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Lapolla Receives $12.5 Million Asset-Based Loan From Bank of America Business Capital
HOUSTON, TX, Sep 02, 2010
Lapolla Industries, Inc. ("Lapolla") (OTCBB: LPAD), a leading manufacturer and supplier of insulation foam, coatings, and equipment, focused on commercial, industrial and residential applications in the insulation and construction industries, today announced receiving a $12.5 Million senior secured credit facility from Bank of America Merrill Lynch through Bank of America Business Capital (BABC), one of the world's largest asset-based lenders. The asset-based loan is being used to refinance existing debt and add working capital for growth. BABC is also providing Lapolla with treasury management products and services.
Douglas J. Kramer, Lapolla's President & CEO, stated, "The new financing from Bank of America Business Capital provides Lapolla with interest expense savings, adds working capital to help sustain our continued aggressive growth, and significantly strengthens our balance sheet. The bank did an excellent job in understanding our business needs, which will in-turn, create a greater likelihood of a long term banking and lender relationship."
Lapolla earnings report for the first six months, ended June 30, 2010, have shown aggressive and sustained growth in both revenue and profitability. The company reported 45% growth in both revenue and profitability from the previous year's same period. Based on the first two quarters of 2010, Lapolla has a projected annual sales pace of over $60 Million for the 2010 year, which will make its projected compound annual growth sales rate at 69%, or 2,240% total sales growth, for a 6 year period.
Mr. Kramer continued, "The growth is a direct result of increased consumer awareness, demand for energy cost control, and an overall desire to reduce carbon footprint. The growth is also a clear indicator, in a very soft economy, that Spray Polyurethane Foam is capturing market share from other conventional insulation products."
"We are delighted to have Lapolla Industries as a new client of the bank," said Kim Ruth, Global Commercial Banking Southwest Region Executive. "We worked closely with their management team to learn about their strategy, competitive strengths and business opportunities. This interaction and transparency facilitated our ability to provide them with comprehensive financial solutions that will help them grow their customer base and sales."
About Lapolla Industries, Inc.
Lapolla Industries, Inc. is a manufacturer of insulation foam and coating products targeting commercial, industrial and residential applications in the roofing and insulation construction industries. Additional information about Lapolla is available on the World Wide Web at www.lapollaindustries.com and www.Lapolla.com.
About Bank of America Business Capital
Bank of America Business Capital is one of the world's largest asset-based lenders, with more than 20 offices serving the United States, Canada, Asia and Europe. It provides companies with senior secured loans, cash management, interest rate and foreign exchange risk management, and a broad array of capital markets products. Capital markets and investment banking services are provided by Banc of America Securities LLC, member NYSE/NASD/SIPC, a subsidiary of Bank of America Corporation and an affiliate of Bank of America Business Capital. Visit www.bankofamerica.com/businesscapitalnews for more information.
About Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 57 million consumer and small business relationships with 5,900 retail banking offices, more than 18,000 ATMs and award-winning online banking with 29 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
About Bank of America Merrill Lynch
Bank of America Merrill Lynch is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in the United States, Banc of America Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, which are both registered broker-dealers and members of FINRA and SIPC, and, in other jurisdictions, locally registered entities. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured
* May Lose Value
* Are Not Bank Guaranteed.
Forward Looking Statements
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. You can identify these and other forward-looking statements by the use of words such as "may," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "intends," "potential," "continue," or the negative of such terms, or other comparable terminology. Such statements rely on a number of assumptions concerning future events, many of which are outside of the Company's control, and involve risks and uncertainties that could cause actual results to differ materially from opinions and expectations. 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 below. Although the Company believes its expectations are based on reasonable assumptions, judgments, and estimates, forward-looking statements involve known and unknown risks, uncertainties, contingencies, and other factors that could cause the Company or the Company's industries' actual results, level of activity, performance or achievement to differ materially from those discussed in or implied by any forward-looking statements made by or on the Company and could cause the financial condition, results of operations, or cash flows to be materially adversely affected. In evaluating these statements, some of the factors that you should consider include the following: financial position and results of operations, cash position and cash requirements, accounting estimates, doubtful accounts, inventories, and warranties; operations, supply chain, quality control, and manufacturing supply, capacity, and new and existing facilities; products, price of products, product lines, and product and sales channel mix; relationship with customers, suppliers and strategic partners; credit facilities; industry trends and responses to these trends; sources of competition; and outcome and effect of current and potential future litigation. All information in this release is as of the date hereof. 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 the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of Lapolla's SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of Lapolla's press releases and additional information about Lapolla is available on the World Wide Web at www.lapollaindustries.com.
