Radici Spandex Completes Acquistion

Radici Spandex Corp., a U.S. subsidiary of the Italy-based Radici Group, has officially taken
control of spandex-producing facilities formerly owned by Globe Manufacturing Corp., Fall River,
Mass. The purchase was funded by new Italian shareholders with 100-percent equity. Corporate
offices will remain at 456 Bedford Street, Fall River, Mass.Mr. Fabrizio Calenti, president and CEO
said, We are very excited and optimistic for the future. We have been in preparation for this asset
purchase for some time and have great plans to become a premier value-added spandex producer in
this hemisphere and beyond. I trust our customers and other trading partners recognize that our
strong equity position is a gesture of our long-term commitment to the market.He added, Our
customers can expect a very high-level of interaction going forward and a continually improving
product line.

May 2001