Full Press Release Details
Koehler Avenue, Suite 7 - Ronkonkoma, NY 11779
Lakeland Industries Inc. Announces Prepayment
of Subordinated Debt
RONKONKOMA, NY - July 30, 2014 --
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 prepayment of $500,000 of subordinated
debt due 2018. The prepayment results in a reduction of approximately 15% of the Company's total outstanding amounts under
its secured term loan credit facility which had been $3.5 million, exclusive of accrued Payment-In-Kind (PIK) interest. The Junior Lender has waived the prepayment penalty.
"Our improving worldwide cash liquidity
has enabled us to reduce our subordinated debt," said Gary Pokrassa, Chief Financial Officer of Lakeland Industries. "While
bolstering the strength of our balance sheet by reducing expensive debt along with its corresponding interest service, the prepayment
of debt reflects the confidence we have in our ability to drive continued improvements in the Company's global operating
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.
The Company'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.
| Contacts: | |
| Lakeland Industries | Darrow Associates |
| 631-981-9700 | 631-367-1866 |
| Christopher Ryan, CJRyan@lakeland.com | Jordan Darrow, jdarrow@darrowir.com |
| Gary Pokrassa, GAPokrassa@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.