HOUSTON, TX -- (MARKET WIRE) -- January 17, 2007 --LaPolla Industries, Inc. ("LaPolla" or the
"Company") (AMEX: LPA) today announced enhancements to its Board of
Directors, Committee Assignments, and Appointment of Board Advisor.
Richard J. Kurtz, Chairman of the Board, stated, "LaPolla made incredible
progress in 2006, continuing the momentum from 2005, and has even greater
expectations for 2007. LaPolla's aggressive growth necessitated
enhancements to the Board and its standing Committees to not only meet
upcoming regulatory requirements but also to move LaPolla into its next
phase of strategic development." Mr. Kurtz concluded by saying, "With
LaPolla's foundation now firmly established, we are bringing on additional
Board members and advisors with specific knowledge and experience in
preparation for 2008 and beyond."
Board of Directors:
- Richard J. Kurtz - Chairman of the Board since February 8, 1999, director
since November 23, 1998, and majority stockholder of LaPolla. Chairman
Kurtz is chief executive officer of the Kamson Corporation, a privately
held corporation, in operation for 29 years. The Kamson Corporation is
located in Englewood Cliffs, New Jersey and currently owns and operates
eighty one investment properties in the Northeastern U.S. Mr. Kurtz is a
graduate of the University of Miami and a member of its President's Club.
He resides in New Jersey and is vice president and a member of the Board of
Jewish Community Center on the Palisades in Tenafly, New Jersey. Mr. Kurtz
is an elected member of the Board of Trustees and Foundation Board for
Englewood Hospital and Medical Center of New Jersey and a member of the
Jewish Home and Rehabilitation Center's Board of Governors.
- Lt. Gen. Arthur J. Gregg, US Army (Ret.) - Director since February 21,
2000. Lt. Gen. Gregg has more than fifty six years of distinguished
professional experience. His record of performance repeatedly demonstrates
the ability to lead organizations to success including new businesses and
turn around situations. Lt. Gen. Gregg continues an active schedule as a
member of several corporate and academic boards. He chairs three of these
boards. His education includes Harvard University, John F. Kennedy School
of Government Concentrated Executive Program in National Security; Saint
Benedict College Atchison, Kansas, Bachelor of Science in Business
Administration (Summa cum Laude); Army War College, Carlisle Barracks,
Pennsylvania, one-year graduate level college; Command and General Staff
College, Fort Leavenworth, Kansas, One-year graduate level college.
- Jay C. Nadel - Appointed January 16, 2007. Mr. Nadel is chairman of the
board of Englewood Hospital and Medical Center since September 2006. In
addition to being an independent consultant since 2004, Mr. Nadel is an
employee of Sloan Securities since January 2006. As a CPA and senior
financial services executive, Mr. Nadel has extensive business management
and operations experience. From 2002 to 2004, he was executive vice
president of Bank of New York's Clearing Services where he oversaw
strategic planning; 1986 to 2001, a partner in the investment firm of
Weiss, Peck & Greer/Robeco, where he was chairman of the operations
committee and managing director of the firm's Clearing Services Division;
and 1980 to 1986, he was a manager at KPMG Peat Marwick, New York, where he
provided audit services. Mr. Nadel is a Certified Public Accountant since
1980 and has a Bachelor of Science from the University of Maryland.
- Augustus J. Larson - Appointed January 16, 2007. Mr. Larson is president
of Larson Capital, LLC, a commercial real estate finance and investment
company, in Far Hills, New Jersey. He founded Larson Capital, LLC in 2004.
From 2001 to 2003, Mr. Larson was managing director of PW Funding and
directed its commercial and multi-family real estate loan production in the
metro New Jersey and New York markets. Prior to 2001, He was a managing
director and principal Larson Financial Resources, a commercial mortgage
banking firm. Mr. Larson, along with his partners, founded Larson Financial
Resources in 1985, which was subsequently sold to PW Funding in 2000. At
Larson Financial Resources, he was responsible for all commercial and
multi-family real estate finance activities along with borrower and lender
relations. Mr. Larson has a Bachelor of Arts from Colgate University in New
York. He is also a certified mortgage banker and an active member in
numerous professional and charitable organizations.
- Douglas J. Kramer - Appointed January 16, 2007. Mr. Kramer joined the
Company in February 2005 as president and chief operating officer and was
named Chief Executive Officer and President in July 2006. Mr. Kramer has 18
years Industry Experience including his most recent position as vice
president of the Construction Products Division for Foam Enterprises, LLC,
a wholly owned subsidiary of the BASF Corporation, where he was employed
from 1997 to 2004. Mr. Kramer has a background in Liberal Arts from Penn
State University and the University of Texas.
- Michael T. Adams - Director since December 20, 2004. Mr. Adams has more
than ten years experience with LaPolla. He was named Chief Governance
Officer, Executive Vice President, and Secretary in July 2006. During his
term with LaPolla, Mr. Adams served as president and interim chief
executive officer from 2003 to 2005, executive vice president and corporate
secretary from 1999 to 2003, and held various officer positions in the
Company's former subsidiaries since he first joined the Company in 1997. He
has a Bachelor of Science and Master of Science in business administration,
as well as Juris Doctor, from Nova Southeastern University in Fort
Lauderdale, Florida.
Committee Assignments:
- Audit Committee - Jay C. Nadel, Chairperson, Arthur J. Gregg, and
Augustus J. Larson
- Compensation Committee - Arthur J. Gregg, Chairperson, Jay C. Nadel, and
Augustus J. Larson
- Governance Committee - Michael T. Adams, Chairperson, Arthur J. Gregg,
and Augustus J. Larson
Other:
Gilbert M. Cohen, a former member of the Board of Directors, passed away on
January 11, 2007. Prior to his departure, Mr. Cohen was chairperson of the
Audit Committee and a member of the Compensation Committee since November
12, 2004.
Board Advisor:
- Howard L. Brown - Retained January 16, 2007. Most recently, Mr. Brown was
chairman and chief executive officer of Allied Office Products (Allied),
headquartered in Clifton, New Jersey, the country's largest independent
dealer of office products and services, which was sold to Office Depot in
2006. Allied, prior to the sale, had annual sales of more than $300
Million. Since 1998, Allied acquired 30 companies serving geographies
across the United States through state-of-the-art distribution facilities,
regional distribution centers, local sales offices, and OneSolution™
account executives. Allied is best know for its OneSolution™ approach,
which allows companies to outsource their total procurement needs.
OneSolution™ offers a vast selection of products and services to help
customers run their operations more smoothly and drive down hard and soft
business costs. Through Allied's OneSolution™ offering, customers can
strategically source a multitude of distinct product categories with one
order, one delivery, one invoice, and one remittance, all orchestrated by
one salesperson. To further optimize logistics and maintain its leadership
position, Allied deployed a business intelligence solution that increased
visibility into its performance, helped Allied's managers make more
informed decisions to improve the bottom line, extend visibility of
Allied's performance to all levels of the organization, and motivate and
align Allied's geographically distributed employees.
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 more information on LaPolla visit
www.lapollaindustries.com.
Contact Information: Company Contacts:
Douglas J. Kramer
CEO
John A. Campbell
CFO
Michael T. Adams
CGO
(281) 219-4700 (t)
(281) 219-4701 (f)