Tuesday July 5, 3:58 pm ET
IFT Compliance Plan
Accepted By Amex
DEERFIELD BEACH, Fla., July
5 /PRNewswire-FirstCall/ -- IFT
Corporation (the "Company" or
"IFT") (Amex: IFT
- News
), announced today that the
American Stock Exchange ("Amex"
or "Exchange") accepted the Company's
plan of compliance ("Compliance
Plan").
On April 28, 2005, the Company
received notice from the Amex
Staff indicating that the Company
is below certain of the Exchange's
continued listing standards, specifically,
Section 1003(a)(i) of the Amex
Company Guide because its shareholders'
equity is less than $2 Million
and it has losses from continuing
operations and/or net losses in
two out of its three most recent
fiscal years; and Section 1003(a)(ii)
of the Company Guide because its
shareholders' equity is less than
$4 Million and it has losses from
continuing operations and/or net
losses in three out of its four
most recent fiscal years.
The Company was afforded the opportunity
to submit a plan of compliance
to the Exchange and on May 31,
2005 presented its plan to the
Exchange. On June 27, 2005, the
Exchange notified the Company
that it accepted the Company's
Compliance Plan and granted the
Company an extension of time to
regain compliance with the continued
listing standards. The extension
of time was determined by the
Exchange to be no later than December
31, 2006. The Company will be
subject to periodic review by
the Amex Staff during the extension
period. Failure to make progress
consistent with the Compliance
Plan or to regain compliance with
the continued listing standards
by the end of the extension period
could result in the Company being
delisted from the Exchange. Michael
T. Adams, CEO of IFT, stated,
"We submitted our Compliance Plan
as required by the notification
of non-compliance for the Exchange's
consideration." "The Amex Staff
completed its review of our Compliance
Plan and notified us that it makes
a reasonable demonstration of
an ability to regain compliance
with the continued listing standards
by the end of the plan period
or December 31, 2006," continued
Mr. Adams. "We are pleased with
the Amex Staff's decision and
look forward to regaining compliance
in accordance with our submitted
plan or sooner," concluded Mr.
Adams.
About IFT Corporation
IFT Corporation is a publicly
traded holding company focused
on acquiring and developing companies
that operate in the coatings,
paints, foams, sealants, and adhesives
markets.
About LaPolla Industries, Inc.
LaPolla Industries, Inc. markets,
sells, manufactures and distributes
acrylic roof coatings, roof paints,
sealers, roofing adhesives, and
polyurethane foam and wall systems
to the home improvement retail
and commercial/industrial 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.
Press Contact:
Andrew J. Kaplan
Barry Kaplan Associates
(732) 747-0702 (t)
(732) 758-1837 (f)
smallkap@aol.com
Company Contact:
Michael T. Adams, CEO
Phone (954) 428-7011
Fax (954) 428-4221
Website: http://ww.ift-corp.com
Source: IFT Corporation
