XPEL Technologies Corp. And Performance Tools Distributing Mutually Agree To Terminate Loi
XPEL TECHNOLOGIES CORP. AND PERFORMANCE TOOLS DISTRIBUTING MUTUALLY AGREE TO TERMINATE LOI
– XPEL Canada chosen to be the Performance Tools exclusive distributor in Canada –
San Antonio, Texas – August 25, 2008 – XPEL Technologies Corp. (TSXV: DAP.U) said today that it and Performance Tools Distributing (“Performance Tools”) have mutually agreed to terminate the previously announced agreement whereby XPEL was to acquire Performance Tools.
XPEL’s CEO, Nuno Ferreira, stated, “Although we have decided not to close the acquisition, we enjoy a good working relationship with Performance Tools and look forward to a prosperous continuation of that business relationship. My long-standing relationship with Performance Tools and George Lewis is only growing stronger through our newly-formed relationship for XPEL to distribute the Performance Tools products throughout Canada on an exclusive basis.”
Performance Tools President, George R. Lewis, added, “We are pleased to announce the appointment of XPEL Canada Corp as the exclusive distributor of our product line throughout Canada. The XPEL Canada dealer network provides a natural distribution channel for our products. XPEL Canada’s ability to develop and service a market that is difficult for us to effectively reach is exceptional and is of great value to us. We too are looking forward to our continued relationship with XPEL.”
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 automotive paint and headlamp protection products, sells and distributes window tint products and industry tools and equipment 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
About Performance Tools Distributing
Performance Tools Distributing offers the most comprehensive selection of window film tools, paint protection and vinyl installation tools in the world offering more than 600 items for sale through catalogues, direct marketing, distribution, and internet sales through its website www.44tools.com
The TSXV has not reviewed and does not accept responsibility for the adequacy and accuracy of this information.
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