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ITG impact
People, Places, Products . ITG's presence in a diverse range of marketplaces, combined with ongoing technology investment and product development, generate a constantly evolving story of innovation and global delivery of value-added textile solutions.

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Greensboro, NC – International Textile Group’s (ITG) Cone Denim business today announced that it has entered into an Investment Agreement with the Government of Nicaragua for the company to build a 28 million yard capacity denim plant, which is projected to employ 750 people.

Following extensive discussions of site alternatives and operational support provided by the Investment Promotion Agency ProNicaragua the company further reported that it has entered into a letter of intent to locate the plant in the Jorge Bolaños Abaunza Textile Park in Managua, Nicaragua.  Key in these efforts have been Executive Director of ProNicaragua Juan Carlos Pereira and his team, and Executive Secretary of the Free Zone Corporation Ramon Lacayo, and his team.

According to Wilbur L. Ross, Chairman of the Board of ITG, “By building a world-class Cone Denim plant in the region, we are fulfilling a commitment to all the countries and all our customers throughout Central America to ensure that this region remains an attractive and successful sourcing option for our denim jeans customers for years to come.”

Alejandro Argūello, Minister of Development, Industry and Trade commented, “The Cone plant will be the largest building ever constructed in Nicaragua and represents an investment equal to 2% of Nicaragua’s total annual GDP.  By actively committing to support Cone’s expansion to Nicaragua we are reinforcing that Nicaragua is open for CAFTA business.”

International Textile Group, Inc. was organized in March 2004 by Wilbur L. Ross to combine the assets of Burlington Industries and Cone Mills.  ITG is a diverse, innovative provider of global textile solutions and distinguished market brands to apparel and interior furnishing customers worldwide.  ITG operates four business units: Cone Denim, Burlington WorldWide (apparel fabrics), Burlington House (interior fabrics), Carlisle Finishing, and is affiliated with Nano-Tex .# # #

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Ken Kunberger, President of Burlington WorldWide, a business unit of International Textile Group, Inc., announced today the creation of Burlington Labs, the company’s newest business unit.

“Burlington Labs will be our testing ground providing sustainable innovations and truly unique solutions to our clients and partners,” Kunberger said.  “This announcement is part of our strategic platform reinforcing our commitment to current reinvention and contribution to the upcoming industry revolution.”

This ground-breaking launch positions Burlington Labs as both the catalyst and the repository for new textile technologies developed globally.

“Burlington Labs will in essence be an incubator for new technologies and associated textile applications,” said Gary Kernaghan, Executive Vice President – Global Business Development.
The technologies will be distributed through all divisions of Burlington WorldWide and will also be made available for other strategic applications.

“We are currently negotiating with several global partners for manufacturing, licensing, branding and distribution,” Kernaghan added.

Burlington WorldWide remains on the leading edge of new and innovative branded technologies including Bio-guard®, M.C.S.® Blocker, Ultrex®, Xalt® and Versatech®The creation of the Burlington Labs business unit will now assemble all technologies under one roof and assures that Burlington WorldWide will continue to be the vanguard of textile innovation.

Traptektm technology - Voted one of the most amazing inventions of 2005 – by Time Magazine, is the latest addition to Burlington WorldWide’s tech arsenal for woven fabrics. Traptek permanently embeds activated carbon, derived from coconut shells, into the fiber and yarns to provide both a cool natural comfort as well as the suppression of odor.   Burlington WorldWide will have exclusive worldwide rights to license and market the technology on woven products.

“We were looking for the right global partner to validate and help us launch our unique technology,” said Brad Poorman, President of Traptek.  “Burlington Worldwide and its parent company ITG offered a creative, solid and credible platform to support our efforts.”

Burlington WorldWide (BWW), an International Textile Group Company, is a leading provider and marketer of technology and fashion driven products for the Menswear, Womenswear, Activewear, Uniform and Barrier markets.  With offices Worldwide, BWW provides textile innovations to its clients and partners globally.

International Textile Group, Inc. (www.itg-global.com) was organized in March 2004 by Wilbur L. Ross to combine the assets of Burlington Industries and Cone Mills. ITG is a diverse, innovative provider of global textile solutions and distinguished market brands to apparel and interior furnishing customers worldwide. ITG operates four business units: Cone Denim, Burlington Worldwide, Burlington House and Carlisle Finishing..# # #

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Greensboro, NC - Joseph L. Gorga, President & CEO of International Textile Group (ITG) and George Segal, Director of Vinatex USA (Vietnam National Textile and Apparel Group) announce that the two companies have entered into an agreement to begin confidential discussions to explore a full range of mutual business interest.