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(NVAE) Savanna East Africa and (NUBL) NuMobile Announce East Africa Wireless Capability Demonstration
DALLAS, TX, Sep 02, 2010
Savanna East Africa, Inc. (PINKSHEETS: NVAE) (OTCQB: NVAE) and NuMobile, Inc. (OTCBB: NUBL) plan to release a Webcast later today providing a progress update on a joint wireless metering project in Kenya. The Companies plan to preview the capabilities of the project in a demonstration scheduled for October locally in Nairobi, Kenya. Today's Webcast is also scheduled to provide a review and update of potential merger and acquisition (M&A) candidates the Company is currently reviewing. A link to the Webcast will be made available later today on Savanna's corporate website, www.savannaea.com, upon release.
$10 Million 2011 Revenue Goal Savanna East Africa recently posted an on-demand corporate Webcast presentation on its 2011 fiscal year annual revenue forecast of $10 million to its website www.savannaea.com. The Company has also recently published a letter to shareholders from the Chief Executive Officer (CEO) Philip Verges detailing the Company's innovative strategic expansion into developing a variety of high growth business opportunities in East Africa. The letter is also available on the Company website in its entirety at www.savannaea.com or directly athttp://www.savannaea.com/news/news72210_1.html.
The Webcast and letter are part of a corporate communication initiative following the Company's recent restructuring and reorganization. Savanna plans to release regular updates on the anticipated rapid expansion opportunities that have been under development and are now ready to proceed following the completion of the recent restructuring and reorganization.
Savanna began its expansion into East Africa through the NewMarket Technology Greenfield Partnership Program introduced last year to accelerate and enhance the introduction of new technology innovations into new markets, including those markets with diversified, high growth opportunities like East Africa. Earlier this year, the Company announced an updated business plan to expand into developing a diverse range of high growth early stage business opportunities in East Africa to include technology systems integration, utility support services, healthcare products manufacturing and affordable housing. Savanna East Africa is a fully-reporting company with audited financial statements quoted on the new 'OTCQB.' The Company was formerly known as Nova Energy, Inc.
Savanna East Africa Information and Email Newsletter To learn more about Savanna East Africa and to sign up for company email alerts, please visit the corporate website at www.savannaea.com.
About Savanna East Africa, Inc. (www.savannaea.com) Savanna East Africa, Inc. (NVAE), previously named Nova Energy, Inc., launched an updated corporate strategy early this year to pursue several business lines in the growing economy of East Africa, initially in Kenya. Nova has already begun several initiatives in the region to include initiatives in the Technology, Utility, Housing and Health products industries. The Company is also continuing to grow its existing oil and gas reclamation business with new management and business strategies. Savanna East Africa is a fully-reporting company with audited financial statements quoted on the new 'OTCQB.'
SAFE HARBOR STATEMENT" UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This press release contains forward-looking statements that involve risks and uncertainties. The statements in this release are forward-looking statements that are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results, events and performance could vary materially from those contemplated by these forward-looking statements. These statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to differ materially from results expressed or implied by forward-looking statements. These risks and uncertainties include, among other things, product demand and market competition. You should independently investigate and fully understand all risks before making investment decisions.
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Telispire Chooses Nexaira's Business Class II Router to Ensure Business Continuity for Their Enterprise Customers
SAN DIEGO, Sep 02, 2010
Nexaira Wireless Inc. ("Nexaira") (OTCBB: NXWI), a progressive and innovative developer of 3G and 4G firmware and hardware routing solutions, announced today that Telispire, a leading provider of equipment and airtime services, has selected the Nexaira Wireless Business Class II (BCII) wireless router as a failover solution to bundle with their existing services. Telispire is a major provider of products and solutions to Incumbent Local Exchange Companies (ILECs), Competitive Local Exchange Companies (CLECs) and electrical cooperatives.
