XPEL Clarifies Prior Transactions
XPEL CLARIFIES PRIOR TRANSACTIONS
SAN ANTONIO, TEXAS, February 18, 2011…XPEL Technologies Corp. (the “Company”) clarifies several of the Company’s transactions.
In December 2009, the Company was performing a standard review of its continuous disclosure and compliance obligations and the Company discovered that, through inadvertence, an earlier private placement and the disposition of two subsidiaries in 2008 had not been submitted to the TSX Venture Exchange (the “Exchange”) for review.
In June 2008, the Company issued a press release disclosing a non-brokered private placement at US$0.50 per unit. Subsequently, the per-unit price was reduced to US$0.25 without a further press release. 184,644 units were placed at US$0.25 per unit for total proceeds of US$46,161. The private placement was not submitted to the Exchange for review prior to its completion.
In December 2009, the Company informed the Exchange of the private placement. Upon review, the Exchange accepted the shares issued in the private placement for listing.
Additionally, the Company issued news releases disclosing the sale of its ArmourfendCAD and Paintshield Limited subsidiaries in November 2008 and December 2008 respectively. Prior Exchange approval for these transactions had not been sought and the Company informed the Exchange of the dispositions in December 2009. The Exchange has advised that in view of the timing of the dispositions and the changes to the Company’s officers and directors, retroactive approval for the dispositions will not be forthcoming; however, no further action with respect to the transactions will be taken by the Company or the Exchange. The Company has been informed that the Exchange’s review is now complete.
About XPEL Technologies Corp:
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
XPEL Technologies Corp. (TSX VENTURE:DAP.U)
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.
Chief Executive Officer
John Nesbett/Jennifer Belodeau
Institutional Marketing Services (IMS)