"We are excited by the progress of our discussions and look forward to exploring a wide range of opportunities that will further expand ITG's global footprint and our ability to service customers," said Gorga. "The Vietnam region provides us many possibilities for new cotton and garment initiatives in our Burlington WorldWide apparel fabric business, and we expect to discover opportunities for other products as well."

Both Gorga and Segal will be featured speakers at the MAGIC Market Trade Show that runs August 29 through September 1 in Las Vegas. Gorga will discuss the challenges, opportunities and importance of being a global supplier in his presentation August 30 at 10:00 a.m. Segal will speak to a delegation of Vinatex and Vitas manufacturers on the opportunities available to increase U.S. market share after entering the World Trade Organization (WTO).

Headquartered in Hanoi, Vietnam, Vinatex's assets total VNC12,000 billion (US$757 million). Its 57 member enterprises have annually turned out a combined industrial production value of VND9,426 billion and exports of over US$1 billion.

International Textile Group, Inc. was organized in March 2004 by Wilbur L. Ross to combine the assets of Burlington Industries and Cone Mills. ITG is a diverse, innovative provider of global textile solutions and distinguished market brands to apparel and interior furnishing customers worldwide. ITG operates four business units: Cone Denim, Burlington Worldwide (apparel fabrics), Interior Fabrics, Carlisle Finishing, and is affiliated with Nano-Tex. # # #

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Carlisle Finishing Expands Military Fabrics
with Acquisition
Greensboro, NC - International Textile Group (ITG) announced today that its Carlisle Finishing division has reached an agreement to purchase the H. Landau division of HLC Industries, a worldwide supplier of specification and commercial military uniform fabrics.
The H. Landau division will be integrated into the Carlisle Finishing business, which operates as a commission printing and finishing supplier for apparel and interior furnishings products. With this purchase, Carlisle Finishing will become a direct seller of fabrics to military and government customers in addition to being a commission finisher for these and other products.

"We are excited about the expanded opportunities this purchase brings to our Carlisle business," said Carlisle Finishing President James Payne. "Carlisle Finishing is known for quality commission printing, dyeing, and finishing services and we have been aggressively involved in the printing of military camouflage. With the addition of H. Landau, we will become the direct seller of these fabrics to several customers thereby providing us new opportunities to grow the business. This acquisition further confirms ITG's commitment to providing a wide array of uniform fabrics directly to the US government and its contractors."

Established in 1916, HLC Industries is a global supplier of fabrics for the US Government and Armed Forces throughout the world headquartered in Philadelphia. In addition to the H. Landau division, HLC operates the Aerotex Products division, manufacturing sport and military parachute fabrics, and the Gladwyne Textiles division, manufacturing equipment fabrics for the military and leisure fabrics industry. HLC will continue to operate the Aerotex and Gladwyne divisions with division heads, Vinny Salatino and Michael Landau respectively. Manny Landau will continue as CEO of HLC Industries and will provide consulting services to Carlisle Finishing.

Carlisle Finishing operates as a business unit of International Textile Group. Located in Carlisle, South Carolina, Carlisle is a domestic commission dyeing, printing and finishing operation for woven and non-woven fabrics serving the apparel, specialty and home decorative markets and is known for its flexibility and quick-turn, quality finishes.

International Textile Group, Inc. was organized in March 2004 by Wilbur L. Ross to combine the assets of Burlington Industries and Cone Mills. ITG is a diverse, innovative provider of global textile solutions and distinguished market brands to apparel and interior furnishing customers worldwide. ITG operates four business units: Cone Denim, Burlington Worldwide (apparel fabrics), Interior Fabrics, Carlisle Finishing, and is affiliated with Nano-Tex.

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International Textile Group (ITG) applauds the House of Representatives for its passage of the Central American Free Trade Agreement (CAFTA-DR). Passed last month by the Senate, many textile state representatives remained unsure of the legislation leading up to the House vote. Passed by a vote of 217 to 215, Representatives Robin Hayes (NC-8) and Sue Myrick (NC -9) voted in support of the legislation.

