Wednesday February 16, 8:00 am
ET
IFT Closes Acquisition
of LaPolla
Focuses on
Integration and National Sales
and Marketing Plans
DEERFIELD BEACH, Fla., Feb. 16
/PRNewswire-FirstCall/ -- IFT
Corporation ("IFT-Corp")(Amex:
IFT - News), announced today that
on February 11, 2005, it closed
the acquisition LaPolla Industries,
Inc. ("LaPolla"), a
manufacturer of acrylic coatings
and provider of spray polyurethane
systems to the roofing market.
The acquisition supports IFT-Corp's
strategic growth by broadening
its customer base and establishing
IFT-Corp as a leader in the national
roof coatings industry.
Since 1977, LaPolla has provided
quality products and roofing solutions
to contractors, building owners
and design professionals in the
Southwest. LaPolla has 10 employees.
LaPolla's primary customers are
commercial and residential roofing
contractors.
"Our respect and admiration
for the original founders, high-quality
work and excellent customer service
of the LaPolla team has grown
during the course of the acquisition
process," said Michael T.
Adams, CEO of IFT-Corp. "This
acquisition creates exciting,
new opportunities for professional
growth and advancement for employees
of all of our companies,"
continued Mr. Adams. "Now
it's time for all of us to focus
on integrating our combined operations,
effectively and efficiently, towards
becoming the premier national
manufacturer of coatings and sealants
and provider of spray polyurethane
systems," concluded Mr. Adams.
Under the terms of the agreement,
IFT-Corp acquired LaPolla for
$2 million in cash plus 34 shares
of restricted common stock of
the Company. The transaction was
funded through borrowings from
Richard J. Kurtz, Chairman of
the Board.
LaPolla's trailing twelve months
revenue ended January 31, 2005
was approximately $8 Million.
"By joining forces with
LaPolla, we are combining our
resources and capabilities to
create a stronger team capable
of addressing the growing acrylic
coating and spray polyurethane
foam markets in the roof coatings
industry on a national basis,"
said Douglas J. Kramer, President
and COO of IFT-Corp. "Each
manufacturing location brings
regional recognition and credibility
which will be optimized through
further development of tools to
assist our customers. Further,
building owner support will be
provided, including a national
network of Applicators, assuring
the best chance of quality applications,"
continued Mr. Kramer. "Aggressive
growth, both internally and externally,
is planned over the next twenty
four months. In addition to manufacturing
in Arizona and Florida, we currently
have executive offices in Houston,
Texas with short term plans to
add a centralized customer service,
sales administration and technical
services group in Houston to assure
customer and sales support,"
concluded Mr. Kramer.
About IFT Corporation
IFT Corporation ('IFT-Corp')
is a public holding company focused
on acquiring and developing companies
that operate in the coatings,
paints, and sealants industries.
IFT-Corp currently wholly owns
two subsidiaries, Infiniti Products,
Inc. and LaPolla Industries, Inc.,
with continuing operations.
About Infiniti Products,
Inc.
Infiniti Products, Inc. develops,
markets, sells, manufactures and/or
distributes coatings, paints,
and sealants to the home improvement
retail and commercial construction
industries.
About LaPolla Industries,
Inc.
LaPolla Industries, Inc. develops,
markets, sells, manufactures and/or
distributes acrylic coatings and
spray polyurethane systems to
the roofing and construction industries.
Forward-looking Statements
This press release contains forward-looking
statements, as defined by the
Private Securities Litigation
Reform Act of 1995. Actual results
may differ materially from those
anticipated as a result of various
risks and uncertainties, including,
but not limited to, the following:
the ability of the Company to
continue as a going concern; the
ability of the Company to maintain
sufficient financing to fund its
operations, the outcome and timing
of the Company's efforts to restructure
its business; the ability of the
Company to obtain and maintain
normal terms with its vendors
and dealers; the potential adverse
impact of the discontinuance of
a business segment on the Company's
continuing operations; the ability
of the Company to fund and execute
its strategic business plan; the
ability of the Company to attract,
motivate and/or retain key executives
and employees; the ability of
the Company to attract and retain
customers; risks and uncertainties
relating to market acceptance
of the Company's products; competition;
the effectiveness of the Company's
sales teams; as well as those
risks and uncertainties discussed
from time to time in the Company's
periodic reports filed with the
Securities and Exchange Commission.
Readers are cautioned not to place
undue reliance on these forward-looking
statements which speak only as
of the date hereof. The Company
undertakes no obligation to publish
revised forward-looking statements
to reflect events or circumstances
after the date hereof or to reflect
the occurrence of unanticipated
events, except as required by
law.
Company Contact:
Michael T. Adams, CEO
Phone (954) 428-7011
Fax (954) 428-4221
Website: www.ift-corp.com
Press Contact:
Andrew J. Kaplan
Barry Kaplan Associates
(732) 747-0702
FAX (732) 758-1837
Email: smallkap@aol.com
