Lakeland Industries Announces New Credit Facility with Bank of America

Lakeland Industries, Inc. (LAKE) (the "Company" or "Lakeland"), a leading global manufacturer of protective clothing for industry, healthcare and to first responders on the federal, state and local levels, today announced that it has established a new credit facility with Bank of America. The new facility consists of a senior secured $12.5 million revolving credit facility, which includes a $5 million letter of credit sub-facility and an option to convert up to $5 million of the revolving credit facility into a term loan facility. The facility also includes an accordion feature under which the Company may request from time to time an increase in the revolving commitment of up to $5 million (for a total commitment of up to $17.5 million). The facility will mature on June 25, 2025. Terms of the new facility are more completely discussed in the Company's Form 8-K filed with the Securities and Exchange Commission.

Allen E. Dillard, Chief Financial Officer of Lakeland Industries, stated, "We look forward to our new banking relationship with Bank of America. While Lakeland's financial condition has substantially improved over the past five years as evidenced by our net cash position increasing to $23.3 million at April 30, 2020 as compared with net debt of $4.3 million at April 30, 2015, we have aligned the size of our new credit facility to reflect our current capital requirements while incorporating expansion flexibility. At the same time, we will receive improved pricing, decreased administration, and will have access to Bank of America's global platform for cash management. This facility and its enhanced features reflect our efforts to optimize all aspects of our business and financial operations aimed at better supporting our continued worldwide growth."

"Bank of America is pleased to work with Lakeland Industries as they execute on their growth plan," said Brooks Emory, Senior Relationship Manager with Global Commercial Banking at Bank of America. "We remain committed to helping our clients through all stages of the business cycle and look forward to serving Lakeland Industries as they continue to grow their company worldwide."

About Lakeland Industries, Inc.:

We manufacture and sell a comprehensive line of industrial protective clothing and accessories for the industrial and public protective clothing market. Our products are sold globally by our in-house sales teams, our customer service group, and authorized independent sales representatives to a network of over 1,600 global safety and industrial supply distributors. Our authorized distributors supply end users, such as integrated oil, chemical/petrochemical, automobile, steel, glass, construction, smelting, cleanroom, janitorial, pharmaceutical, and high technology electronics manufacturers, as well as scientific, medical laboratories and the utilities industry. In addition, we supply federal, state and local governmental agencies and departments, such as fire and law enforcement, airport crash rescue units, the Department of Defense, the Department of Homeland Security and the Centers for Disease Control. Internationally, we sell to a mixture of end users directly, and to industrial distributors depending on the particular country and market. Sales are made to more than 50 countries, the majority of which were into the United States, China, the European Economic Community ("EEC"), Canada, Chile, Argentina, Russia, Kazakhstan, Colombia, Mexico, Ecuador, India, Uruguay and Southeast Asia.

For more information concerning Lakeland, please visit the Company online at www.lakeland.com.

Contacts:

Lakeland Industries, Inc.
256-445-4000
Allen Dillard
aedillard@lakeland.com

Darrow Associates
512-551-9296
Jordan Darrow
jdarrow@darrowir.com