XPEL To Acquire Armourfend UK
XPEL TO ACQUIRE ARMOURFEND UK
– Company adds key location near London-
– Improves installation Capability in UK Market –
San Antonio, Texas – April 11, 2008 – XPEL Technologies Corp. (TSXV:DAP.U) announced today the signing of a letter of intent to acquire 100% of the stock of Armourfend Limited of the United Kingdom. Armourfend UK is a paint protection industry pattern design house with an extensive library of patterns for European models plus they operate an installation facility in the London area serving both retail and dealership accounts.
XPEL’s Chief Executive Officer, Steven J. McAuley, stated, “The acquisition of Armourfend UK gives us an established location allowing us to more effectively serve the large populous area of Greater London. In addition, we add experienced installers to the XPEL family which allows us to more effectively serve key manufacturer accounts located in the South of England.” Tom Wakeford, Managing Director of UK Operations comments, “With the addition of Armourfend UK, we can now more effectively leverage our existing infrastructure. This is yet another step towards growing our business and the market as a whole.”
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: “we can now more effectively leverage our existing infrastructure,” and “This is yet another step towards growing our business and the market as a whole,” 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.
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