RONKONKOMA, N.Y., Oct. 29, 2014 /PRNewswire/ -- Lakeland
Industries, Inc. (NASDAQ: LAKE), a leading global manufacturer of
industrial protective clothing for industry, municipalities,
healthcare and to first responders on the federal, state and local
levels, today announced the closing of its previously announced
private placement of common stock.
Pursuant to the terms of the private placement, Lakeland sold an
aggregate of 1,110,000 shares of common stock at a price of
$10.00 per share. Proceeds from
the financing were used to fully repay Lakeland's 12% subordinated
term loan with LKL Investments, LLC in the approximate amount of
$3.6 million. The balance of
the proceeds will be used for working capital and general corporate
purposes, including supporting the increased demand for Lakeland's
safety products due to the EBOLA crisis. Pending such usage,
Lakeland intends to temporarily pay down a portion of its senior
revolving credit facility with AloStar Bank of Commerce.
Craig-Hallum Capital Group LLC acted as exclusive placement
agent in connection with this offering.
The shares of common stock sold in the private placement have
not been registered under the Securities Act of 1933, as amended,
or state securities laws and may not be offered or sold in
the United States absent effective
registration with the Securities and Exchange Commission (SEC) or
an applicable exemption from such registration requirements.
Lakeland is required to file a registration statement with the SEC
registering the resale of the shares of common stock.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these shares of common stock, nor
shall there be any sale of these shares in any state or other
jurisdiction in which such offer, solicitation or sale would be
unlawful.
About Lakeland Industries, Inc.:
Lakeland Industries,
Inc. (NASDAQ: LAKE) manufactures and sells a comprehensive line of
safety garments and accessories for the industrial protective
clothing market. Lakeland's products are sold by a direct
sales force and through independent sales representatives to a
network of over 1,200 safety and mill supply distributors. These
distributors in turn supply end user industrial customers such as
chemical/petrochemical, automobile, steel, glass, construction,
smelting, janitorial, pharmaceutical, and high technology
electronics manufacturers, as well as hospitals and laboratories.
In addition, Lakeland supplies federal, state, and local government
agencies, fire and police departments, airport crash rescue units,
the Department of Defense, the Centers for Disease Control and
Prevention, and many other federal and state agencies. For
more information concerning Lakeland, please visit the Company
online at www.lakeland.com.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: Forward-looking statements involve risks,
uncertainties and assumptions as described from time to time in
Press Releases and Forms 8-K, registration statements, quarterly
and annual reports and other reports and filings filed with the
Securities and Exchange Commission or made by management. All
statements, other than statements of historical facts, which
address Lakeland's expectations of sources or uses for capital or
which express the Company's expectation for the future with respect
to financial performance or operating strategies can be identified
as forward-looking statements. As a result, there can be no
assurance that Lakeland's future results will not be materially
different from those described herein as "believed," "projected,"
"planned," "intended," "anticipated," "estimated" or "expected," or
other words which reflect the current view of the Company with
respect to future events. We caution readers that these
forward-looking statements speak only as of the date hereof.
The Company hereby expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any
such statements to reflect any change in the Company's expectations
or any change in events conditions or circumstances on which such
statement is based.
Logo -
http://photos.prnewswire.com/prnh/20120611/NY21959LOGO
SOURCE Lakeland Industries, Inc.