Industry News

Kramer Joins IFT Corp as President and COO

Published on 2005-02-08. Author : SpecialChem

DEERFIELD BEACH, Fla. -- IFT Corporation ("IFT-Corp") (Amex: IFT -- News) announced that Douglas J. Kramer has joined the company as its new President and COO, while Michael T. Adams, the company's former president, was promoted to CEO. Mr. Kramer brings key sales and marketing personnel and an acquisition target to support IFT-Corp's strategic growth plan.

Mr. Kramer is a 15-year industry veteran, with manufacturing, operations, sales and marketing experience in a broad variety of elastomeric coatings and polyurethane foam for construction. He comes to IFT-Corp from Foam Enterprises, Inc., a wholly-owned subsidiary of the BASF Corporation, which manufacturers polyurethane foam systems for the construction and OEM markets, with offices in Houston, Texas. Mr. Kramer held various positions at Foam Enterprises during his more than 7 years of employment. He began in 1997 as western regional sales manager and immediately prior to joining IFT-Corp, was vice president of construction products. In addition, Mr. Kramer is bringing proven sales professionals, Keith Van Stavern (12 year industry veteran) and Michael Debenedetto (15 year industry veteran), and an administrative professional, Monica Longtin (13 years experience), all of which worked for Foam Enterprises immediately prior to joining the company.

"Doug is a dynamic leader who personifies IFT-Corp's new growth strategy," said Michael T. Adams, CEO of IFT-Corp. "His proven success in building brands, marketing relationships, and knowledge and experience in the coatings industry and its players makes him the perfect fit for our long-term plans," continued Mr. Adams. "The addition of Keith, Michael, and Monica lends valuable support to our organization and we are glad to have all of them as part of our team," concluded Mr. Adams.

Concurrent with Mr. Kramer's employment, IFT-Corp signed a definitive stock purchase agreement ("Agreement") to acquire LaPolla Industries, Inc. ("LaPolla"). LaPolla, a privately-held company established in 1977 with its headquarters in Tempe, Arizona, offers acrylic coatings to the roofing market along with spray polyurethane systems. The acquisition of LaPolla will bring valuable additional dimensions to IFT-Corp, such as a national presence, another manufacturing and distribution facility, broader product offerings, and increased operational efficiencies given the complementary nature of LaPolla and Infiniti Products, Inc. ("Infiniti"), a wholly-owned subsidiary of IFT-Corp, businesses.

"LaPolla is exactly the type of strategic acquisition we have been seeking," said Michael T. Adams, CEO of IFT-Corp. "This acquisition will enable us to accelerate IFT's growth, brings us a complementary set of customers within the coatings industry, and offers meaningful cross-selling opportunities. We look forward to working with LaPolla to ensure a successful completion of the transaction and subsequent integration of the LaPolla business," concluded Mr. Adams.

Under the terms of the Agreement, IFT-Corp will acquire LaPolla for $2 Million in cash and a nominal amount of restricted common stock. IFT-Corp intends to finance the transaction through a newly established bank loan for $2 Million, which will be guaranteed and collateralized by Richard J. Kurtz, the Chairman of the Board and majority stockholder of IFT-Corp.

Douglas J. Kramer, IFT-Corp's President and COO, said, "LaPolla and Infiniti share complementary business models, which will allow easy integration of LaPolla's offerings into Infiniti's and vice-verse. The advantage of manufacturing on both the East and West coasts will give us basic advantages and proximity to the strongest regions of business as an acrylic coatings manufacturer," continued Mr. Kramer. "LaPolla offers broadly recognized, well credentialed, acrylic roof coatings since 1977 to the construction industry. Infiniti also manufactures acrylic roof coatings, in addition to a growing home improvement retail line of stone and masonry sealers. We will continue to expand the LaPolla and Infiniti brands nationally, by expanding our sales team that will have an initial focus across the South. The entire organization will be sales and marketing oriented. Our goal is to provide the best products and service to our customers, each day, every day. Our philosophy is simple, to have a primary product line of which we become the 'Standard'," concluded Mr. Kramer.

The transaction is subject to customary closing conditions and expected to close in the first quarter of 2005.

About IFT Corporation

IFT Corporation ('IFT-Corp') is a public holding company focused on acquiring and developing companies that operate in the coatings, paints, and sealants industries. IFT-Corp currently holds Infiniti Products, Inc., a wholly-owned subsidiary, with continuing operations.

About Infiniti Products, Inc.

Infiniti Products, Inc. develops, markets, sells, manufactures and/or distributes coatings, paints, and sealants to the home improvement retail and commercial 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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