XPEL Announces Acquisition of Pro-Tect Film Distributing, Inc. and Integration of Proform Design Library

SAN ANTONIO–(BUSINESS WIRE)–XPEL Technologies Corp. (TSXV:DAP.U) has announced its acquisition of
Pro-Tect Film Distributing, Inc., a provider of installation services
for automotive paint protection and window film and commercial and
residential window film, in Las Vegas, Nevada.

In conjunction with the Pro-Tect acquisition, XPEL is also announcing
the restructuring of its licensing agreement with Proform Protective
Films, Inc, which has operated as a separate library of paint protection
film patterns within the Company’s Design Access Program (DAP). With the
restructuring, the Proform library will become fully integrated as part
of XPEL’s DAP offering. Integrating the Proform library will add more
high-end vehicle designs into the DAP and add additional pattern
coverage not previously offered, such as motorcycles, while increasing
efficiency by eliminating duplicate designs between the two libraries.

Michael Mayall, Pro-Tect’s CEO and President will join XPEL and head up
a variety of new initiatives.

Ryan Pape, President and Chief Executive Officer of XPEL, commented,
“We’re excited to welcome Mike Mayall and the Pro-Tect team, who enjoy a
strong reputation in the Las Vegas market for providing outstanding
service. We look forward to combining our existing industry leading
automotive paint protection products with the customer centric focus and
service model that Mike and his team are known for, to deliver better
value for both new and existing customers in the Las Vegas area.
Furthermore, our integration of the Proform database will build on the
work Proform founders Mike Mayall and Rob Freeman have done with Proform
pattern library and enable us to build a broader and deeper pattern
database for our customers globally.”

Terms of the acquisition were not disclosed.

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.

Contacts

Public Relations:
CommCore Consulting Group
Dale Weiss,
202-659-4177
dweiss@commcoreconsulting.com
or
Investor
Relations:
Institutional Marketing Services (IMS)
John
Nesbett/Jennifer Belodeau, 203-972-9200
jnesbett@institutionalms.com