Wednesday May 4, 5:30 pm ET
IFT to Submit Compliance
Plan to Amex
DEERFIELD BEACH, Fla., May 4
/PRNewswire-FirstCall/ -- IFT
Corporation (the "Company"
or "IFT") (Amex: IFT
- News), announced today that
it received notice from the American
Stock Exchange (Exchange) that
after review of the Company's
Form 10-K for the fiscal year
ended December 31, 2004, the Company
does not meet certain of the Exchange's
continued listing standards. The
notice requires IFT to submit
a plan by May 31, 2005, advising
the Exchange of the action it
has taken, or will take, to bring
the Company into compliance with
the continued listing standards
identified below within a maximum
of 18 months.
Michael T. Adams, CEO of IFT,
stated, "It's unfortunate
that the American Stock Exchange
was required to provide us with
this notification, especially
since it is aware that we make
every effort as a matter of ordinary
course to meet its requirements.
Although I believe that this noncompliance
matter will not remain outstanding
for long, the Exchange has been
generous in its notification by
allowing us up to 18 months to
regain compliance," continued
Mr. Adams. "We have made
our basic moving forward strategies
known to the Exchange by virtue
of the actions we have taken after
December 31, 2004 to date, such
as the cancellation of $6 Million
indebtedness by the Chairman of
the Board, retention of a proven
sales and marketing team, and
acquisition of LaPolla Industries,
Inc., all of which have been disclosed
in our periodic reports filed
with the Securities and Exchange
Commission as required by law.
We value our relationship with
the Exchange and expect to maintain
it for the benefit of our shareholders.
We will submit a plan as required
by the notification by May 31,
2005 for the Exchange's consideration,"
concluded Mr. Adams.
Specifically, the notice provides
that the Company is not in compliance
with Section 1003(a)(i) of the
Exchange's 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. If the compliance
plan is accepted by the Exchange,
the Company has been advised that
it may be able to continue its
listing during the plan period
of up to 18 months, during which
time it will be subject to periodic
review to determine whether it
is making progress consistent
with its plan. If the Company
is not in compliance with the
continued listing standards at
the conclusion of the 18 month
plan period, or does not make
progress consistent with the plan
during the plan period, the Exchange
staff will initiate delisting
proceedings as appropriate. If
the Exchange initiates delisting
procedures, depending on the circumstances,
we may decide to appeal the ruling.
Depending on the outcome of the
appeal or otherwise, the Company
will pursue having its common
stock quoted on the OTC Bulletin
Board (OTCBB).
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
