XPEL To Acquire Armourfend
XPEL TO ACQUIRE ARMOURFEND
– Company to add veteran talent to leadership team
along with strengthening its pattern design database –
San Antonio, Texas – October 16, 2007 – XPEL Technologies Corp. (TSXV:DAP.U) announced today the signing of a letter of intent to acquire 100% of the stock of ArmourfendCAD, Inc. of El Dorado Hills, California. Armourfend is a global paint protection industry pattern design house with an extensive library of patterns for both North American and European models. Founded in 1996 by Mr. Bob Jackson in the United Kingdom, Armourfend is also a leading provider of industry training, operates a licensee network around the world and serves both retail and dealership accounts with installation from its world class facility in Northern California.
XPEL’s Chief Executive Officer, Steven J. McAuley, stated, “The acquisition of Armourfend is another important step forward for our Company. With this acquisition, we continue to strengthen our position as the industry leader in providing automotive survival products. Armourfend’s technical proficiency in pattern design, training programs and installation capability adds another competitive advantage for XPEL and complements our efforts to support the XPEL network of installers around the world.” Mr. McAuley further added, “In addition to adding revenue and net income to the XPEL business, I am truly excited about the opportunity to have Bob Jackson join our leadership team. Mr. Jackson’s experience and technical expertise will help XPEL accelerate the growth of our distribution channels.
XPEL Technologies Corp. is the worldwide leading supplier of automotive survival products. XPEL provides automotive paint and headlamp protection products 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.
The contemplated transaction as described herein is subject to final due diligence review, the execution of a definitive agreement, and regulatory approval by the TSX Venture Exchange and any other entities maintaining jurisdiction. Additional details of the transaction will be disclosed upon final closing.
Certain statements contained herein such as: “In addition to adding revenue and net income to the XPEL business,” and “Mr. Jackson’s experience and technical expertise will help XPEL accelerate the growth of our distribution channels,” are considered “forward-looking statements.” These types of 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, and other factors.
The TSX Venture Exchange 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)