THOMASTON, Ga., Feb. 15 /PRNewswire/ — Thomaston Mills, Inc.(OTC Bulletin Board: TMSTA TMSTB)
announced today that the Company’s board of directors, at a meeting earlier today, accepted the
resignations of Neil H.Hightower, President and Chief Executive Officer of the Company, George
H.Hightower, Jr., Executive Vice President and President of the Apparel Fabrics Division, and H.
Stewart Davis, Executive Vice President and President of theConsumer Products Division. The board
also elected A. William Ott as the acting President and Chief Executive Officer of the Company and
charged the Company’s Audit Committee with the search for a turnaround management firm to address
the Company’s turnaround efforts and liquidity needs. Mr. Hightower,Mr. Hightower, Jr. and Mr.
Davis continue to serve as directors of the Company. Commenting on the management changes, Neil
Hightower said, “My family isproud to have been involved with Thomaston Mills for over 100 years,
and we have seen the company succeed through good times and bad. The difficult circumstances facing
the company now are reflected in the textile industry generally, and we have every hope and
expectation that under new management the company will find new ways to compete in the future. For
Stewart, George and myself, we will continue to support the company in every way possible.” A.
William Ott, acting President, said, “Thomaston Mills is a company witha great tradition of
excellence and management integrity. I am thankful to Neil, George and Stewart for their
longstanding loyalty and contributions tothe company and look forward to their continued
involvement as directors.”Mr. Ott continued, “In an environment of new challenges for domestic
textile manufacturers, it is time for us to turn our attention to building our core competency as a
low cost provider of consumer products and apparel fabrics and expanding our customer base. We are
energetically pursuing strategic initiatives designed to strengthen our sales and further lower our
cost structure.” Thomaston Mills operates four textile plants in the Thomaston, Georgia,area with
over 1500 employees. The Company produces sheets, pillowcases andcomforters for retail customers,
and also produces textiles for the homefurnishings and piece dyed markets. FORWARD-LOOKING
STATEMENTS: Certain of the above statements contained herein constitute forward-looking statements
within the meaning of the PrivateSecurities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties and other factors which maycause the
actual results, performance or achievements of the Company to be materially different from any
future results, performance or achievement express or implied by such forward-looking statements.
Such factors include,among other things, business conditions, volatility of commodities
markets,ability to control operating costs, developing successful new products and maintaining
effective pricing and promotion of its products.SOURCE Thomaston Mills, Inc.Web Site:
http://www.thomastonmills.com Copyright 2001 PR Newswire
