Contact Information: Company Contacts: Douglas J. Kramer, CEO Timothy J. Novak, CFO Michael T. Adams, CGO (281) 219-4700 (t) (281) 219-4701 (f)
LaPolla Compliance Plan Accepted by AMEX
| Source: LaPolla Industries, Inc.
HOUSTON, TX--(Marketwire - July 12, 2007) - LaPolla Industries, Inc. ("LaPolla") (AMEX : LPA ), announced today that the American Stock Exchange ("Amex" or
"Exchange") accepted LaPolla's plan of compliance ("Plan").
On July 10, 2007, the Exchange notified LaPolla that it accepted LaPolla's
Plan and granted LaPolla an extension until October 22, 2007 to regain
compliance with the continued listing standards. As previously reported,
LaPolla received notice on April 20, 2007 from the Amex Staff indicating
that it is below certain of the Exchange's continued listing standards due
to stockholders' equity of less than $4 Million and losses from continuing
operations and/or net losses in three out of its four most recent fiscal
years; and stockholders' equity of less than $6 Million and losses from
continuing operations and/or net losses in its five most recent fiscal
years, as set forth in Sections 1003(a)(ii) and (iii) of the Amex Company
Guide. LaPolla was afforded the opportunity to submit a plan of compliance
to the Exchange and on May 21, 2007 presented its plan to the Exchange.
LaPolla will be subject to periodic review by the Amex Staff during the
extension period. Failure to make progress consistent with the Plan or to
regain compliance with the continued listing standards by the end of the
extension period could result in LaPolla being delisted from the Exchange.
Michael T. Adams, CGO of LaPolla, stated, "We submitted our Plan for the
Exchange's consideration. The Amex Staff completed its review of our Plan
and notified us that it makes a reasonable demonstration of an ability to
regain compliance with the continued listing standards by October 22, 2007.
We are pleased with the Amex Staff's decision and look forward to regaining
compliance in accordance with our Plan."
About LaPolla Industries, Inc.
LaPolla Industries, Inc. is a national manufacturer and distributor of foam
and coating products targeting commercial and industrial applications in
the roofing and 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 the Company'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 the Company about its businesses including, without
limitation, the risk factors described in its 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 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.