Expands Penetration into Conventional Insulation Market
HOUSTON, TX — (MARKET WIRE) — June 4, 2008 — LaPolla Industries, Inc. (LPAD) a leading national manufacturer and supplier of spray foam and coatings designed to reduce energy consumption in the commercial and residential markets, announced today that it has signed a definitive agreement to acquire the assets of AirTight Marketing & Distribution, Inc. (“AirTight”).
Based in Rutledge, Georgia, AirTight is one of the Southeast’s leading spray foam insulation distributors. AirTight’s staff has decades of experience in the 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, “The AirTight acquisition significantly expands our distribution reach, allowing us to more effectively pursue the estimated 12,000 conventional insulation contractors that currently exist nationwide. It also adds highly skilled professionals to our staff and lets us further leverage our existing infrastructure to meet the demands of this high growth market. We are thrilled to welcome AirTight into the LaPolla family. They have built a loyal customer base, as well as strong brand name recognition, and we look forward to building upon that legacy.”
Ted J. Medford, president of AirTight, stated, “LaPolla is the ideal partner for AirTight. LaPolla’s operational and manufacturing expertise combined with our products, customer training and certification programs, will give us the ability to significantly expand our spray foam insulation customer base. We look forward to working with LaPolla and I am confident that we will become the preeminent provider of spray foam insulation solutions.”
Financial terms of the AirTight transaction were not released. The transaction is subject to completion of customary and ordinary due diligence and closing on July 1, 2008.
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. Additional information about LaPolla is available on the World Wide Web at www.lapollaindustries.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. 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, which are available at www.lapollaindustries.com.
Lapolla Industries, Inc. Contacts:
Douglas J. Kramer, CEO
Michael T. Adams, CGO