Contact Information: Company Contacts: Douglas J. Kramer CEO John A. Campbell CFO Michael T. Adams CGO (281) 219-4700 (t) (281) 219-4701 (f)
LaPolla and ComVest Agree to $5.5 Million Credit Facility
| Source: LaPolla Industries, Inc.
HOUSTON, TX -- (MARKET WIRE) -- February 26, 2007 -- LaPolla Industries, Inc. ("LaPolla" or the
"Company") (AMEX : LPA ) today announced that it closed a $5.5 Million credit
facility with ComVest Capital, LLC. The credit facility is comprised of a
revolving credit facility and a term loan to provide funds for the
repayment and retirement of LaPolla's existing line of credit facility and
for working capital and general corporate purposes.
Douglas J. Kramer, CEO and President of LaPolla, commented, "We are very
pleased with the recognition by ComVest of LaPolla's growth, stability and
future potential. This confidence is a strong indication of the current
status of LaPolla, our future outlook, as well as the growing market
opportunities. This funding will allow LaPolla to facilitate initiatives
that ensure continued aggressive growth, similar to the pace previously
established."
Larry E. Lenig, Senior Partner and Portfolio Manager of ComVest Capital,
stated, "We are pleased with the opportunity to work with LaPolla and
believe the financing provides the Company a larger foundation to support
its operating, sales and distribution initiatives and anticipated growth.
We look forward to working with management as LaPolla develops
opportunities in the future."
About LaPolla Industries, Inc.
LaPolla Industries, Inc. is a 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. For additional information on LaPolla, please visit
www.lapollaindustries.com.
About ComVest Capital, LLC
The ComVest Group is a leading Private Equity firm focused on investing in
middle-market companies. Since 1988 ComVest has invested more than $2
billion of equity capital in over 200 public and private companies
worldwide. Through their extensive financial resources and broad network of
industry experts, ComVest is able to offer companies total financial
sponsorship, critical strategic support, and business development
assistance. The ComVest Group's focus is centered on building industry
leading companies and creating long term value for equity holders. ComVest
currently manages three investment portfolios totaling over $850 million in
assets and has offices in New York City and West Palm Beach, Florida. For
more information on ComVest, visit www.comvest.com.
Forward-Looking Statements
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. 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 in the Company's periodic reports filed with the SEC. 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
http://www.lapollaindustries.com.