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Great American Knitting Mills To Acquire Certain Ridgeview Assets

NEWTON, N.C., Jan. 25 /PRNewswire/ -- On Friday January 19, 2001 Ridgeview entered into a letter of intent with Great American Knitting Mills to sell certain assets, including the Ridgeview name and other trademarks. The intent of the proposed transaction is to continue Ridgeview's sport sock business inthe sporting goods market and to provide the resources necessary to build thebrand going forward. The agreement has a closing date of February 1, 2001. Ridgeview continues to operate and meet its customers' needs at the present time. Both companiesexpect the transition to be a smooth one for Ridgeview's customers. It isun clear at this point exactly what the transaction will mean to Ridgeview's operations. Hugh Gaither, President and CEO of Ridgeview, said, "the transaction provides an opportunity for our Ridgeview sport sock business tocontinue in the market place." Jim Williams, President and CEO of Great American Knitting Mills added, "We are excited about this new business opportunity and very encouraged by informal customer reaction to the business combination."SOURCE Ridgeview, Inc.Copyright 2001 PR Newswire




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