Xpel Technologies Corp. has announced it has completed the purchase of all of the issued
and outstanding shares of Shadow Tinting Ltd. and 1290801 Alberta Ltd., of Calgary, Alberta, Canada.
Founded in August of 1999 by owner operator Mr. Nuno Ferreira, Shadow is a paint protection and window tint film training, installation, and distribution operation serving Western Canada. Shadow is an authorized 3M Distributor and has been designated a 3M Canada Training Facility of choice.
Mr. Ferreira will remain as President of the wholly-owned Canadian Xpel subsidiary.
The purchase price consists of a combination of cash and common shares of Xpel along with common share purchase warrants, payable in part based on
certain performance criteria.
Xpel’s Chief Executive Officer, Steven J. McAuley, stated, “We are pleased to have completed the closing of the Shadow acquisition as planned in a very timely and efficient manner.
“Our confidence was affirmed throughout the
due diligence process, that the Shadow business will be a valuable asset giving us a strong presence in the growing Canadian marketplace.
“We anticipate maintaining double-digit revenue growth from our Canadian operations, and Mr.
Ferreira brings valuable and substantial experience to our management team as we develop our company and brand.”
The TSX Venture Exchange has conditionally accepted the Company’s expedited application filing with respect to this acquisition, which was first announced by Xpel on May 24, 2007.
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