A heat activatable adhesive and associated method of use, suitable for permanently bonding any kind of display graphic to any mounting substrate at a temperature setting of 110-130 F in a roll or vacuum press laminator. The preferred adhesive is a combination of polyvinyl acetate ethylene emulsion (VAE) and polyurethane dispersions (PUD), each with very different bonding attributes when considered alone. When the adhesive is on a smooth mounting surface such as a coated foam board or the like for bonding against a smooth coated surface of display item, a multiplicity of micro perforations are provided through the adhesive whereby air between the opposed smooth surfaces can escape into the foam board during lamination. Other aspects include a process for manufacturing a foam board for mounting display items, having a perforated adhesive layer.