Wednesday May 23, 2007
LaPolla Opens Polyol Blending Facility
Further Entrenches Position in Foam Business
HOUSTON, TX--(MARKET WIRE)--May 23, 2007 -- LaPolla Industries, Inc. ("LaPolla" or the "Company") (AMEX:LPA - News) announced at its 2007 Annual Meeting of Stockholders, held yesterday in Englewood Cliffs, New Jersey, the start up of a new polyol blending facility.
"The start up of this facility is the next major step toward bringing value to our customers and shareholders. We are now prepared to benefit by the economics of manufacturing Spray Polyurethane Foam Systems, which is more than 60% of our current business," said Douglas J. Kramer, CEO and President of LaPolla. "LaPolla is one of the largest distributors of Spray Polyurethane Foam for Insulation and Roofing in North America. LaPolla's strong market presence and industry brand awareness will certainly assist in this transition," continued Mr. Kramer.
LaPolla states that they can now provide open and closed cell spray foam Insulation, as well as technology for Roofing applications and that their systems have passed certain third party credentials. Mason Knowles, former Executive Director of the Spray Polyurethane Foam Alliance (SPFA), stated, "According to a Market Survey by the Center for the Polyurethanes Industry, Residential Insulation Spray Foam is expected to grow at a rate of 30% to 40% annually as consumers embrace the exceptional insulation value and resulting energy savings."
Mr. Kramer concluded, "Being basic in both foam and coating systems puts LaPolla in a strong position as both product lines reduce energy consumption and ultimately lead to direct savings for consumers. In spite of a slow down in new housing starts, Spray Polyurethane Foam Insulation Material Sales remain at an all time high."
LaPolla Chairman, Richard J. Kurtz, said, "Vertical integration opens up new revenue opportunities through previously unavailable channels. This move solidifies LaPolla's position as an industry leader."
About LaPolla Industries, Inc.
LaPolla Industries, Inc. is a leading national manufacturer and distributor focused on several basic segments: Coatings, Foam, Paints, Sealants, Adhesives, Equipment, and All Other. Within these business segments, LaPolla has invested resources in a variety of products targeting commercial and industrial and residential applications in the roofing, construction and paint industries.
Statements made in this press release that are not historical facts constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21 of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are necessarily estimates reflecting the best judgment of senior management and express the Company's opinions about trends and factors which may impact future operating results. You can identify these and other forward-looking statements by the use of words such as "may," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "intends," "potential," "continue," or the negative of such terms, or other comparable terminology. Such statements rely on a number of assumptions concerning future events, many of which are outside of the Company's control, and involve risks and uncertainties that could cause actual results to differ materially from opinions and expectations. Any such forward-looking statements should be considered in context with the various disclosures made by the Company about its businesses including, without limitation, the risk factors described below. Although the Company believes its expectations are based on reasonable assumptions, judgments, and estimates, forward-looking statements involve known and unknown risks, uncertainties, contingencies, and other factors that could cause the Company or the Company's industries' actual results, level of activity, performance or achievement to differ materially from those discussed in or implied by any forward-looking statements made by or on the Company and could cause the financial condition, results of operations, or cash flows to be materially adversely affected. In evaluating these statements, some of the factors that you should consider include the following: financial position and results of operations, cash position and cash requirements, accounting estimates, doubtful accounts, inventories, and warranties; operations, supply chain, quality control, and manufacturing supply, capacity, and new and existing facilities; products, price of products, product lines, and product and sales channel mix; relationship with customers, suppliers and strategic partners; credit facilities; industry trends and responses to these trends; sources of competition; and outcome and effect of current and potential future litigation. All information in this release is as of the date hereof. The Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.
For further information regarding risks, uncertainties, and other factors associated with LaPolla's business, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of LaPolla's SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of LaPolla's press releases and additional information about LaPolla is available on the World Wide Web at www.lapollaindustries.com.
Douglas J. Kramer, CEO
John A. Campbell, CFO
Michael T. Adams, CGO
(281) 219-4700 (t)
(281) 219-4701 (f)