LPA Logistic Properties of the Americas

HOUSTON, Nov. 14 /PRNewswire-FirstCall/ -- LaPolla Industries, Inc. ("LaPolla" or the "Company") (AMEX:LPA), today announced operating results for the third quarter surpassed its expectations. Operating Results For the quarter ended September 30, 2005: -- LaPolla's sales were $5,559,461 as compared to sales of $521,852 in the third quarter of 2004, a 965 % increase. -- LaPolla's net loss was $300,836 as compared to a net loss of $2,240,140 in the third quarter of 2004, an 87 % decrease. -- LaPolla's net loss per share - basic and diluted - of $0.006 as compared to $0.077 in the third quarter of 2004, a 92 % decrease. "Our sales continued to increase considerably in the third quarter as compared to the same period in 2004, while our gross profit margin increased from 19% for the six months ended June 30, 2005 to 20% for the nine months ended September 30, 2005," stated Michael T. Adams, CEO of LaPolla. "Changing our name to LaPolla Industries, Inc. and moving our Corporate Headquarters to Texas completes our transformation towards our primary focus on market segments that will generate the growth and margins we believe to be needed for profitability," concluded Mr. Adams. During the third quarter of 2005: -- LaPolla moved its Corporate Headquarters from Deerfield Beach, Florida to Houston, Texas. After the third quarter of 2005: -- Effective October 1, 2005, IFT Corporation, a Delaware corporation, merged its wholly owned subsidiary, LaPolla Industries, Inc. (the "LaPolla Subsidiary"), an Arizona corporation, into itself pursuant to the resolution of the board of directors of each respective entity, whereupon the separate existence of the LaPolla Subsidiary ceased and IFT Corporation continued as the surviving corporation. -- Effective November 8, 2005, IFT Corporation changed its corporate name to LaPolla Industries, Inc. Fourth-Quarter Outlook LaPolla expects fourth quarter sales to exceed $5 Million and gross profit margin to exceed 19%. Going Concern Qualification The Company's unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and liquidation of liabilities during the normal course of operations, certain adverse conditions and events cast substantial doubt upon the validity of this assumption. Factors contributing to this substantial doubt include recurring losses from operations and net working capital deficiencies. As mentioned in the Financial Condition, Liquidity and Capital Resources section in our Form 10-Q for the Quarterly Period Ended September 30, 2005, we assess our liquidity by our ability to generate cash to fund our operations. Historically, the Company has relied principally on non-operational sources of financing, mainly from the Chairman of the Board, to fund its operations for approximately seven years. Although the Company had no formal commitment from the Chairman to fund the Company's operating requirements for the 2005 year, the Company received short term demand loans from the Chairman during the first half of the 2005 year to continue its operations. During the second quarter of 2005, the Company signed a Promissory Note with a national institution granting access to funds which may be drawn against from time to time by the Company for operations. The Company's ability to continue as a going concern is dependent on management's ability to successfully execute its business plan, which includes increasing sales while decreasing operating costs and expenses, as well as, increasing operational cash flow, continued support from the Chairman, and obtaining additional funding to support longer term capital requirements. If management is unsuccessful in obtaining one or more of the above mentioned goals, the Company's ability to continue as a going concern would be adversely impacted. About LaPolla Industries, Inc. LaPolla Industries, Inc. is a public business enterprise that markets, sells, manufactures and distributes acrylic roof coatings, roof paints, sealers, roofing adhesives, polyurethane foam and wall systems, and other related products to the commercial/industrial construction and home improvement retail chain store markets. Forward-looking Statements This press release contains forward-looking statements, as defined by the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those anticipated as a result of various risks and uncertainties, including, but not limited to, the following: the ability of the Company to continue as a going concern; the ability of the Company to maintain sufficient financing to fund its operations, the outcome and timing of the Company's efforts to restructure its business; the ability of the Company to obtain and maintain normal terms with its vendors and dealers; the potential adverse impact of the discontinuance of a business segment on the Company's continuing operations; the ability of the Company to fund and execute its strategic business plan; the ability of the Company to attract, motivate and/or retain key executives and employees; the ability of the Company to attract and retain customers; risks and uncertainties relating to market acceptance of the Company's products; competition; the effectiveness of the Company's sales teams; as well as those risks and uncertainties discussed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date hereof. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. Additional information can be found in LaPolla's public periodic filings with the Securities and Exchange Commission. Copies of LaPolla's press releases and additional information about LaPolla is available on the World Wide Web at http://www.lapollaindustries.com/. Press Contact: Andrew J. Kaplan Barry Kaplan Associates (732) 747-0702 (t) (732) 758-1837 (f) Company Contact: Michael T. Adams, CEO Phone (281) 219-4700 Website: http://www.lapollaindustries.com/ DATASOURCE: LaPolla Industries, Inc. CONTACT: Andrew J. Kaplan of Barry Kaplan Associates, +1-732-747-0702, fax: +1-732-758-1837, , for LaPolla Industries, Inc.; or Michael T. Adams, CEO of LaPolla Industries, Inc., +1-281-219-4700 Web site: http://www.lapollaindustries.com/

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