XPEL Sells Paintshield Limited
XPEL SELLS PAINTSHIELD LIMITED
San Antonio, Texas December 24, 2008 XPEL Technologies Corp. (TSXV: DAP.U) announced today that it has conveyed its Paintshield subsidiary, based in the United Kingdom, back to Paintshield’s management team, including principal Tom Wakeford, Paintshield’s founder and Managing Director.
XPEL CEO Nuno Ferreira commented, “We have determined it is most prudent and cost effective to manage our operations outside of North America through strong partnerships, rather than direct ownership. Paintshield will remain a strong distribution and design partner of ours.”
Paintshield Managing Director Tom Wakeford stated. “We have a great relationship with XPEL and believe this move is the right one for everyone involved. We will continue to work with XPEL to develop other international markets where we have a presence.”
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 a pattern distribution agreement. A one-time payment of $72,000 was made to former Paintshield shareholders to finalize obligations from XPEL to Paintshield shareholders under the original purchase agreement.
Certain statements contained herein (With the current economic environment and difficulty in the capital markets, we have determined it is most prudent and cost effective to manage our operations outside of North America through strong partnerships, rather than direct ownership. Paintshield will remain a strong distribution and design partner of ours.. ) 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.
Chief Executive Officer
John Nesbett/Jennifer Belodeau
Institutional Marketing Services (IMS)