XPEL Sells Armourfend Cad
XPEL SELLS ARMOURFEND CAD
San Antonio, Texas – November 21, 2008 – XPEL Technologies Corp. (TSXV: DAP.U) announced today that it has conveyed its ArmourfendCAD subsidiary, based in El Dorado Hills, California, back to Robert Jackson, ArmourfendCAD founder and CEO
XPEL CEO Nuno Ferreira commented, “In the current economic environment, it is important that we continue to focus on cutting costs while increasing profitability from our existing assets, and this transaction helps us achieve this.”
ArmourfendCAD CEO Bob Jackson stated “We will continue to be a committed partner, as we have a great working relationship with XPEL, and this will not change for us moving forward.”
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.
Consideration paid to XPEL includes the return of 417,486 shares of XPEL common stock issued under the original purchase agreement. A one-time payment of $28,000 was made to Mr. Jackson to finalize obligations from XPEL to Mr. Jackson under the original purchase agreement.
Certain statements contained herein (“In the current economic environment, it is important that we continue a focus on cutting costs, while increasing profitability from our existing assets, and this transaction helps us achieve this.” ) 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.
The TSXV has not reviewed and does not accept responsibility for the adequacy and accuracy of this information.
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