Joseph L. Gorga, president and CEO for ITG extended his personal thanks to those representatives that voted in support of this key trade legislation. "The passage of CAFTA-DR opens the way for stronger, more competitive trade within this hemisphere in light of increasing competition from Asia-produced products. Central America is an important region not only for the export of our products, but for a vast number of textile products throughout North Carolina. Expanding trade with this region has a direct impact on the future success and viability of our U.S. operations."

Acknowledging Representative Hayes and his prudence in understanding the trade pact, Gorga praised his decision to support the legislation. "We have been in numerous discussions with Hayes and his office regarding the benefits of CAFTA-DR and the negative impact that our facilities could face if not passed. He asked tough questions, researched beyond the surface and lobbied for changes that ultimately strengthened the agreement for US producers."

Continuing Gorga highlighted the importance of the negotiated Nicaragua Trade Preference Level (TPL) resolution under the agreement, which requires Nicaraguan trouser manufacturers to increase their use of new US fabric to equal the volume of Asian fabrics used for the same garments. "This new requirement directly impacts the production of trouser fabrics at our Burlington Richmond plant located in Cordova, NC and the Burlington Raeford plant located in Raeford, NC. With the new TPL, Nicaragua would have to double its current use of US trouser fabrics in order to utilize the TPL, a decision that would benefit our Richmond facility and others in North Carolina and Virginia."

International Textile Group, Inc. was organized in March 2004 by Wilbur L. Ross to combine the assets of Burlington Industries and Cone Mills. ITG is a diverse, innovative provider of global textile solutions and distinguished market brands to apparel and interior furnishing customers worldwide. ITG operates four business units: Cone Denim, Burlington WorldWide (apparel fabrics), Interior Fabrics, Carlisle Finishing, and is affiliated with Nano-Tex.

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Greensboro, NC - International Textile Group, Inc. (ITG) announced today that it will build a state-of-the-art denim plant in the city of Jiaxing, Zhejiang Province, China. The operation will be a joint venture partnership called Cone Denim (Jiaxing) Limited, 51% owned by a subsidiary of ITG (a WL Ross & Co. company) and 49% owned by a subsidiary of Novel Holdings Limited (owned by the Chou family).

Wilbur Ross, Chairman of ITG, commented, "This initiative for Cone Denim establishes another major global platform in continuation of the ITG strategy of aligning with its customers. Announcements with respect to new international initiatives on behalf of other ITG business units will be forthcoming."

The Cone Denim (Jiaxing) facility is expected to be operational by late 2006 and will have a production capacity of approximately 30 million yards annually. A vertical operation, the plant will be equipped with the most modern manufacturing equipment to process raw cotton through finished fabric.

"Cone Denim is known throughout the world as the leader in denim innovation and quality," said John L. Bakane, President and CEO Cone Denim. "The China operation will provide Cone Denim with a value-added denim platform to expand our global reach to service our customers with high quality, fashion denims wherever they are."

A groundbreaking ceremony for the new site will be held tomorrow, July 13. Former Minister of Commerce for China and currently the chairman of China's Foreign Investor's Federation Shi Guang Sheng will speak at the ceremony. Wilbur Ross, Silas Chou, John Bakane, K. C. Chao and Jeff Peck, Managing Director, ITG (Hong Kong), will attend the ceremony.

Established in 1891, Cone Denim has been a leading supplier of denim to top denim apparel brands for over 100 years. Known for its innovation, authenticity, quality and service, Cone Denim maintains operations in the United States, Mexico, Turkey and India, and has expansion initiatives underway in Central America and China to provide broader service and flexibility to customers worldwide.

Novel Holdings, incorporated in 1964 as a holding company to hold the interests of the Chou family, has a long and distinguished history in textiles, apparel and other trading businesses. Novel's principal China businesses include yarn and knitwear and branded companies such as Michael Kors and Pepe.

International Textile Group, Inc. was organized in March 2004 by Wilbur L. Ross to combine the assets of Burlington Industries and Cone Mills. ITG is a diverse, innovative provider of global textile solutions and distinguished market brands to apparel and interior furnishing customers worldwide. ITG operates four business units: Cone Denim, Burlington WorldWide (apparel fabrics), Interior Fabrics, Carlisle Finishing, and is affiliated with Nano-Tex.

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Greensboro, NC - Cone Denim's flagship operation, the White Oak plant located in Greensboro, NC, celebrates 100 years this week. At the center of denim product development, White Oak innovations have spanned a century providing cuttingedge denim processing, constructions, finishes and styling for top brands.

