Contact Information: Company 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 ComVest Contact: Gary E. Jaggard Managing Director (561) 868-6070
LaPolla's Credit Facility Expanded $5.5 Million
ComVest Capital Supports LaPolla's Growth Plans
| Source: LaPolla Industries, Inc.
HOUSTON, TX--(Marketwire - June 30, 2008) - LaPolla Industries, Inc. (OTCBB : LPAD )
("LaPolla"), a leading manufacturer and supplier of spray foam and coatings
designed to reduce energy consumption in the commercial and residential
markets, announced today that it has closed an expanded $12.5 million
credit facility with ComVest Capital, LCC to provide more capital to
support LaPolla's growth. The new credit facility increases the revolving
credit from $5.0 million to $9.5 million and increases the convertible term
loan from $2.0 million to $3.0 million. Concurrent with the expanded credit
facility, Mr. Richard Kurtz, Chairman of the Board of LaPolla, contributed
$2.0 million in equity to LaPolla.
"ComVest has been a steadfast financial partner to LaPolla and we
appreciate their ongoing confidence in our growth potential as we lead the
conversion from traditional fiberglass insulation to foam insulation for
both commercial and residential construction," said Douglas J. Kramer,
president and chief executive officer of LaPolla. "With this expanded
credit facility, we have the financial flexibility to more aggressively
execute on our growth strategy to move into larger, more concentrated
markets within the U.S. and to further strengthen our global supply
footprint through organic growth and acquisition of spray foam insulation
distributors."
Gary E. Jaggard, Managing Director of ComVest Capital, said, "With its
manufacturing capabilities, industry credentials and broad sales coverage,
LaPolla has the assets and talent to be the premier spray foam insulation
supplier. We look forward to continuing to work with the management team
as the company gains market share and greater industry recognition."
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.
About ComVest Capital, LLC
ComVest Capital, LLC is a private investment firm focused on investing in
growth businesses. The firm has a diversified industry focus that includes
Information Technology, Healthcare, Aerospace and Defense, Natural
Resources, Consumer Packaged Goods, and Telecommunications. Since its
founding in 1988, ComVest has raised and invested more than $1.4 billion of
capital. ComVest currently manages three investment portfolios totaling
over $850 million in assets and has offices in New York City and West Palm
Beach, Florida. 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 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.