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Speizman Industries Announces Two-Year Extension Of Lonati Agreement

/CHARLOTTE, N.C., May 31 /PRNewswire/ -- Speizman Industries, Inc.(Nasdaq: SPZN) announced today that Lonati, S.p.A has extended the terms ofits agency agreement with the Company for an additional two years beginning onDecember 31, 2001 through December 31, 2003. Lonati, S.p.A. is the world'slargest manufacturer of hosiery knitting equipment.<BR><BR> Robert S. Speizman, President and Chief Executive Officer, commented, "Weare very pleased to extend our relationship with Lonati for an additional twoyears. As previously announced, we, along with our customers, are pleasedwith the performance of Lonati's new generation closed toe knitting machinewhich we began shipping in March 2001. We believe our strong relationshipwith Lonati should position us to supply the labor saving closed toe machinein the United States and Canada over the next few years. Lonati has alsoagreed to provide us an additional minimum one-year period fo

/CHARLOTTE, N.C., May 31 /PRNewswire/ -- Speizman Industries, Inc.(Nasdaq: SPZN) announced today that Lonati, S.p.A has extended the terms ofits agency agreement with the Company for an additional two years beginning onDecember 31, 2001 through December 31, 2003. Lonati, S.p.A. is the world's largest manufacturer of hosiery knitting equipment. Robert S. Speizman, President and Chief Executive Officer, commented, "Weare very pleased to extend our relationship with Lonati for an additional two years. As previously announced, we, along with our customers, are pleasedwith the performance of Lonati's new generation closed toe knitting machine which we began shipping in March 2001. We believe our strong relationship with Lonati should position us to supply the labor saving closed toe machine in the United States and Canada over the next few years. Lonati has alsoagreed to provide us an additional minimum one-year period for purchasing Lonati equipment in U.S. dollars, minimizing our foreign currency risk." Speizman Industries is a leader in the sale and distribution of specialized industrial machinery, parts and equipment. The Company acts as exclusive distributor in the United States, Canada, and Mexico for leading Italian manufacturers of textile equipment and is a leading distributor in the United States of industrial laundry equipment representing several United States manufacturers.Certain matters within this press release are discussed using forward-looking statements as specified in the 1995 Private Securities Litigation Reform Law. These statements are based on management's current expectations about the industry and the markets in which the Company operates. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties or other factors that may cause the actual results, performance or achievements of the Company to differ from those projected in the forward-looking statement. From time to time, theserisks are discussed in the Company's filings with the Securities and Exchange Commission.SOURCE Speizman Industries, Inc.Web Site: http://www.speizman.com Copyright 2001 PR Newswire




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