XPEL To Acquire Performance Tools
XPEL TO ACQUIRE PERFORMANCE TOOLS
– Company adds established tool distribution business to its growing portfolio –
San Antonio, Texas – October 22, 2007 – XPEL Technologies Corp. (TSXV:DAP.U) announced today the signing of a letter of intent to acquire Performance Tools Distributing (“Performance Tools”) of Dublin, Ohio. Performance Tools is the preeminent global supplier of window film tools, paint protection and vinyl installation tools, as well as a distributor of paint protection film operating a certified paint protection training center from its facilities in Ohio. Performance Tools is expected to contribute in excess of US $3 million to XPEL’s top-line revenues in 2008.
XPEL’s Chief Executive Officer, Steven J. McAuley, stated, “The acquisition of Performance Tools further enhances our ability to grow in this exciting industry and support our important installer network throughout the world. We realize the importance of high quality installations of our products coupled with the need for the right tools, equipment and installation techniques, which are absolutely critical to achieving complete customer satisfaction.” Mr. McAuley further commented, “The Performance Tools team of highly skilled industry professionals will be a great addition to the XPEL team offering added reach for our Company. The team is truly customer service focused and will benefit from the established global distribution network of XPEL.”
Performance Tools President, George R. Lewis, added, “The opportunity for us to join forces with XPEL enables Performance Tools to achieve much greater levels of growth with the strength of the XPEL brand and direct access to its global distribution network. I am truly excited about this joining of forces, which includes the significant investment capability XPEL brings to help develop new products and sales channels in the years ahead.”
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.
About XPEL Technologies Corp.
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. Additional information can be found at the Company’s website: 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 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)