"It is exciting to be a part of a hundred year tradition of denim innovation," said Tom McKenna, president, sales and marketing. "White Oak's superior product development and denim processing expertise, coupled with its operational flexibility and service has supplied top denim brands a century of distinct, cutting-edge vintage and fashion styles."

The White Oak Tradition
In 1905, brothers Moses and Ceasar Cone quickly recognized denim's growing popularity and set out to build the company's third plant, White Oak, which would be dedicated exclusively to denim fabric.

White Oak, a facility "before it's time", covers over 1.6 million square feet. The facility was built as a completely vertical operation with yarn making, weaving and dyeing and finishing processes. White Oak has pioneered numerous process and product development innovations throughout its history including first to use a continuous indigo dye range and first to weave denim on shuttleless weaving machines.

White OakT Premium Brand
The same entrepreneurial spirit, expertise and advanced capability continue today. Whether using its modern wide looms or vintage narrow shuttle looms, White Oak has the unique ability to innovate and style with distinct creativity, precision and control.

Inspired by the vintage styling and original constructions of the early and mid 1900's, Cone Denim recently launched its White OakT brand fabrics for premium denims. This special collection uniquely combines the character and heritage of vintage Cone Denim designs using exciting new yarn and fiber technologies and denim processes for distinct premium styles.

New White Oak Archive and Design Studio Opens
Reflecting on the past century with an eye to the next, customers, community leaders, current and retired employees will be joining together for a week of celebration at the White Oak plant. Celebrations and facility open houses will highlight the rich heritage of the plant and the excitement and momentum of Cone Denim over the years. The week will also feature the grand opening of the White Oak Archive and Design Studio offering customers and designers inspiration as well as a place to both reflect on denim tradition and collaborate on future designs. Located adjacent to the vintage style X-3 fly shuttle looms which produce the distinct collection, the Design Studio will provide a working environment for styling and development.

Established in 1891, Cone Denim has been a leading supplier of denim to top denim apparel brands for over 100 years. Known for its innovation, authenticity, quality and service, Cone Denim is part of International Textile Group, Inc. and maintains operations in the U.S., Mexico, Turkey and India. Expansion initiatives are underway in Guatemala and China to provide broader service and flexibility to customers worldwide.

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Greensboro, NC - Burlington WorldWide (BWW), in partnership with Outlast Technologies and Ciba, has developed a breakthrough finishing application that provides an extended comfort range to a wide spectrum of fabric types and weights. Using phase-change molecules called Thermocules®, the newly developed finishing process allows fabrics to adjust to changes in temperature creating more comfortable and versatile clothing without compromising the fabric's inherent characteristics.

"The result of this collaborative effort is a 'smart,' versatile fabric that provides consumers multiple functions and benefits," said Ken Kunberger, president Burlington WorldWide. "By leveraging BWW's product development expertise and its evolving global textile capabilities with strategic R&D partnerships, we are able to provide a new platform of innovation for our customers."

The foundation of this patent-pending technology, called Smart Fabric Technology T, is built around a new, proprietary formulation, developed by Outlast and Ciba, of micro encapsulated phase-change materials called Thermocules, which absorb and release heat for increased comfort. Burlington WorldWide used its expansive knowledge of finishing technologies and fabrics to leverage the benefits of phase-change materials, developed for uses by NASA, into a commercialized product for mainstream fabrics.

"What started as a far-reaching challenge has become reality due to the tremendous efforts of our researchers," said Brad Poorman, global senior VP of sales and marketing for Outlast. "BWW challenged our team to get beyond coatings and acrylic fibers and into applications that would deliver our Smart Fabric Technology to the masses."

The initial application of Smart Fabric Technology will be in activewear apparel. Future planned applications include menswear, uniform and barrier products.

Fabric samples can be seen at the Outdoor Retailer show in the Outlast showroom (#150B) and in the Burlington WorldWide showroom (#150C). Samples will also be shown at International Sporting Goods Show in early February and Tex-World show in March.

Burlington WorldWide (BWW), a business unit of International Textile Group (www.itgglobal. com), is a leading provider and marketer of technology and fashion driven products for the menswear, womenswear, activewear, uniform and barrier markets. With offices and operations in the United States, Mexico, Europe and Hong Kong, BWW provides global textile innovations to its customers.

