Intertape Polymer Group Inc. Announces the Acquisition of Spinnaker Electrical Tape Company From Spinnaker Industries, Inc

Business Wire, July 30, 1999

MONTREAL--(BUSINESS WIRE)--July 30, 1999--

Intertape Polymer Group Inc. (TSE:ITP.) (AMEX:ITP), a Canadian company (Intertape), announced today the closing of the acquisition by Intertape for the business assets of Spinnaker Electrical Tape Company (SETco), a subsidiary of Spinnaker Industries, Inc.

SETco specializes in the manufacture of an extensive line of pressure-sensitive industrial electrical tapes.

Melbourne F. Yull, Intertape's Chairman and Chief Executive Officer stated "This acquisition provides IPG the access to the electronics and electrical industries, a completely new market for the Company. As well, current in-house technology will complement SETco's expertise and broaden their product line."

Andrew M. Archibald, C.A., Chief Financial Officer noted: "One of IPG's many strengths, is its ability to successfully balance the challenges of rapid growth with a strong financial base. This continues to provide the resources for investments in existing operations and future acquisitions."

As previously announced, Intertape also has agreed to acquire the stock of Central Products Company (CPC), an affiliate of SETco. Intertape has in place all financing required to close the CPC acquisition and awaits only the delivery of releases from Spinnaker's senior lenders. Intertape anticipates closing its acquisition of CPC by mid-August.

Intertape Polymer Group Inc. is a fast growing company in the Packaging Industry. As a leader in this industry, IPG develops, manufacturers and markets a wide variety of specialized plastic and paper based packaging products and systems for industrial uses. The Company is based in Montreal, Quebec and Sarasota, Florida. With the completion of the acquisition, IPG will maintain manufacturing facilities in sixteen North American and one European location.

Except for historical information contained herein, statements in the release are forward-looking statements that are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to differ materially from forecasted results. Those risks include, but are not limited to, risks associated with pricing, volume and conditions of markets. Those and other risks are described in the Company's filings with the Securities and Exchange Commission (SEC) over the last twelve months, copies of which are available from the SEC or may be obtained upon request from the Company.