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Wednesday March 30, 6:15 pm ET
IFT Reports Fourth Quarter
Operating Results;
Infiniti Sales Doubled for the
Fourth Quarter
Concentrates on Integration
of Infiniti and LaPolla
DEERFIELD BEACH, Fla., March
30 /PRNewswire-FirstCall/ -- IFT
Corporation ("IFT Corp")
(Amex: IFT - News), today announced
operating results for the fourth
quarter ended December 31, 2004.
Operating Results
For the quarter ended December
31, 2004:
-- IFT Corp's revenue was $994,785
as compared to revenue of $490,549
in the fourth quarter of 2003.
-- IFT Corp's net loss was
$(160,216) as compared to a
net loss of $(3,746,162) in
the fourth quarter of 2003.
-- IFT Corp's net loss for
continuing operations was
$(437,094) as compared to
a net loss for continuing
operations of $(1,403,152)
in the fourth quarter of 2003.
-- IFT Corp's net income
for discontinued operations
was $276,878 as compared to
a net loss for discontinued
operations of $(2,343,010)
in the fourth quarter of 2003.
-- IFT Corp reported net loss
per share - basic and diluted
- of $(0.005) as compared to
$(0.228) in the comparable period
in 2003, of which:
-- $(0.015) loss per share
- basic and diluted - related
to continuing operations as
compared to $(0.085) loss
per share in the comparable
period in 2003; and
-- $0.010 income per share
- basic and diluted - related
to discontinued operations as
compared to $(0.143) loss per
share in the comparable period
of 2003.
"Although we had a one time
charge of $3,122,765 related to
the discontinued operations of
our RSM Technologies, Inc. subsidiary
for the 2004 year, we rebounded
with outstanding revenue growth
by our Infiniti Products, Inc.
subsidiary in the fourth quarter
as compared to the fourth quarter
of 2003," stated Michael
T. Adams, CEO of IFT Corp.
Following the end of the fourth
quarter of 2004:
-- Cancellation of Indebtedness
-- On January 4, 2005, the Company
issued 18,181,818 shares of
restricted common stock to Richard
J. Kurtz, Chairman of the Board,
in exchange for his cancellation
of $6,000,000 of indebtedness
advanced to the Company and
its subsidiaries for working
capital and other requirements
in the past.
-- Acquisition of LaPolla
Industries, Inc. -- On February
11, 2005, the Company closed
the acquisition of LaPolla Industries,
Inc. for $2 Million in cash
and a nominal amount of restricted
common stock. LaPolla is located
in Tempe, Arizona. LaPolla has
10 employees. The basic assets
of LaPolla include manufacturing
equipment, product formulations,
raw material and finished goods
inventory, long term employees,
customers and vendors, office
equipment, accounts receivable,
and goodwill. The Chairman of
the Board and majority shareholder,
Richard J. Kurtz, advanced $2
Million in cash to finance the
acquisition. The $2 Million
advance was made in the form
of a demand loan bearing interest
at 9% per annum payable by the
Company to Mr. Kurtz. LaPolla's
trailing twelve months revenue
as of January 31, 2005 was approximately
$8 Million.
-- Long Term Employment Agreements
-- On January 28, 2005, the
Company hired Douglas J. Kramer
as its new President and Chief
Operating Officer pursuant
to an Executive Employment
Agreement.
-- On February 1, 2005,
the Company entered into a
new Executive Employment Agreement
with its CEO, Michael T. Adams.;
and
-- On February 25, 2005,
the Company hired Charles
R. Weeks as its new Chief
Financial Officer and Corporate
Treasurer pursuant to an Employment
Agreement.
"We have engineered a new
dynamic in our overall organization
and strong forward progress is
taking place. The Chairman of
the Board, Richard J. Kurtz, converted
$6 Million of our indebtedness
to him into equity and we hired
a new President and COO, Douglas
J. Kramer, who brought to us a
proven sales and marketing team.
We also made our first new strategic
growth plan acquisition for $2
Million and we hired a new CFO,
Charles R. Weeks, in the first
quarter of this year," continued
Mr. Adams. "With the integration
of Infiniti and LaPolla nearing
completion, we feel confident
that our first quarter 2005 estimated
revenues will exceed $2.3 Million,"
concluded Mr. Adams.
Going Concern Qualification
The report of the Company's independent
registered public accounting firm
on the Company's consolidated
financial statements as of and
for the year ended December 31,
2004, expressed substantial doubt
about the Company's ability to
continue as a going concern. Factors
contributing to this substantial
doubt include recurring losses
from operations and net working
capital deficiencies. The Company
is dependent on the continued
funding currently being received
from the Chairman of the Board
for its continued operations.
The discontinuance of such funding
and the unavailability of financing
to replace such funding would
more likely than not cause the
Company to cease operations.
About IFT Corporation
IFT Corporation ('IFT-Corp')
is a holding company focused on
acquiring and developing companies
that operate in the coatings,
paints, foams, sealants, and adhesives
markets.
About Infiniti Products, Inc.
Infiniti Products, Inc. markets,
sells, manufactures and distributes
acrylic roof coatings, roof paints,
sealers, and roofing adhesives
to the home improvement retail
and industrial/commercial construction
industries.
About LaPolla Industries, Inc.
LaPolla Industries, Inc. markets,
sells, manufactures and distributes
acrylic roof coatings, sealers,
and polyurethane foam systems
to the industrial/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.
Additional information can be
found in IFT Corp's public periodic
filings with the Securities and
Exchange Commission. Copies of
IFT Corp's press releases and
additional information about IFT-Corp
is available on the World Wide
Web at http://www.ift-corp.com.
Company Contact:
Michael T. Adams, CEO
Phone (954) 428-7011
Fax (954) 428-4221
Website: http://ww.ift-corp.com
Press Contact:
Andrew J. Kaplan
Barry Kaplan Associates
(732) 747-0702
FAX (732) 758-1837
Email: smallkap@aol.com
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