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XPEL sells its Canadian subsidiary to former executive


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San Antonio Business Journal

XPEL Technologies Corp. has sold its Canadian subsidiary to former CEO Nuno Ferreira.

The company sold XPEL Canada to Ferreira for $220,000 in cash and a long-term promissory note worth $660,000.

“The sale of our Canadian subsidiary is a necessary and prudent way to raise cash to satisfy our obligations given the current economic environment where access to the capital markets is exceedingly difficult,” XPEL Technologies CEO Ryan Pape says. “This step will immediately improve our working capital position and will lead to other balance sheet improvements over the coming periods.”

XPEL and XPEL Canada will continue to work closely together to develop the Canadian marketplace for XPEL’s line of automotive aftermarket products. XPEL Canada will become a dealer for XPEL’s products through a licensing agreement. XPEL markets a library of installation-friendly paint and headlight protection and window-tint products.

San Antonio-based XPEL (TSXV: DAP.U) will report a loss on the sale in the third quarter.

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