SAN ANTONIO — XPEL Technologies Corp. and Performance Tools Distributing have mutually agreed to terminate the agreement whereby XPEL was to acquire Performance Tools.

Instead, the two companies have arranged a new distribution agreement. XPEL will distribute Performance Tools products throughout Canada on an exclusive basis, according to XPEL’s CEO Nuno Ferreira.

“Although we have decided not to close the acquisition, we enjoy a good working relationship with Performance Tools and look forward to a prosperous continuation of that business relationship,” said Ferreira. “My long-standing relationship with Performance Tools and George Lewis is only growing stronger through our newly-formed relationship for XPEL to distribute the Performance Tools products throughout Canada on an exclusive basis.”

Performance Tools President George Lewis, added, “We are pleased to announce the appointment of XPEL Canada Corp. as the exclusive distributor of our product line throughout Canada. The XPEL Canada dealer network provides a natural distribution channel for our products. XPEL Canada’s ability to develop and service a market that is difficult for us to effectively reach is exceptional and is of great value to us. We too are looking forward to our continued relationship with XPEL.”

For more information, visit: www.xpel.com or www.44tools.com.