LEHIGH TECHNOLOGIES RAISES OVER $8 MILLION
IN SECOND ROUND

Gulfshore Ventures Leads Second Round Funding

Naples, Florida, May 24, 2005 -- Lehigh Technologies, LLC, a leading manufacturer of high quality industrial polymers, announced today that it has raised more than $8 million in a second round of private venture funding. Gulfshore Ventures, an affiliate of Florida Gulfshore Capital, led the round with participation from management, existing investors and other private investors. As a result of the funding, the Company will relocate its headquarters from New York to Naples.

Lehigh's advanced polymers enhance the value proposition and in many cases improve the performance characteristics of tires, tire products, extruded and molded rubber goods, paints, coatings, sealants, plastics and other industrial goods. The Company's PolyDyne™ and PolyFlow™ lines of ultra-fine rubber powders offer significant cost advantages over natural and synthetic rubber. The costs of these other rubber inputs have more than tripled since 2001, due in large part to a surge in demand from China and today's higher price of oil.

Funding to Address Pent-Up Demand
"We have several Fortune 500 companies eager for our product," said Dennis J. Gormley, co-founder and Chief Executive Officer of Lehigh, "they know they can realize significant benefits by incorporating our products, including cost savings and product enhancements." Gormley, who also serves on the board of directors of Cooper Tire & Rubber Company, stated that Lehigh's first facility would be located in Atlanta and would begin shipping product in the fourth quarter of this year. "Depending on their size, our customers can save millions of dollars to their bottom line," added Gormley.

Leveraging the Area's Executive Talent
Richard Molloy, managing partner of Gulfshore Ventures, will join the Company's board of directors. "We're impressed with both the market opportunity and the strong team that Lehigh has assembled," said Molloy. "Members of the management team and the board bring significant industry experience as well as strong relationships with the largest industrial purchasers of polymers. The Company is a great example of our investment model, which builds upon the operating expertise of Southwest Florida's rich executive community."

About Lehigh Technologies, LLC
Lehigh Technologies, LLC manufactures and distributes high quality industrial polymers that enhance the value proposition and in many cases improve the performance characteristics of many types of industrial goods. The Company is headquartered in Naples, Florida. For more information, please visit the Company's website at www.lehightechnologies.com.

About Florida Gulfshore Capital, LLC
Florida Gulfshore Capital, LLC is a private equity investment firm focused on growth stage companies. It combines the investment expertise of its partners with the rich operating experience of successful business executives in Southwest Florida. Florida Gulfshore Capital has a strategic partnership with the Regional Business Alliance of Southwest Florida. For more information, please visit the firm's website at www.gulfshorecap.com.