Isothermal Protective Coatings, Inc.

Early spring of 1981, Tom Knight, Norman Knight, and Gary Hollingshead formed Isothermal Protective Coatings, Inc. Tom and Norman Knight were in the construction industry and they wanted to involve themselves with manufacturing a coating suitable for primary commercial roofing. Gary Hollingshead, an organic coatings chemist, possessed the ability to formulate and produce the product.

The Knights believed they had a ready market for the coating and were willing to front the start up costs of $25,000 and furnish some used equipment with a value of about $27,000, [both of which were a loan to be repaid by the company]. Since an available market, start-up equipment, funding, and a viable product constitute the makings of a new company, it was decided that the stock would essentially be divided in thirds, giving the Knights two thirds (620 shares), Gary Hollingshead one third (320 shares), and the attorney that agreed to set up the company 50 shares, with $1.00 par value of each share.

Isothermal Protective Coatings, Inc. was Incorporated May 1, 1981.

Gary Hollingshead set up a small two thousand square foot manufacturing facility and proceeded to formulate and produce IPC’s first product, a crosslinking, acrylic, latex, elastomeric roof coating named ERC, and which was closely followed by UREBOND, a crosslinking, acrylic, latex, elastomeric primer specifically formulated for its excellent adhesion to polyurethane foam.

Unfortunately, the market that the Knights believed they had did not pan out. Gary Hollingshead began searching out, contacting and selling the products to roofing contractors. Gary’s wife, Ruth, was in the background helping out.

In late 1982, when IPC had exhausted funds, Gary Paradise purchased 200 shares of stock and loaned IPC $20,000.00.

Gary Hollingshead continued giving IPC his all. His wife, Ruth, and their older children, though unpaid, helped him. The next few years, hard work and limited marketing, along with bank loans guaranteed by Gary and Ruth Hollingshead sustained IPC through its formative years. IPC products also achieved an excellent listing from Underwriters Laboratories.

In 1984 Gary Hollingshead formulated Acrylink to replace ERC and Urebond.

The primary flaw with the early products was the high cost of the primary resins and the need for two products instead of one.

On 4/01/86 the attorney’s original 50 shares were transferred to the Knights.

On January 2, 1987, the Board of Directors appointed Ruth Hollingshead Corporate Secretary, in part because she had been handling all of IPC’s paperwork for years – taxes, insurance, payroll, accounting, credit, etc. in addition to customer service and marketing.

In March of 1987, Tom Knight and Norman Knight sold their stock to Gary and Ruth Hollingshead.

The Knights were paid back for their initial start up loans plus interest. Later that year, Gary Paradise bought 10 more shares of stock and loaned IPC $10,000.00. The new Board, Gary Hollingshead, Gary Paradise, and Ruth Hollingshead voted to pursue building the plant on O’Day Road, which is still home to IPC.

Late fall of 1989, Gary Paradise approached Gary and Ruth Hollingshead and told them that it was only appropriate that they buy him out because, in truth, they were the people that had built the company.

On December 3, 1989 Gary Paradise was paid in full on both of his loans. He was also paid the full value of his equity in IPC, and he graciously allowed the interest payments to be made in installments throughout 1990. On December 3, 1989 Gary and Ruth Hollingshead became the owners of all 1010 outstanding shares of IPC stock. On July 30, 1992 they gave two shares of stock each to sons, Thomas and Stephen, and put the remaining 1006 in Hollingshead Living Trust.

IPC’s history would not be complete without mentioning the unpaid or poorly paid workers from early on.

Gary and Ruth Hollingshead always sought help from their children which they laughingly refer to as the “quality time” spent together at IPC. Thomas, after graduating from Rice University in 1991, was commissioned in the U.S. Navy. June of 2004 found him in command of his second ship, the USS Cardinal, home port in Bahrain. Thomas’ extremely competent wife, Angelyn, has worked part-time for IPC since 1996 and spent the first half of this year managing IPC’s major bank account, revamping IPC’s marketing database and setting up IPC’s internet filings. Dr. Stephen Hollingshead, a Marshal Fellow, left IPC in 2000 and is presently working in his chosen field. Christopher Carroll, with double undergraduate degrees and a master's degree, gave IPC his invaluable sales management effort for more than ten years before pursuing his dream job as Director of Development at Texas Education Works. Sarah Hollingshead after receiving her master’s degree in 1997, returned to full time work at IPC until marriage and children changed her status at IPC to handling major tasks such as employee health insurance, helping define company policy, marketing and sales management. John Hollingshead, since 1994 having built every computer and two network servers for IPC as well as working in production, spent 1998 – 2002 in the Marines. Returning to IPC, John supervised production and upgraded IPC's IT systems. In 2007 John graduated #1 at the police academy, accepted a full-time job as a police officer while keeping the IT works at IPC as his second job.

The 1990’s brought additional products formulated and developed by Gary Hollingshead:

Acrycaulk, Isoprime, Acrysheen, and Isophos. Isoclean was formulated and developed in 2001. The only part of an Acrylink Roofing System not manufactured by IPC is the non-woven fabric some contractors use.

During the early 1990’s IPC continued exhibiting at trade shows and doing a limited amount of mailings. In 1998 IPC came out with a full color eight page brochure, followed by a post card and a 98 page bound specification manual. These pieces improved the corporate identity of IPC.

In 1998, IPC sought to shorten the drying time of Acrylink in order to reduce labor costs and effectively increase the length of the roofing season for their customers. So IPC teamed up with Goodyear Chemical to develop a new self-crosslinking acrylic resin with very low surfactant levels and high solids. The Joint Development Project with Goodyear was successful and in January 2001 IPC introduced Acrylink G. Acrylink G quickly attained ratings from Underwriters Laboratories, Factory Mutual and Energy Star. Goodyear gave IPC the exclusive purchase rights on the new resin and the use of the Goodyear Blimp in IPC’s advertising. Unfortunately, in December of 2001 Goodyear sold themselves to Eliokem and IPC lost the edge using the Blimp had given its marketing.

In October 1998 IPC started the process to become a Charter Energy Star Partner. IPC continues to retain this status. In 2000 IPC added Factory Mutual Approval. IPC’s continuous Underwriters Laboratories listing remains current.

In 2003, IPC purchased and additional 50 hp disperser. In 2004, because of repeated power outages, IPC installed a standby generator capable of running the entire plant, including all of the equipment.

Over the years, the management of IPC has evolved. After many, many years of hard work Gary Hollingshead chose to be less active in the management of the company. During the 1990’s, Ruth Hollingshead took over most of the management duties for the company.

On February 7, 2003 Ruth Hollingshead was elected President by the Board of Directors. 51%, namely 516 Shares of Stock were transferred to Ruth Hollingshead as her Sole and Separate Property on August 15, 2004. That, in addition to her ownership and voting rights of half of Hollingshead Living Trust brings Ruth Hollingshead’s control of IPC to 75%. Sarah Hollingshead Carroll was brought on as a Director to formalize her past and present influence on IPC.

October 13, 2004 Isothermal Protective Coatings, Inc. was certified as a Women's Business Enterprise by the Women's Business Enterprise Alliance and given membership in the Women's Business Enterprise National Council.