Thursday, February 3, 2005
Kramer Joins IFT Corp
as President and COO
Brings Proven
Sales and Marketing Team and Acquisition
Target
DEERFIELD BEACH, Fla., Feb. 3
/PRNewswire-FirstCall/ -- IFT
Corporation ("IFT-Corp”)
(Amex: IFT - News) announced today
that Douglas J. Kramer has joined
the company as its new President
and COO, while Michael T. Adams,
the company’s former president,
was promoted to CEO. Mr. Kramer
brings key sales and marketing
personnel and an acquisition target
to support IFT-Corp’s strategic
growth plan.
Mr. Kramer is a 15 year industry
veteran, with manufacturing, operations,
sales and marketing experience
in a broad variety of elastomeric
coatings and polyurethane foam
for construction. He comes to
IFT-Corp from Foam Enterprises,
Inc., a wholly-owned subsidiary
of the BASF Corporation, which
manufacturers polyurethane foam
systems for the construction and
OEM markets, with offices in Houston,
Texas. Mr. Kramer held various
positions at Foam Enterprises
during his more than 7 years of
employment. He began in 1997 as
western regional sales manager
and immediately prior to joining
IFT-Corp, was vice president of
construction products. In addition,
Mr. Kramer is bringing proven
sales professionals, Keith Van
Stavern (12 year industry veteran)
and Michael Debenedetto (15 year
industry veteran), and an administrative
professional, Monica Longtin (13
years experience), all of which
worked for Foam Enterprises immediately
prior to joining the company.
"Doug is a dynamic leader
who personifies IFT-Corp’s
new growth strategy," said
Michael T. Adams, CEO of IFT-Corp.
"His proven success in building
brands, marketing relationships,
and knowledge and experience in
the coatings industry and its
players makes him the perfect
fit for our long-term plans,"
continued Mr. Adams. “The
addition of Keith, Michael, and
Monica lends valuable support
to our organization and we are
glad to have all of them as part
of our team,” concluded
Mr. Adams.
Concurrent with Mr. Kramer’s
employment, IFT-Corp signed a
definitive stock purchase agreement
(“Agreement”) to acquire
LaPolla Industries, Inc. (“LaPolla”).
LaPolla, a privately-held company
established in 1977 with its headquarters
in Tempe, Arizona, offers acrylic
coatings to the roofing market
along with spray polyurethane
systems. The acquisition of LaPolla
will bring valuable additional
dimensions to IFT-Corp, such as
a national presence, another manufacturing
and distribution facility, broader
product offerings, and increased
operational efficiencies given
the complementary nature of LaPolla
and Infiniti Products, Inc. (“Infiniti”),
a wholly-owned subsidiary of IFT-Corp,
businesses.
“LaPolla is exactly the
type of strategic acquisition
we have been seeking," said
Michael T. Adams, CEO of IFT-Corp.
“This acquisition will enable
us to accelerate IFT’s growth,
brings us a complementary set
of customers within the coatings
industry, and offers meaningful
cross-selling opportunities. We
look forward to working with LaPolla
to ensure a successful completion
of the transaction and subsequent
integration of the LaPolla business,"
concluded Mr. Adams.
Under the terms of the Agreement,
IFT-Corp will acquire LaPolla
for $2 Million in cash and a nominal
amount of restricted common stock.
IFT-Corp intends to finance the
transaction through a newly established
bank loan for $2 Million, which
will be guaranteed and collateralized
by Richard J. Kurtz, the Chairman
of the Board and majority stockholder
of IFT-Corp.
Douglas J. Kramer, IFT-Corp’s
President and COO, said, "LaPolla
and Infiniti share complementary
business models, which will allow
easy integration of LaPolla’s
offerings into Infiniti’s
and vice-verse. The advantage
of manufacturing on both the East
and West coasts will give us basic
advantages and proximity to the
strongest regions of business
as an acrylic coatings manufacturer,”
continued Mr. Kramer. “LaPolla
offers broadly recognized, well
credentialed, acrylic roof coatings
since 1977 to the construction
industry. Infiniti also manufactures
acrylic roof coatings, in addition
to a growing home improvement
retail line of stone and masonry
sealers. We will continue to expand
the LaPolla and Infiniti brands
nationally, by expanding our sales
team that will have an initial
focus across the South. The entire
organization will be sales and
marketing oriented. Our goal is
to provide the best products and
service to our customers, each
day, every day. Our philosophy
is simple, to have a primary product
line of which we become the ‘Standard’,”
concluded Mr. Kramer.
The transaction is subject to
customary closing conditions and
expected to close in the first
quarter of 2005.
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 holds Infiniti
Products, Inc., a wholly-owned
subsidiary, 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.
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.