Nexaira's BCII will give Telispire a competitive edge in providing new services and features to their large customer base. With the BCII, Telispire can deliver an always-on, high-speed wireless broadband connection, supporting either a secure public Internet or corporate Virtual Private Network (VPN) connection for their business customers. Telispire's CLEC markets are expected to be early adopters given their extremely competitive market and driving need to provide innovative new services and technologies.
Nexaira's BCII provides high availability, redundancy and advanced network management functionality unrivaled in the wireless routing market. Telispire selected the BCII router for its ability to interface seamlessly with various network management solutions using a Command Line Interface (CLI) over a Secure Shell (SSH). "We do a lot of market research to find new technologies that help our customers stay competitive. Nexaira's extremely fast data speeds, advanced business class features and easy to use iconic interface fit our clients' needs very well," said David Cook, VP of sales and marketing for Telispire. "We are especially pleased our business class routers provide the advanced capabilities required by Telispire's customers. We will continue to work with Telespire to provide new technologies that meet their evolving technology needs," said JR Yakel, VP sales for Nexaira.
More information about Nexaira's family of products is available online at www.Nexaira.com.
About Telispire
Telispire provides private-labeled nationwide wireless resale solutions for independent Incumbent Local Exchange Companies (ILECs), Competitive Local Exchange Companies (CLECs) and electrical cooperatives. Telispire is uniquely positioned to provide a virtual carrier environment to clients by strategically partnering with nationwide wireless carriers. Telispire was established in 2000 through a partnership of rural telephone companies. In January 2006, the National Rural Telecommunications Cooperative (NRTC) acquired majority interest in the Wichita Falls, TX-based organization to allow NRTC and Telispire to bring cost-effective wireless service offerings to NRTC members.
Telispire has leveraged the power and reach of the national wireless carriers, a state of the art back office system and industry-wide business relationships to develop the premier mobile virtual network operator (MVNO). Turn-key solutions, combined with a dedicated team of telecommunications professionals, enable clients to offer a nationwide wireless product that will enhance revenues and profitability. To learn more visit http://telispire.com/
About Nexaira Wireless Inc.
Nexaira's cellular solutions are simple to install, yet provide the advanced management and business class features demanded by the most sophisticated users. Nexaira's wireless devices are ideal for high availability applications acting as the primary router for wireless, DSL, landline or cable networks or can be used to provide complete device and network redundancy in wide area network-failover/fail back applications. For further information on how Nexaira is uniquely positioned to bridge the gap between wireline and wireless services and provide businesses the assurance that operations continue during wireline network service interruptions, visit our website at www.Nexaira.com.
Nexaira, Inc. is based in San Diego and is a wholly owned subsidiary of Nexaira Wireless Inc.
Forward-Looking Statements
Statements in this press release, which are not purely historical, are forward-looking statements and can include, without limitation, statements based on current expectations involving a number of risks and uncertainties and which are not guarantees of future performance of the Company. Forward-looking statements in this press release include that:(i) Nexaira's BCII will give Telispire a competitive edge in providing new services and features to their large customer base; (ii) with the BCII, Telispire can deliver an always-on, high-speed wireless broadband connection, supporting either a secure public Internet or corporate Virtual Private Network (VPN) connection for their business customers; (iii) Nexaira's BCII provides high availability, redundancy and advanced network management functionality unrivaled in the wireless routing market; and (iv) the BCII router has the ability to interface seamlessly with various network management solutions using a Command Line Interface (CLI) over a Secure Shell (SSH). There are numerous risks and uncertainties that could cause actual results and the plans and objectives of Nexaira to differ materially from those expressed in the forward-looking information, including: (i) adverse market conditions; (ii) any occurrences that delay the launch of Nexaira's business solutions; and (iii) any adverse occurrence with respect to the business solutions or any other technology of Nexaira related to the development or operation of the business solutions. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Although Nexaira believes that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in Nexaira's annual report on Form 10-K for the fiscal year ended October 31, 2009, its quarterly reports on Form 10-Q, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
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