First Off let me apologise to those of you who have seen me not meet your respons expectations over the last couple of months. Basically I have been tied up pretty much the whole time on this below Very Excited by this which has massive implications for what we will be doing moving forward not long till I place my own LOI Nothing Significant will change in how we do what we do just how often we will be doing it This follows hard on the heels of a similar position regarding by good friend Nuno (Shadow tinting) in Canada one of the largest retail operations in PPF in the world I hope this is OK Rob, Adam, Rob (Hud) now I have agreed to sponsor the Board? Cheers Tom "XPEL To Acquire U.K. Company - Largest European Paint Protection Product Dealer in XPEL Network - Ownership Interests in Italy, France, Greece, S.E. Asia and Australia - SAN ANTONIO, TEXAS, June 1, 2007...XPEL Technologies Corp. (TSXV: DAP.U) announced today the signing of a non-binding letter of intent to acquire 100% of the Founded by Mr. Tom Wakeford, Paintshield has been an XPEL product distributor since its inception in May of 2003, and has served as the exclusive design arm for XPEL's European product design activities. The company's impressive client list includes Rolls Royce Motors, Aston Martin, Porsche GB, and Ascari Cars, and its reputation for superior protection product installation in Western Europe is second-to-none. Paintshield also maintains joint venture ownership interests in Paintshield affiliates in the markets of Italy, France, Greece (Balkans), S.E. Asia and Australia which are also being acquired by XPEL as part of the transaction. Paintshield U.K., without contribution from its affiliates, is projected to add approximately US$1,000,000 to XPEL's top line revenue in 2007. XPEL's Chief Executive Officer, Steven J. McAuley, stated, "This is another great opportunity for XPEL to continue taking control of the growing global markets for paint protection products. Paintshield brings great market knowledge and management, immediate positive financial impact while increasing our design capabilities to expand even further our library of automotive paint, headlight and window tint protection patterns. Paintshield currently has an active relationship within the racing community throughout Europe, with the likes of Formula I, the Grand Prix Masters, the GT Race Series, and Formula BMW. These relationships will help us continue growing awareness for the Paintshield brand with race fans in Europe and compliments our efforts to build a global XPEL Motorsports brand." Mr. McAuley further commented, "Regarding brand, 'Paintshield' is a highly descriptive and very intuitive corporate brand name which we intend to fully utilize to build stronger brand awareness for our products in North America and around the world. I am excited about our expanded global reach and look forward to having Tom Wakeford on our team in his capacity as Managing Director of the newly formed XPEL wholly-owned United Kingdom subsidiary." Paintshield's Managing Director, Mr. Tom Wakeford, added, "We are extremely excited about the prospects this integration brings to both organizations, including the significant investment capability to support our aggressive growth strategies for the European marketplace. Paintshield is currently the number one choice for consumers of paint protection film products within the markets in which we operate. The desire to produce nothing but the best in delivered results to our clients has made the Paintshield brand recognized in many countries around the world as the hallmark of quality in automotive paint protection. This consolidation is a great move for both companies and I look forward to working as part of the XPEL team who have been exceptional partners during the last four years of our relationship." The contemplated transaction as described herein is subject to a final due diligence review, the execution of a definitive agreement, and regulatory approval by the TSX Venture Exchange and any other entities maintaining jurisdiction."
So chuffed for you mate, you deserve this opportunity. You work very hard at your business and have real passion for what you do. Hats off to you. Well done.
congrats Tom, very pleased for you mate, me and Hud must have used about 3 square miles of film between us this last 12 months Re: your passage above, I read it with a little smile. I read it in your geordie accent, imagining you smoking a tab at the same time....haaway the lads Well done
Well we do have new investors at Newcastle as well Maybe its the coming of the Geordie world Empire Thanks guys for the congrats there is a lot going to happen going forward looking forward to this (and placing my LOI) Cheers Tom
