Australia, XPEL Technologies Corp. is the worldwide leading supplier of automotive survival products. XPEL manufactures and provides automotive paint and headlamp protection products and 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. Additional information can be found on the Company’s website at www.xpel.com.
Certain statements contained herein (“We have been functioning as an effective management team together for some time and have made progress in streamlining the organization. These changes just tweak responsibilities in a way to make us more effective.” And “Mr. Pape will continue the progress made the second half of 2008 in restoring profitability and growing the business in new areas,” Maxwell Polinsky, Director, stated.” ) are considered “forward-looking statements.” These 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, the inability to settle legal disputes, and other factors.
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