Outlast Technologies, Inc. is the worldwide pioneer in developing unique phasechanging materials and applications. Smart Fabric Technology with Thermocules is available today in outerwear, footwear, street wear and bedding.

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Greensboro, NC - International Textile Group (ITG) announced today that its Burlington WorldWide division has agreed to purchase the business of Cleyn & Tinker, the leading Canadian worsted wool manufacturer, including the intellectual properties and Cleyn & Tinker tradename.

"We are pleased to bring the strong brand name and heritage of Cleyn & Tinker into the Burlington WorldWide Group," said Joseph L. Gorga, President and CEO of ITG. "The addition of this business allows us the opportunity to expand our capabilities and offer our customers the highest quality and selection of worsted wool fabrics."

Kenneth T. Kunberger, President of Burlington WorldWide continued, "The combination of these businesses provides us the ability to further develop classic and performancedriven fine wool products that bring value to our customers' brands. We are committed to maximizing our worldclass manufacturing capabilities and technical expertise to drive new product innovation and further establish Burlington WorldWide's position as the North American leader of worsted wool fabrics."

Jonathan Hurstfield-Meyer, President and CEO of Cleyn & Tinker, commented, "We are confident that this business combination will best serve the needs of our long-term customer base through the continued supply of high quality worsted fabrics."

Established in 1930, Cleyn & Tinker is headquartered in Quebec, Canada and is a leading producer of 100% worsted wool and wool blend fabrics for the Menswear, Womenswear and Career Apparel sectors.

Burlington WorldWide operates as a division of International Textile Group and produces and markets a wide range of synthetic and worsted wool fabrics for the Menswear, Womenswear, Activewear, Barrier and Uniform and Career Apparel segments. Burlington WorldWide owns and operates manufacturing facilities in North Carolina, Virginia and Mexico and coordinates a network of international mill partners based out of Hong Kong.

International Textile Group was organized in March, 2004 by WL Ross & Company LLC to acquire Burlington Industries and Cone Mills. ITG is a diverse, innovative provider of global textile solutions and distinguished market brands to apparel and interior furnishings customers worldwide. ITG operates five business units: Cone Denim, Burlington WorldWide, Interior Fabrics, Carlisle Finishing and Nano-Tex, LLC.

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Greensboro, NC - International Textile Group (ITG) announced today that it is partnering with China Ting Group, a leading vertical manufacturer of textile products based in Hong Kong, to build a dyeing and finishing plant in the Linping Industrial Area of Hangzhou China. ITG also announced that it would build a warehouse and distribution center in the same complex to support its growing business initiatives in the region. The combined investment will be US $20 million.

The plant will be under the direction of the Interior Fabrics Division of ITG and is scheduled to be operational by the end of 2005.

"Building international partnerships is a key aspect of our strategic plan in 2005," said Joseph L. Gorga, President and CEO for ITG. "China Ting Group is a world class manufacturing and retailing company. We are combining ITG's technical strength in dyeing and finishing with China Ting Group's excellent operational foundation in the region to further penetrate the interior fabric market segments in China."

J. Derrill Rice, President of the Interior Fabrics Division commented, "The dynamic Asian market represents an opportunity for growth. A manufacturing base in China is critical to support our strategy both domestically and abroad."

China Ting Group has also entered into a license agreement with ITG to develop "Burlington House Retail" as a freestanding home furnishings store concept in China. The retail store prototype has been completed and 25 stores are scheduled to open by the end of 2005. "Leveraging our brand equity with strategic alliances around the world is a focused objective for ITG," commented Gorga.

China Ting Group is a leading Asian manufacturing company that produces a broad range of apparel products. China Ting Group markets its products under a family of internationally recognized brands and sells direct through hundreds of retail stores across China.

The Interior Fabrics Division of ITG produces a wide range of interior fabrics for mattresses, residential upholstery, top-of-the-bed, window, accent décor and contract fabrics for corporate, hospitality and healthcare markets. Known for innovative performance and unparalleled styling, Burlington House and Cone Jacquards fabrics are used by leading mattress, home furnishings and furniture manufacturers.

International Textile Group was organized in March, 2004 by WL Ross and Company LLC to acquire Burlington Industries and Cone Mills. ITG is a diverse, innovative provider of global textile solutions and distinguished market brands to apparel and interior furnishing customers worldwide. ITG operates five business units: Cone Denim, Burlington WorldWide, Interior Fabrics, Carlisle Finishing and Nano-Tex, LLC.

