Contact Information: LaPolla Industries, Inc. Contacts: Douglas J. Kramer CEO Michael T. Adams CGO (281) 219-4700 Investor Relations Contacts: Jody Burfening Lippert/Heilshorn & Associates (212) 838-3777 jburfening@lhai.com AirTight SprayFoam Division Contact: Ted J. Medford VP (706) 557-3200
LaPolla Closes AirTight SprayFoam Asset Purchase
Acquires Footprint to Transition Conventional Fiberglass Insulators to Spray Foam
| Source: LaPolla Industries, Inc.
HOUSTON, TX--(Marketwire - July 1, 2008) - LaPolla Industries, Inc. (OTCBB : LPAD )
("LaPolla"), a leading manufacturer and supplier of spray foam insulation
and coatings designed to reduce energy consumption in the commercial and
residential markets, announced today that it has acquired the assets of
AirTight Marketing & Distribution, Inc. ("AirTight SprayFoam").
AirTight SprayFoam is one of the Southeast's leading spray foam insulation
distributors. AirTight SprayFoam's staff brings decades of experience in
the foam and conventional insulation market and offers one of the top
turn-key start-up and training programs in the United States.
Douglas J. Kramer, president and chief executive officer of LaPolla,
stated, "We have just significantly advanced our strategy to lead the
conversion from traditional fiberglass to spray foam insulation for both
residential and commercial construction with this acquisition. The
synergies better enable us to transition the thousands of existing
conventional insulation contractors into the spray foam insulation
business. With growing consumer awareness of value in LaPolla's 'green
products,' and as energy costs continue to rise, this acquisition puts us
in an even stronger position to reach higher levels of revenue and further
our strategic plan."
"There has never been a better combination of quality and capability yet
assembled in our industry," said Ted J. Medford, now Vice President of
AirTight SprayFoam, A Division of LaPolla Industries, Inc. "The new
AirTight SprayFoam - LaPolla division provides conventional insulation
contractors with the full breadth of products and services needed to give
them the confidence and support to successfully enter the spray foam
insulation industry. We will become the preeminent provider of spray foam
insulation solutions."
Financial terms of the AirTight SprayFoam transaction were not released.
About LaPolla Industries, Inc.
LaPolla Industries, Inc. is a leading manufacturer and supplier of spray
polyurethane foam for insulation and coatings targeting commercial and
residential applications in the building envelope construction industries.
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 LaPolla's opinions about trends
and factors which may impact future operating results. Any such
forward-looking statements should be considered in context with the various
disclosures made by LaPolla about its businesses including, without
limitation, the risk factors described in its periodic reports filed with
the SEC. LaPolla undertakes no duty to update any forward-looking statement
to conform the statement to actual results or changes in LaPolla's
expectations.
For further information regarding risks, uncertainties, and other factors
associated with LaPolla's business, please refer to LaPolla's SEC filings,
including, but not limited to, its annual report on Form 10-K and quarterly
reports on Form 10-Q, which are available at www.lapollaindustries.com.