Lakeland Industries Clarifies Statements Made in the Media

          Lakeland Industries Clarifies Statements Made in the Media

PR Newswire

RONKONKOMA, N.Y., Sept. 16, 2013

RONKONKOMA, N.Y., Sept. 16, 2013 /PRNewswire/ -- Lakeland Industries, Inc.
(NASDAQ: LAKE), a leading global manufacturer of protective clothing for
industry, healthcare and to first responders on the federal, state and local
levels, is responding to recent inquiries of shareholders and investment
articles surrounding the junior and senior financing transactions completed by
Lakeland Industries, Inc. (the "Company") in June 2013.

(Logo: http://photos.prnewswire.com/prnh/20120611/NY21959LOGO)

The per annum interest rate on the Company's senior credit facility of $15
million with Alostar Business Credit, a division of Alostar Bank of Commerce,
is LIBOR plus 525 basis points (with a floor of 6.25%). Since the applicable
per annum LIBOR rate is lower than 0.5%, the current effective per annum
interest rate on the senior debt is 6.25%.

As a condition precedent of the senior loan, the Company was required to
obtain a $3.5 million subordinated loan. The Company secured a junior loan
with LKL Investments, an affiliate of Arenal Capital, which provides for per
annum interest at the rate of 12% through December 27, 2016, and the issuance
to the junior lender of a common stock warrant to purchase 566,015 shares of
the common stock of the Company at $.01 per share. The overall per annum rate
of return of the entire $3.5 million junior debt financing, taking into
account the 12% interest rate and assuming a three year exit on the warrant,
is approximately 30%.

Being that the junior loan was a condition of the senior financing
transaction, the Company has calculated a blended per annum rate of the loans
of approximately 10 to 11% based upon certain reasonable assumptions,
including the relative size of the two loans and attributing a value to the
warrant based upon the market price of the common stock.

In addition, as part of the junior financing, the junior lender was given the
right to elect one director to the Board of Directors of the Company
commencing with the Company's annual meeting of stockholders in 2014.
Accordingly, no representative of the junior lender is currently a member of
the Board of Directors of the Company.

On September 13, 2013, the Company hired Eduardo Tavares as the executive in
charge of its wholly-owned subsidiary, Lakeland Brasil S.A. ("Lakeland
Brasil"). Mr. Tavares is primarily responsible for running the Company's
Brazilian operations. Mr. Tavares was hired by the Company for his experience
in turning-around distressed companies in Brazil, including companies which
operate in the same markets as does Lakeland Brazil. Mr. Tavares also has
extensive knowledge of the Company's customer base and its competitors.

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.

"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.

SOURCE Lakeland Industries, Inc.

Website: http://www.lakeland.com
Contact: Lakeland Industries, 631-981-9700; Christopher Ryan,
CJRyan@lakeland.com; Gary Pokrassa, GAPokrassa@lakeland.com
 
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