Contact Information: Company Contacts: Douglas J. Kramer, CEO Timothy J. Novak, CFO Michael T. Adams, CGO (281) 219-4700 (t) emartinez@lhai.com Investor Relations Contacts: Jody Burfening Elriz Martinez Lippert/Heilshorn & Associates (212) 838-3777 (t)
LaPolla Announces Intention to Voluntarily Delist Common Stock From AMEX
| Source: LaPolla Industries, Inc.
HOUSTON, TX--(Marketwire - October 15, 2007) - LaPolla Industries, Inc. ("Company" or
"LaPolla") (AMEX : LPA ), a leading manufacturer of foam and coating products
targeting commercial, industrial and residential applications, today
announced that it has submitted written notice to the American Stock
Exchange ("AMEX") of its intention to voluntarily delist its common stock
from the AMEX.
The Company was previously notified that it is not in compliance with
certain of the AMEX continued listing standards. The Board of Directors
decided, after an evaluation that concluded that the disadvantages of the
financial measures it is required to take to regain compliance to maintain
its listing on the AMEX outweighed the benefits to the Company and its
stockholders, to voluntarily delist from the AMEX. The AMEX has consented
to the voluntary delisting of the Company's common stock.
Commenting on this decision, Douglas J. Kramer, president and chief
executive officer, said, "We believe that this decision is in the best
interests of our shareholders at this time. This move allows LaPolla
greater financial flexibility to execute its growth strategy and move
LaPolla toward profitability."
On or about October 25, 2007, the Company intends to file a Form 25 with
the Securities and Exchange Commission to complete the voluntary delisting
of its common stock from the AMEX, which will become effective 10 days
after the filing date. Following the effectiveness of the Form 25 filing,
the Company anticipates that its common stock will be quoted on the OTCBB.
As soon as information becomes available the Company will announce the
symbol it will trade under as well as the estimated date of the start of
trading.
About LaPolla Industries, Inc.
LaPolla Industries, Inc. is a national manufacturer of foam and coating
products targeting commercial, industrial and residential applications in
the roofing and perimeter insulation construction industries. Additional
information about LaPolla is available on the World Wide Web at
www.lapollaindustries.com.
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.