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Greensboro, NC - International Textile Group (ITG) announced today that J. Derrill Rice has been named President of the Interior Fabrics division. The Interior Fabrics Group includes the Burlington House and Cone Jacquards business units. Rice will report to Joseph L. Gorga, President and CEO for ITG.

"We are excited to welcome Derrill to the company," said Gorga. "Derrill has tremendous industry and market knowledge and a proven track record for transforming businesses into leading global competitors. Derrill's strong background in marketing, sales, operations and global supply chain management will further complement and accelerate the product innovations and growth initiatives in these businesses, both domestically and overseas."

Rice is the former President of New Businesses for Interface Fabrics Group, having also served as President of Chatham Inc. within Interface Fabrics Group. Rice began his career with Milliken and Company in 1983 and held a variety of senior management positions before joining Chatham in 1992. A native of Columbus, GA, he earned his undergraduate degree from Presbyterian College and earned an MBA from Clemson University. Rice and his wife, Lori, and their two children currently live in Elkin, NC.

The Interior Fabrics Group encompases a wide range of interior fabrics for mattresses, residential upholstery, top-of-the-bed, window and accent décor and contract fabrics for corporate, hospitality and healthcare environments. Known for innovative performance and superb styling, Burlington House and Cone Jacquards fabrics are used by leading mattress, home furnishings and furniture manufacturers, as well as top contract designers.

International Textile Group, the combined company of Burlington Industries and Cone Mills, is a diverse, innovative provider of global textile solutions and distinguished market brands to apparel and interior furnishing customers worldwide. ITG operates five business units which include Cone Denim, Burlington WorldWide, Interior Fabrics, Carlisle Finishing and Nano-Tex, LLC.

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Greensboro, NC - WL Ross & Company announced today that it has completed the integration of Burlington Industries and Cone Mills into the newly formed International Textile Group (ITG).

The company also announced it has entered into a five-year, $150 million credit facility led by Bank of America. Other lenders in the bank group include GE Capital Corporation and The CIT Group.

"This credit facility will fund our anticipated growth in 2005 and later years," commented Wilbur L. Ross, Chairman of International Textile Group. "We are proud that three of the world's largest and most sophisticated lenders to the textile industry share our confidence that ITG will prosper even in a world without textile quotas."

Joseph L. Gorga, President and CEO for International Textile Group, added, "Since March we have made tremendous progress in leveraging the strengths and synergies within the combined businesses of ITG. With a solid financial base, cutting-edge technology, leading market brands and a talented and skilled workforce, we have the resources in place to set a new standard in the global marketplace and drive our international growth strategy."

Gorga continued, "At the core of ITG we are focused on meeting our customers' needs in a dynamic, global environment and providing new solutions that add value and enable the success of our customers."

International Textile Group operates five businesses, which include:
Cone Denim, the world's largest and most diversified producer of denim fabrics with operations in the United States, Mexico, Turkey, India and a future operation planned in Guatemala.

Burlington Apparel Fabrics, one of the leading producers of apparel fabrics serving the menswear, womenswear, activewear, cotton casual, tailored, uniform and barrier markets. Facilities include operations in the United States and Mexico as well as a coordinated network of international mill partners based out of Hong Kong.

Home Furnishings, includes the business units of Burlington House and Cone Jacquards, which produce interior fabrics serving the residential and contract upholstery, top-of-the-bed, window, mattress fabric, healthcare, corporate and hospitality markets. Operations are located in the United States, with sourcing offices located in China, Pakistan, Australia, Turkey and Lebanon.

Carlisle Finishing, a domestic commission dyeing, printing and finishing operation for woven and non-woven fabrics serving the apparel, special and home decorative markets.

Nano-Tex, LLC, an advanced materials company that develops and markets a family of nanotechnology-based textile treatments that dramatically improve the performance of everyday fabrics. Nano-Tex products are used by over 50 textile mills and sold by more than 40 leading apparel and interior furnishings brands worldwide. Nano-Tex headquarters and R & D Center are located in Emeryville, CA with regional offices in Greensboro, Milan, Istanbul, New Delhi, Hong Kong and Osaka.

In conjunction with today's announcement, International Textile Group launched its new corporate logo, a timeless, distinct design of the ITG letters and company name. Business units will continue to operate under each well-known brand name as part of International Textile Group.

