- Leading Paint Protection and Window Film Franchisor in Canada -
SAN ANTONIO--(BUSINESS WIRE)-- XPEL Technologies Corp. (TSXV: DAP.U) has announced its intent to acquire Protex Canada, the top franchisor for automotive paint protection and window film in Canada. Protex Canada has over 75 franchise locations across 4 provinces, with origins in the window film business dating back to 1989. XPEL currently supplies all window film and paint protection products to Protex Canada franchisees under an exclusive supply agreement.
Ryan Pape, President and Chief Executive Officer of XPEL, commented, “Protex’s franchise model has been tremendously successful in Canada and we look forward to helping drive that continued success. Protex will continue to operate separately, with our support, under its very experienced, dedicated management team. While the incremental revenue to XPEL is not material, this acquisition is a natural extension of our ‘Get Close to the Customer strategy.”
Mr. Pape continued, “We continue to see strong demand for automotive paint protection and window film in Canada and the Protex franchises have been instrumental in driving and meeting that demand. Protex franchises represent an important share of our Canadian revenue and this will solidify our position as their supplier and increase our ability to help grow the Canadian market.”
This acquisition is expected to close in December.
About XPEL Technologies Corp.
XPEL is the leading supplier of automotive paint, headlamp and window protection films with over 70,000 vehicle-specific applications and a worldwide network of trained installers. Using XPEL’s propriety software and patented materials, our professional design team develops products that deliver the ultimate in vehicle protection, meeting the demands of a broad range of makes and models. XPEL is the developer of the Design Access Program software, and manufacturer of XPEL™ Automotive Paint and Headlamp Protection Products. XPEL has forged the cutting-edge of automotive protection technology, and leads the industry in quality, technical support and customer service.
Additional information can be found on the Company’s website at www.xpel.com.
Safe harbor statement
This release includes forward-looking statements regarding XPEL Technologies Corp. and its business, which may include, but is not limited to, anticipated use of proceeds from capital transactions, expansion into new markets, and execution of the company's growth strategy. Often, but not always, forward-looking statements can be identified by the use of words such as "plans," "is expected," "expects," "scheduled," "intends," "contemplates," "anticipates," "believes," "proposes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will" be taken, occur or be achieved. Such statements are based on the current expectations of the management of XPEL. The forward-looking events and circumstances discussed in this release may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the company, performance and acceptance of the company's products, economic factors, competition, the equity markets generally and many other factors beyond the control of XPEL. Although XPEL has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and XPEL undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Institutional Marketing Services (IMS)
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Source: XPEL Technologies Corp.