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IFT Compliance Plan Accepted By Amex

Published on 2005-07-06. Author : SpecialChem

DEERFIELD BEACH, Fla. -- IFT Corporation (the "Company" or "IFT") (Amex: IFT - News), announced that the American Stock Exchange ("Amex" or "Exchange") accepted the Company's plan of compliance ("Compliance Plan").

On April 28, 2005, the Company received notice from the Amex Staff indicating that the Company is below certain of the Exchange's continued listing standards, specifically, Section 1003(a)(i) of the Amex Company Guide because its shareholders' equity is less than $2 Million and it has losses from continuing operations and/or net losses in two out of its three most recent fiscal years; and Section 1003(a)(ii) of the Company Guide because its shareholders' equity is less than $4 Million and it has losses from continuing operations and/or net losses in three out of its four most recent fiscal years.

The Company was afforded the opportunity to submit a plan of compliance to the Exchange and on May 31, 2005 presented its plan to the Exchange. On June 27, 2005, the Exchange notified the Company that it accepted the Company's Compliance Plan and granted the Company an extension of time to regain compliance with the continued listing standards. The extension of time was determined by the Exchange to be no later than December 31, 2006. The Company will be subject to periodic review by the Amex Staff during the extension period. Failure to make progress consistent with the Compliance Plan or to regain compliance with the continued listing standards by the end of the extension period could result in the Company being delisted from the Exchange.

Michael T. Adams, CEO of IFT, stated, "We submitted our Compliance Plan as required by the notification of non-compliance for the Exchange's consideration." "The Amex Staff completed its review of our Compliance Plan and notified us that it makes a reasonable demonstration of an ability to regain compliance with the continued listing standards by the end of the plan period or December 31, 2006," continued Mr. Adams. "We are pleased with the Amex Staff's decision and look forward to regaining compliance in accordance with our submitted plan or sooner," concluded Mr. Adams.

About IFT Corporation

IFT Corporation is a publicly traded holding company focused on acquiring and developing companies that operate in the coatings, paints, foams, sealants, and adhesives markets.

About LaPolla Industries, Inc.

LaPolla Industries, Inc. markets, sells, manufactures and distributes acrylic roof coatings, roof paints, sealers, roofing adhesives, and polyurethane foam and wall systems to the home improvement retail and commercial/industrial construction industries.

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.

Source: IFT Corporation


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