International Textile Group will be headquartered in Greensboro, NC. Corporate and division offices will be located on Green Valley Road in Greensboro in the previous Cone Mills headquarters building and in an adjacent office complex. Preparations are underway, and the headquarters move will be completed by the beginning of November.

International Textile Group, the combined company of Burlington Industries and Cone Mills, is a diverse, innovative provider of global textile solutions and distinguished market brands to apparel and interior furnishing customers worldwide.

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Greensboro, NC - International Textile Group ("ITG"), subsidiary Cone Mills, announced today plans for a 30 million yard denim plant in Guatemala. Cone Mills is already the largest denim provider in the world, with plants in the US and Mexico and joint ventures in India and Turkey. Cone Mills CEO, John Bakane, said, "Favorable customer reaction to our acquisition by ITG and to our design initiatives has created more demand than we can produce. Supplying Central American customers locally will increase supply elsewhere and position us for the eventual adoption of a Central American Free Trade Agreement ("CAFTA"). Unfortunately, this project will take more than one year to complete and we apologize in advance to our customers that we cannot expand more quickly."

Wilbur Ross, Chairman of ITG, added, "This project will benefit from Guatemala's realistic wages, highly skilled workers, transportation infrastructures, and exemption from import tariffs and from value added and income taxes for ten years. Guatemalan President, Oscar Berger, and I this week signed a protocol of mutual support for an appropriate CAFTA and for the development of the Guatemalan textile industry. This completes our hemispheric strategy and enables us now to focus on a major strategy for Asia."

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Greensboro, NC - Wilbur L. Ross announced that Cone Mills, which was acquired out of bankruptcy last Friday, would be combined with Burlington Industries to form International Textile Group ("ITG") with combined revenues of approximately $900 million. Mr. Ross is Chairman of ITG, and its President and CEO is Joseph Gorga. Gary Smith, formerly of Cone Mills, will be the new CFO of ITG. John Bakane will remain CEO of Cone Mills Denim. Both Smith and Bakane will report to Gorga.

Cone Mills will assume responsibility for Burlington Burlmex denim manufacturing in Mexico. Cone Jacquards will be consolidated with Burlington's two Jacquard operations into a single Burlington Company, and Cone's Carlisle subsidiary also has become part of Burlington.

Burlington House, Cone Jacquards and Carlisle will operate under ITG's newly formed Home Furnishing Business. The company is currently searching both internally and externally for a President to run the newly formed group.

ITG will be the majority owner of Nano-Tex, which operates the specialty chemical business. Burlington Apparel Fabrics, headed by Ken Kunberger, will be combined into ITG.

All four companies will operate from a single headquarters which will be located in Greensboro if local authorities provide the requested incentives. Meanwhile both present headquarters are occupied under short-term leases.

Mr. Bakane commented, "We are pleased to provide stability and opportunities to over 1,000 manufacturing employees at Cone's White Oak plant here in Greensboro. We look forward to working with the City in creating an environment in which White Oak manufacturing can continue to prosper."

Mr. Gorga said, "I look forward to blending these two companies and strengthening the well known Cone and Burlington brands in the marketplace. There is great opportunity to grow what each has started and together take our business and product strategies to the next level."

Mr. Ross added, "ITG is already a major player in the U.S. and Mexico and intends to internationalize further. I will be going to China next week to discuss a wide range of topics with government and industry leaders there. If our government creates a NAFTA-friendly Central American Free Trade Agreement and involves the quotas contained in China's WTO accession agreement, any international initiative would be additive to our business rather than replacing U.S. operations."

For further information please contact: Wilbur L. Ross

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New York -WL Ross & Co. LLC announced today that it has completed the acquisition of the assets and business of Cone Mills Corporation for a price of $46 million in cash, plus assumption of certain specified liabilities.

Wilbur L. Ross, Chairman of WL Ross & Co., commented: "We are delighted that the bankruptcy court approval process has been completed and that now we can help Cone's customers, management, employees and vendors benefit from a vastly reduced debt burden and synergies with Burlington Industries. I will be in Greensboro next week to discuss with the management and employees of both companies ways to maximize values."

Founded in 1891, Cone Mills Corporation, headquartered in Greensboro, NC, is the world's largest producer of denim fabrics and one of the largest commission printers of home furnishings fabrics in North America. The Company's main operating segments include Cone Denim, Carlisle Finishing and Cone Jacquards.